She once played drums in a heavy metal band and calls herself Japan’s Margaret Thatcher, conjuring up an image of Britain’s first female prime minister that takes time to dislodge.
Sanae Takaichi’s election as leader of the ruling Liberal Democratic Party gave a further boost to a Japanese equity market already up around 40 per cent over the past six months. This is despite the country’s bond market being among the worst-performing — the 10-year JGB yield has risen from 1.1 per cent to nearly 1.7 per cent this year, halving the capital of anyone holding these bonds.
Takaichi, 64, is seen as an heir to her close friend, Shinzo Abe, who served as prime minister between 2012 and 2020 and was assassinated three years ago. They were elected to the House of Representatives together in 1993 and shared a conservative approach to politics.