Japanese stocks surged to a record high on Monday following Prime Minister Sanae Takaichi's Liberal Democratic Party's (LDP) historic election victory, according to BBC World and BBC Business. The LDP secured 316 out of 465 seats in Sunday's election, marking the first time a single party has won a two-thirds lower house majority since Japan's parliament was established in its current form in 1947. The Nikkei 225 briefly surpassed 57,000 for the first time after the election, as reported by multiple sources.
The Japan Innovation Party, the LDP's coalition partner, won in 36 more constituencies, bringing their combined total to 352 seats. This resounding mandate represents a significant development in Japanese politics.
In other news, a South Korean official was expelled from his party after suggesting the country "import young women" from countries like Vietnam and Sri Lanka to boost the nation's declining birth rate, as reported by BBC World. Kim Hee-soo, the head of the southern Jindo County, made the controversial statement during a town hall last week, proposing that these women could be married off to "young men in rural areas." This suggestion comes as South Korea grapples with the world's lowest birth rate, which could see the country's population of 50 million halved in the next 60 years. Kim's statement triggered a diplomatic protest from Vietnam.
Meanwhile, the tech industry is seeing some companies embrace extreme work schedules. A New York-based tech business, Rilla, is advertising jobs with a warning: "Please don't join if you're not excited about working 70 hrs/week in person with some of the most ambitious people in NYC," according to BBC Business. The company, which sells AI-based systems, offers perks like free meals and gym memberships but demands long hours.
Finally, plane makers are targeting Asia's super-rich with new luxury private jets, as reported by BBC Business. The Singapore Airshow, Asia's largest aviation and defense trade fair, showcased aircraft like Gulfstream's G700, which has drawn considerable interest. The demand for these jets is increasing, with sales conversations taking place on board aircraft that can cost tens of millions of dollars.
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