Japan Election Latest, Jimmy Lai Sentenced to 20 Years, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner. And we begin in Japan, where Prime Minister Sunae Takeuchi has secured a historic landslide win in Sunday's snap election. Local broadcaster NHK reports Takeuchi's ruling Liberal Democratic Party has won a two-third supermajority in the lower house. Now, this outcome positions her as Japan's strongest leader in the post-war era. Here is Bloomberg's Brian Fowler.
I mean, six months ago, the LDP was completely on the ropes. It had lost its majorities in both houses of parliament and was muddling through the summer. And then Takahichi becomes the nation's first ever female prime minister in October. Four months later, she secured the greatest election victory in the history, certainly in the post-war history. And she's going to become that much more assertive, I think, on the international stage.
That is Bloomberg's Brian Fowler. Analysts say Takeichi now has a clear mandate to use fiscal stimulus to break a longstanding deflationary cycle. The yen is weaker right now at 157.65. Later in the day on Sunday, Takeichi said she is looking forward to visiting the White House in the spring to strengthen the Japan-U.S. alliance. Former Hong Kong media mogul and pro-democracy activist Jimmy Lai has been sentenced to 20 years in prison. Hong Kong's highest court handed down the punishment for conspiring to collude with foreign forces as well as a separate sedition conviction. Here is Bloomberg's Min Min Lo.
Well, obviously, this is a high profile case that is sending a warning message in some ways as well to the rest of Hong Kong citizens that China will not tolerate any form of subversion, right? But it's interesting because the potential sentence could have been up to life in prison. So Jimmy Lai didn't get the maximum sentence that he could have gotten. But again, considering his old age, 20 years is not a light sentence as well.
Now, that 20-year sentence is the most severe penalty ever handed out under the Beijing-imposed national security law. President Trump and British Prime Minister Starmer are among those who have previously appealed for the release of the 78-year-old lie. In the UK, the chief of staff to British Prime Minister Keir Starmer has quit. Morgan McSweeney resigned on Sunday and claimed to take full responsibility for the advice he gave Starmer to hire Peter Mandelson as UK ambassador to the US, despite knowing Mandelson's ties to Jeffrey Epstein. We are told officials were bracing for cabinet ministers to privately tell Starmer to stand aside or they would threaten their resignations if he doesn't. One aide to a cabinet minister said it was a 50-50 chance as to whether Starmer would last the week.
What were the results of Japan's recent election?
Treasury Secretary Scott Besant is blaming Chinese traders for last week's wild swings in the gold market. That story from Bloomberg's Monica Ricks.
Secretary Besson addressed a record-breaking rally in precious metals fueled by speculative buying, geopolitical turmoil, and concern about the Federal Reserve's independence that abruptly reversed last week.
Things have gotten a little unruly in China. They're having to tighten margin requirements. So the gold looks to me kind of like a classical speculative blowout.
Besson on Fox's Sunday Morning Futures. The turmoil helped lift the dollar and the Dow topped 50,000 for the first time last week.
How does Takeuchi's victory impact Japan's political landscape?
Besson says that shows the U.S. economy is headed in a positive direction. Monica Ricks, Bloomberg Radio.
In sports, American Olympic skier Lindsey Vonn is in stable condition after a major crash during the women's downhill. The U.S. ski and snowboard team posted the update on X. Vaughn was just 13 seconds into a run when she lost control and tumbled into the snow.
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