Russ Mould

So things now have been kicked into the long grass for a year.

That means the chances of a 2028 target and implementation are

look pretty limited.

Yeah, the British can't throw too many stones there.

But nevertheless, as you said, Japanese prime ministers don't seem to last too long.

It looks as if there's been a deal struck between the ruling Liberal Democratic Party and the new Japan Innovation Party after the collapse of the coalition to approve Sanae Takeuchi as Japan's prime minister, first female prime minister.

There'll now be a parliamentary vote on Tuesday, which I'm assuming they've now all sorted out.

And it's intriguing that she is seen as somebody who wants to keep interest rates low, is prepared to tolerate a weak yen, and is in favour of giving the economy a boost in a good old sort of manner of the late lamented Shinzo Abe through low interest rates and also fiscal stimulus.

So the Japanese stock market lapped it up.

That jumped 3% to a new all-time high this morning.

And the yen weakened, so the script very much there.

The only question now is, if the yen really does continue to weaken, how much inflation does Japan import?

And does that force the Bank of Japan to raise interest rates, whether it wants to or not?

But bear in mind that the BOJ is at, what, half a percent right now?

You know, you've still had 30, 40 years of virtually zero interest rates in Japan, and that doesn't feel like it's going to change terribly quickly.

I'm sure Joe moisturizes.

Of that, I've absolutely no doubt about that.

So Luca Di Meo has come into Kering, which is the owner of Gucci and a stack of other brands like McQueen and Bottega Veneta.

But it's been going through a really difficult time.

Slowdown in demand in China and also a lot of luxury goods companies.