Takaichi Wins Supermajority, Bessent on Gold Market, 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. as well as domestically.
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. Treasury Secretary Scott Besson 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 blow-off.
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. Besson says that shows the U.S. economy is headed in a positive direction. Monica Ricks, Bloomberg Radio.
In Thailand, the ruling conservative party clinched a solid election win on Sunday, marking a clear defeat for an emerging progressive movement.
What significant political change occurred in Japan recently?
Here is Thailand's Prime Minister Anutin Chonvirakul.
We have had the right people to tackle all those problems and we think Thailand is now in a steady state and we look forward to moving on with even a stronger cabinet and government.
That is Thailand's Prime Minister Anutin Chandvirakul. Elon Musk says SpaceX is shifting its focus to building a city on the moon as part of the company's mission to secure the future of civilization. In a post on X, Musk said, SpaceX is also striving to build a city on Mars but can complete trips to the moon much faster. U.S.
How does Takeichi's victory impact Japan's leadership?
politics is an issue at the Winter Olympics. Last Friday, U.S. athletes were asked by reporters how they felt representing the country during the Trump administration's heightened immigration enforcement actions. American skier Hunter Hess said it was a little hard and he felt mixed emotions. Hess said just because he's wearing the flag doesn't mean he represents everything that's going on in the U.S., Well, today, in a post on Truth Social, Trump said it's too bad Hess is on the team and that it's hard to support him. Trump called Hess a real loser. The U.S. has won two gold medals. Italy sits atop the leaderboard with a total of nine. Attending this year's Super Bowl in the Bay Area is an exclusive and an expensive event.
How expensive? Here's Bloomberg's Charlie Pellett.
Motel rooms are running $1,000 a night. Private jets at $12,000 a seat for the NFL championship at Levi's Stadium, pitting the Seahawks against the Patriots. Regardless of the draw, tickets, hotel, and airfare to the nation's most watched sporting event has attendees forking over more than $9,400 on average, according to data collected from SeatGeek, Hotels.com,
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