Japan’s new PM may take stance against Bank of Japan’s rate hikes
(MENAFN) Japanese nationalist Sanae Takaichi, leader of the ruling Liberal Democratic Party (LDP) and poised to become Japan’s first female prime minister, is expected to challenge the Bank of Japan’s recent rate hikes, favoring increased fiscal stimulus to spur economic growth and technological competition despite the country’s mounting debt.
Nicknamed the “Iron Lady,” the 64-year-old politician plans to invigorate Japan’s economy through substantial government expenditure. Preparations are underway to elect a new prime minister following the resignation of Shigeru Ishiba last month.
After a split dissolved the 26-year ruling coalition between the LDP and Komeito, Takaichi’s LDP formed a coalition with the Japan Innovation Party to facilitate her historic rise. Both ruling and opposition parties are set to vote on the new premier during a parliamentary session this Tuesday.
Born in 1961 into a working-class family, Takaichi is the daughter of a father employed by a Toyota-affiliated automotive company and a mother who served in the Nara Prefectural Police. She studied business administration at Kobe University, graduating in 1984, and later worked in the office of a US congresswoman in 1987.
Takaichi also spent time in television, working as a host and anchor for TV Asahi and co-hosting the program Kodawari TV Pre-Stage. She credits a meeting with Konosuke Matsushita, the founder of Panasonic, as inspiration for entering politics. Elected as an independent to the House of Representatives in 1993, she later joined the LDP and has since been elected to the Diet ten times over her 30-year political career.
She champions expansive government budgets and loose monetary policy as central tools for promoting growth and corporate profitability. Takaichi has stated that her objectives include addressing social challenges, advancing technology, boosting employment, and reducing debt through public-private investments and organic tax revenue growth.
Analysts note that Takaichi supports fiscal expansion and a weaker yen, a combination expected to bolster the Japanese stock market further.
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