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Japan braces for shift to right under ‘Iron Lady’ fan Takaichi

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Sanae Takaichi, the pro-stimulus conservative poised to become Japan’s first female prime minister, is an energetic nationalist with a soft spot for the hard-nosed politics of Iron Lady Margaret Thatcher and the heavy metal music of Iron Maiden.

In choosing the former economic security minister as its leader, the Liberal Democratic Party is essentially betting on a swing back to the right to attract the younger voters who have flocked to smaller populist outfits, including the arch-conservative Sanseito party. 

It’s a move that could backfire if the party is seen simply reverting to the easy money and hawkish diplomacy of her mentor, former Prime Minister Shinzo Abe, without any new ideas.

Takaichi is expected to become premier later this month in a parliamentary vote. In becoming the LDP’s chief, Takaichi has already smashed a glass ceiling in a nation that has only seen male ruling party leaders. 

Her ascent to the top of the political world will send ripples through the male-dominated society that languishes near the bottom end of global gender equality rankings. But like Thatcher, the former UK prime minister whom she cites as an inspiration, her conservative views place her a long way from the stance of progressive feminism.

Her ability to build a lasting legacy as the nation’s leader will depend less on her ability to further the position of women than on her capacity to restore the fortunes of a ruling party in disarray after decades of dominance in postwar Japan. 

“From a normal woman’s perspective, she’s what you might call an idol for ‘old men,’” said Mieko Nakabayashi, politics professor at Waseda University. “She’s someone who expresses ‘old man’ opinions from a woman’s mouth and makes them happy.”

Her longevity at the head of a fickle political machine known for quickly axing its presidents will depend on how swiftly she can unite the party, win back public support and connect with those younger voters. She will also need to build consensus with opposition parties to pass legislation in a parliament where the LDP no longer has a majority.

Read more: The Party That Ruled Japan for Decades Is in Danger of Crumbling

Provided she becomes prime minister as expected, one of her first tasks will be to build ties with Donald Trump amid reports that the US president will make a stop in Japan in late October during a trip to Asia. 

Takaichi was the most forthright among the five candidates in the leadership race over the possibility of renegotiating parts of Japan’s trade deal with the US. But she toed the line following her election on Saturday, saying that an immediate renegotiation was not on the table. She still said Japan will make its opinions known through the appropriate routes should the deal not serve its interests.

But she said that might happen only if there are problems implementing the deal in its current form, a comment that suggests she is on board with the agreement for now.

On issues such as ramping up Japan’s defense spending and capabilities, containing China’s growing influence and building supply chains that align with US interests, she is likely to be a good match for Trump’s views. Still, she likely has less name recognition among US conservatives who have met her rival in the leadership contest, Shinjiro Koizumi, and who remember his father Junichiro wearing Elvis shades and serenading former President George W. Bush two decades ago.

“Takaichi has extensive experience as a politician, and since the US’s hardline stance toward China does not significantly conflict with her own views, she should be able to build a good relationship with President Trump,” said Yuichi Kodama, chief economist at Meiji Yasuda Research Institute.

For investors, the main concern will be her reputation for wanting spending to achieve growth and her penchant for central bank stimulus to goose the economy. In the latest leadership campaign, she toned down her scathing views on the Bank of Japan’s interest rate hikes from last year, when she described its raising of rates as “stupid.” But in a recent Kyodo survey she still said the BOJ should leave interest rates unchanged for now. That comment comes amid expectations the bank may raise borrowing costs again later this month.

Her spending plans are less clear. All of the candidates were expected to unleash a package of economic measures to help consumers deal with inflation in the fall, but she was the boldest in saying that extra bond issuance may be needed. In line with many in the LDP, she remains cautious on the idea of opposition demands to lower the sales tax, one of the costliest options for dealing with the cost-of-living crunch. 

Instead Takaichi has promised cash handouts and tax rebates to help households. She’s also hinted at raising the tax-free income allowance before the end of the year, a move that would resonate well with the Democratic Party for the People, another populist party that has made major inroads in the last year or two. 

While saying her spending plans will be “responsible” and that she’ll ensure the nation’s net debt load will fall over time, she said “the goal is achieving economic growth, not fiscal health,” in a sign of her expansionist spending tendencies. 

“While she always leaned toward a reflationary stance, the current economic environment has changed significantly, and curbing inflation has become the country’s mission,” said Meiji Yasuda’s Kodama. “Opposing the BOJ’s rate hikes would be contradictory, so I don’t think she can make extreme statements regarding monetary policy.”

Still, the possible outcome for markets when they open on Monday is a fall in the yen on expectations of slower central bank normalization, a rise in stocks on a weaker currency and an uptick in super-long yields on fears over longer term spending plans.

Takaichi was born on March 3, 1961 and grew up in the ancient capital of Nara, a city known for the emergence of Buddhism in Japan. Her father worked as a salesman at an equipment manufacturing company while her mother worked for the Nara police force. She studied business management at Kobe University. 

As a student, she rode a motorbike and played drums in a heavy metal band, and counts herself as a fan of British heavy-metal bands Black Sabbath and Iron Maiden, according to local media. She still occasionally picks up the sticks to hammer away on an electric drumset at home, if she squabbles with her husband, she told a local broadcaster in an interview. Her go-to song is “Burn” by Deep Purple. 

“To be honest I wish I could go out for karaoke, but I’ve been reining myself in these past years,” she said in that interview.

She studied at the Matsushita Institute of Government and Management, an organization focused on producing leaders in the world of politics and industry. 

She worked briefly as a news anchor before winning her first election in 1993 as an independent at a time when the LDP was in disarray following the bursting of Japan’s economic bubble. That election saw a multitude of opposition parties join forces to form a patchwork administration and oust the LDP for the first time since its formation. But as it has done subsequently, the LDP found a way of regrouping and taking back power, while most of the parties that ousted it have vanished.

Over her years as a politician, including her time as internal affairs minister, promoter of “Cool Japan” and as economic security minister, Takaichi has garnered a reputation as studious with an attention to fine detail. She is known to shun socializing and drinking with her peers.

“If I’m going to go out for dinner or have a drink, I’d much rather work or study something new,” she said during a campaign speech last year, adding that she often works over weekends. 

Shortly after winning the LDP election she doubled down on that message.

“I’m going to abandon the phrase ‘work-life balance,’” she said, prompting laughter from the rows of LDP lawmakers listening to her speech. “There is a mountain of things that we must accomplish together and I would like to see you work like horses.”

As a conservative darling and Abe protege, China may be wary of how she navigates a relationship that has remained tense in recent years. 

Previously, Takaichi did not mince her words when asked whether she would visit Yasukuni shrine, which honors Japan’s war dead including those who were charged as war criminals after World War II. Visits by previous prime ministers have angered neighboring countries and proven to be a flashpoint for Japan and China.

“Once the sentence is carried out, they are no longer criminals,” she said during a live TV show last week. She toned down her messaging after being elected Saturday, saying that she’ll make appropriate decisions over praying at the shrine.

She opened her campaign speech with a gripe about foreign tourists in Nara, saying she had heard of some tourists kicking the deer that roam freely in the local parks. 

That gripe seemed to tap into broader anxieties felt by the public as the number of foreign-born visitors and workers rises amid a drop in Japan’s own population. With Sanseito gaining ground in elections by capturing such concerns under a “Japanese first” message, Takaichi could be the conservative icon the LDP thinks it needs to win back right-wing voters. Among the five candidates, she consistently ranked as the most popular in recent opinion polls among the general public.

In a twist of irony for Japan’s likely first female prime minister, her conservatism may not bode well for gender equality issues. 

She opposes same-sex marriage or allowing spouses to have separate surnames, claiming it could undermine family unity. Novelist Kyoko Nakajima once called Takaichi “an honorary man” for maintaining views consistent with a traditional male-centered society, the Japan Times reported in 2021.

And while her appointment breaks a glass ceiling, it also risks becoming a glass cliff.

“Female leaders are often given some leeway for not doing things the ‘traditional’ way,” said Waseda’s Nakabayashi, who was skeptical whether Takaichi’s election represents a new era for women in Japan. “That’s why it’s often the case that women only get the leadership positions when the going gets really tough.”



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Nearly 400 millionaires and billionaires are demanding Davos leaders to tax them more: ‘Tax us. Tax the super rich.’

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While the wealthiest business leaders from U.S. president Donald Trump to Nvidia CEO Jensen Huang touch down in the Swiss town of Davos to discuss the state of the world, a cohort of the ultra-rich are already sounding the alarm. Hundreds of millionaires and billionaires released an open letter in time for the World Economic Forum, calling on leaders attending the conference to fight raging wealth inequality with taxes. 

“Millionaires like us refuse to be silent. It is time to be counted. Tax us and make sure the next fifty years meet the promise of progress for everyone,” the letter stated

“Extreme wealth has led to extreme control for those who gamble with our safe future for their obscene gains. Now is the time to end that control and win back our future.”

So far, nearly 400 millionaires and billionaires across 24 countries have signed the letter condemning extreme wealth, including the likes of Hollywood actor Mark Ruffalo, Disney heirs Abby and Tim Disney, and real estate developer Jeffrey Gural.

The open letter is part of a “Time to Win” campaign, led by wealth redistribution organizations including Patriotic Millionaires, Millionaires for Humanity, and Oxfam. It criticized global oligarchs with riches who have “bought up” democracies, exacerbated poverty, stifled tech innovation, dampened press freedom, and overall, “accelerated the breakdown of our planet.” After all, 77% of millionaires from G20 nations think extremely wealthy individuals buy political influence, and 71% believe those with riches can significantly influence elections, according to a poll conducted for Patriotic Millionaires.

The Time to Win wealthy signatories offer a simple solution: “Tax us. Tax the super rich.”

“As millionaires who stand shoulder to shoulder with all people, we demand it,” the open letter continued. “And as our elected representatives—whether it’s those of you at Davos, local councillors, city mayors, or regional leaders—it’s your duty to deliver it.

Stars and billionaires are calling out the super-rich for being ungenerous 

As the world mints hundreds of thousands of millionaires yearly and billionaire wealth soars to record highs, some leaders can’t stand to stay quiet. Celebrities and the ultra-rich haven’t just sent a message to money-hoarders with the Time to Win letter—some have even called out billionaires in person, questioning their existence. 

“If you’re a billionaire, why are you a billionaire? No hate, but yeah, give your money away, shorties,” Eilish said onstage last year at the WSJ Magazine Innovator Awards with Meta mogul Mark Zuckerberg, worth $214 billion, in attendance. 

Even the most philanthropic members of the ultra-rich club are wary of their peers’ lack of charity. Billionaires have started their own initiatives like Warren Buffett, Melinda French Gates, and Bill Gates’ The Giving Pledge, which attracted more than 250 billionaires who pledged to donate at least half of their wealth during their lifetimes, or in their wills. But efforts have largely fallen short. Last year, French Gates admitted that the signatories haven’t given enough; And in a letter to shareholders, Buffett fessed up to the fact that billionaires aren’t following through. 

“Early on, I contemplated various grand philanthropic plans. Though I was stubborn, these did not prove feasible,” Buffett wrote. “During my many years, I’ve also watched ill-conceived wealth transfers by political hacks, dynastic choices, and, yes, inept or quirky philanthropists.”

Billionaire and millionaire wealth is on the rise 

There’s more people rolling in riches than ever before, and it’s fueling an equity crisis at the bottom of the economic ladder. 

In 2024 alone, the U.S. minted 379,000 new millionaires—over 1,000 millionaires every day—as the proportion of Americans in the ultrawealthy club swelled by 1.5%, according to a 2025 report from investment bank UBS. This cohort held about $107 trillion in total wealth at the end of that year: more than four times the amount they owned at the turn of the millennium. 

In 2000, there were only 13.27 million everyday millionaires, but by the end of 2024, the group swelled to 52 million people worldwide. 

While it might appear that eye-watering riches are spreading out to a larger number of individuals, it’s mainly concentrating at the top. America’s top 20% household earners—averaging a net worth of $4.3 million—accounted for about 71% of the U.S.’s total wealth at the end of 2024, according to 2025 data from the Federal Reserve. 

Meanwhile, the bottom half of American households, averaging about $60,000 in wealth, owned just 2.5% of the country’s wealth. For the vast majority of U.S. citizens, joining the millionaire club—and even more so, the billionaire club—is a total pipe dream.



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Trump fast tracks ‘three-week’ nuclear approval for big tech to fuel AI race

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President Donald Trump offered Silicon Valley an extraordinary deal on Wednesday: Build your own nuclear power plants to fuel AI, and his administration will approve them in just three weeks.

Speaking at the World Economic Forum in Davos, Switzerland, Trump addressed a room of tech executives struggling with an aging U.S. electrical grid.

“I came up with the idea,” Trump said. “You people are brilliant. You have a lot of money. You can build your own electric generating plants.”

Trump talked for about 10 minutes about energy in his speech, making it clear Trump views a straining electric grid as a central economic risk of 2026. As artificial intelligence pushes electricity demand to record highs, the administration is framing power shortages as an existential threat to growth and national security. Slashing approval timelines, Trump argued, is a necessary response to an energy system he said he believes is fundamentally unprepared for the AI era.

“We needed more than double the energy currently in the country just to take care of the AI plants,” Trump said. 

The proposal marks a radical departure from the traditional Nuclear Regulatory Commission (NRC) process, which historically requires four to five years for environmental and design approvals as well as rigorous site selection. Trump claimed that while tech leaders initially “didn’t believe him,” he assured them the government would deliver approvals for oil and gas plants in just two weeks, with nuclear projects following in three.

Trump said he wasn’t “a big fan” of nuclear power before, but now sees it as a newly viable solution due to safety improvements. 

“The progress they’ve made with nuclear is unbelievable,” he said. “We’re very much into the world of nuclear energy, and we can have it now at good prices and very, very safe.” 

While the potential upcoming wave of small modular nuclear reactors (SMR) could receive regulatory approvals in less than two years, there is little basis for going through an approval process with the Nuclear Regulatory Commission in closer to three weeks, and such an expedited process would trigger widespread concerns about safety and environmental risks.

Trump also touted a new energy alliance with Venezuela, noting the U.S. secured 50 million barrels of oil last week following the “end of an attack” on the nation that led to the deposition of President Nicolás Maduro. He said the new cooperation between the two nations would make Venezuela “fantastically well” while driving U.S. gasoline prices toward $2.00 a gallon.

Gasoline prices are the main inflationary measure by which costs have fallen during the first year of the new Trump administration. But they’re nowhere close to $2.00 per gallon. The national average for a gallon of regular unleaded is $2.76 per gallon this week, down 32 cents from a year ago, primarily because of rising OPEC oil production.

But Trump drew a sharp contrast with Europe’s energy landscape. Trump mocked the “Green New Scam,” citing a 64% spike in German electricity prices and the “catastrophic” decline of energy production in the United Kingdom. He targeted the North Sea and the proliferation of wind farms, which he labeled “losers” that “kill the birds.”

“Stupid people buy” wind farms, Trump laughed.



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Slipping on ICE: innocent retailers are the latest collateral damage from Trump’s perpetual noise machine

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In her classic 1961 book The Death and Life of Great American Cities, pioneering urbanologist Jane Jacobs advised that the key to safe cities is “more eyes on the street.”  She advocated that the best way to get these was to have neighborhoods filled with stores and restaurants. With local business providing a multitude of reasons for people to be active in city street life, eyes on the street would follow. It was these eyes that were mentioned by Minnesota Gov. Tim Walz in his January 14 primetime media appeal for the public to witness and document the increasingly horrific actions of the agency known as ICE, the once celebrated U.S. Immigration and Customs Enforcement office.

Increasingly known for daily video footage of seemingly arbitrary and brutal force, used by masked ICE agents against shoppers and workers at retail shops and restaurants, Walz urged shoppers to “take out that phone and hit record.” The public has been horrified by the killing of Renee Good, an unarmed 37-year-old mother of three and an American citizen, who was shot multiple times in the face by an ICE agent in her own Minneapolis neighborhood. But the footage of ICE brutality is everywhere, and much of it is occurring in retail establishments.

Consider the vivid hypocrisy of the ICE agents who were seen feasting at the popular El Tapatio Mexican Restaurant in Willmar, Minnesota, and then returning later to arrest the owner and employees of this café that had graciously served them. ICE actions have led several local establishments to close for foot traffic, taking only phone orders, while others reported sales drops of 75%. 

As for larger enterprises, with recent raids occurring in Los Angeles, Charlotte, and Phoenix, Fortune 500 giants around the nation including  Home Depot, Walmart, Target, Ross, Keurig Dr Pepper, and Constellation Brands have all increasingly warned about the impact of ICE raids on their businesses. Patrons and laborers at one Walmart in Van Nuys, California, faced multiple raids in the same day with people tackled and dragged away from ICE agents. Calls for boycotts of retailers who aid and abet ICE enforcement are understandable but retailers are also victims here. They can and should do more to make their roles more clear.

The eyes on the street

The impact of such ICE invasions into Minnesota is being shared nationally, with profound cost to local commerce and also local communities. Local merchants serve a deeper purpose to society than selling goods that are often available through ecommerce. Retail stores are among the last remaining shared civic spaces—places where people of all backgrounds still cross paths in the course of everyday life. Shopkeepers are community pillars because they build social ties, foster local identity, boost the economy by keeping money local, and act as hubs for connection, often providing personalized service and supporting local events, making neighborhoods more vibrant, resilient, and unique places to live and shop. They transform basic commerce into meaningful relationships and community gathering spots, strengthening the social fabric. 

America’s great retailers have long understood this. From Walmart’s Sam Walton to J.C. Penney to The Home Depot co-founders Bernie Marcus and Arthur Blank, retail legends have long described stores not merely as institutions of public trust. Blank has spoken of retail as a civic platform—a space where people from different walks of life come together in ordinary, human ways. Marcus has emphasized that Home Depot was built on dignity: respect for customers, respect for workers, and a belief that welcoming people into shared spaces strengthens communities rather than fragments them.

So, what could possibly disrupt that vision?

Last week, videos ricocheted across social media showing federal immigration agents restraining a man inside a Walmart in Minnesota and detaining individuals at the entrance of a Target. Days later, in Los Angeles, Home Depot parking lots—long informal hiring sites for day laborers—again became flashpoints for enforcement actions and community backlash. These were just a few of many ICE raids playing out across the country, in locales as varied as New York, Georgia, Texas and beyond, where shoppers have reported increased immigration enforcement activity near department stores and shopping centers, triggering protests, boycotts, and a growing sense that retail spaces are being repurposed into stages for public confrontation. 

This is surely not the retail experience that Marcus and Blank had in mind when they spoke of dignity and friendly community commons.

President Donald Trump is likely pulling this lever unprovoked to tear apart communities’ harmonious fabric as the kind of diversionary tactic that he often utilizes. Trump’s first year has been soundly rated a failure in all major national polls and in each dimension of national and international priorities.  Barely 37% say that Trump places the good of the country above his personal gain, and 32% say that he’s in touch with the problems ordinary Americans face in their daily lives. As we write about in our new book, Trump’s Ten Commandments, the president has long resorted to “perpetual noise machine” distractions when faced with plummeting poll numbers and challenges on the economy and affordability, seeking to divert attention away from his difficulties. This diversion comes at a real cost to retailers and to the American economy.

Multiple major national polls reveal that the ICE mission is failing, with most Americans condemning these raids as making American cities less safe — with 82% of Democrats and Democratic-leaning independents leaning in this direction, but also 67% of Republicans and Republican-leaning independents. Even MAGA-friendly podcaster Joe Rogan launched a harsh takedown of ICE, likening them to the Gestapo secret police of Nazi Germany.

In fact, Minneapolis Police Chief Brian O’Hara, recently showed on Fox TV that, before the ICE invasions, all major categories of crime including violent crimes like murders and carjacks were down last year from 20% to 50%. Former Secretary of Homeland Security Jeh Johnson has shown this weekend that there has been no surge of undocumented immigrants in Minneapolis to justify what is now five times the number of federal law enforcement officers as there are municipal police.

It appears that even Trump is recoiling, offering a surprising criticism of ICE overreach in a New York Times interview this week. Indeed, unless there is some inexplicable policy goal to get Americans to buy ladders, hammers, toilet seats, piles of bricks, washers, dryers, and garage doors online instead of at neighborhood stores, there is no reason why retailers need to become ground zero.

Why would ICE want to hurt businesses that form the backbone of the American economy? After all, we don’t know how good UPS is at delivering garage doors house-to-house, or if FedEx could really handle deliveries of bricks, sinks, and toilets, if they were bought from Amazon instead of from neighborhood stores. While that notion might seem ridiculous, there is nothing funny or ludicrous about the fact that these administration/ICE overreaches risk serious and genuine economic damage if they continue unabated.

The facts about retailers’ lack of complicity

While ICE might be slipping on the ice, the activists who are attacking America’s most beloved retailers as somehow “complicit” with ICE raids in their stores are similarly slipping up. That narrative is wrong, and retailers need to throw rock salt urgently, to avoid flipping over themselves. Here are the facts, which are too often lost in the crossfire, and should be clarified urgently.

First, retailers need to clarify that they have not been complicit and have had no advance knowledge of these raids. Retailers are not accessories with ICE, nor enablers; they are also victims, caught in the crossfire of a political and legal dispute they did not choose.

This clarification is urgent, because critics on all sides misrepresent what retailers can—and cannot—do. One widely circulated myth holds that retailers invite ICE into their stores. In reality, ICE agents, like any law enforcement officers, may enter public spaces open to all customers without needing a warrant.

Another myth suggests that retailers can simply “ban ICE” from their properties if they choose, with some choosing to do so while other stores invite them in with open arms. That, too, misunderstands the law. A retail store is not a private home. As a public-facing space, retailers cannot selectively exclude certain groups—whether law enforcement or anyone else—from areas open to the general public. A store manager cannot “kick out ICE” the way they might remove a shoplifter. Even if a retailer tried to ban ICE, or any other law enforcement agency, from their otherwise public facing spaces, the law enforcement agency could simply ignore it under the law, and the retailer could be subject to a variety of legal claims, including discrimination or obstruction by the affected government entities. Some have suggested that perhaps stores could put whistles by the cash registers or parking lots, but in reality, retailers have no control.

A third myth claims that retailers are facilitating the arrest of their employees or customers. That is false. As Federal law enforcement officers, ICE agents have the authority to make arrests in any public spaces based on probable cause, without the consent—or cooperation—of the venue. While there are allegations that surveillance cameras operated by such retail partners as Flock Safety are being use to assist ICE raids as some activist investors charge,  retailers should assert this electronic collaborating is not true—consistent with denials by Flock Safety.

Retailers did not ask to be put into the middle of America’s political and legal fight over immigration. But they are being drafted nonetheless, and need to scream these facts loudly from the mountaintops to deescalate a worsening situation. Fortunately, they are not likely to use needlessly incendiary language the way some overreacting public officials do. Home Depot’s public statements capture the hard edge of their dilemma: the company has said it is neither notified in advance nor coordinating with immigration enforcement, while also acknowledging that it cannot legally interfere with federal agencies.

Now that retailers find themselves in the middle, they deserve something too often missing from this debate: truth, and they need to be screaming this truth loudly from the mountaintops. They are neither covert Quisling collaborators nor law enforcement-subverting antagonists. They are institutions built to welcome the public of all stripes, not to adjudicate federal policy—and they should not be targeted as such by either side.

Some may wonder, why target retailers? If the goal is to trigger unruly public unrest to justify presidential invocation of the insurrection act as some charge, why not visit the spirited crowds at WWE instead. The average Home Depot store has an impressive 2,000 transactions a day but a WWE slapdown such as Raw or Westlemania easily draws five times as many for 10,000 heated fans. If the goal is to capture foreign guests, why not raid the Metropolitan Opera crowds filled with EU national as performers or the American Ballet Theater or the Colorado Ballet known for their high Russian degree of heritage dancers, or the several hundred heavily promoted high kicking Shen Yun performances each year sponsored by the Chinese Falun Gung religious movement.

It is painful to see ICE arrests taking place in the aisles, parking lots, and entry foyers of Minneapolis stores. Who would have thought that even the raucous reputation of the Minnesota Vikings would look refined compared to the hard-edged, ICE enforcement actions? Perhaps they should drop their cowardly masks to hide their identities by donning Viking helmets with horns to more accurately dress for their retail raids. Regardless of the bias in whatever racial or political agenda may be behind this nightmarish remake of Eugene O’Neil’s dark drama of societal miscreants, The Iceman Cometh, the ICE men are making sure their own approval rating melts, while doing damage to both commerce and community safety.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

This story was originally featured on Fortune.com



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