WEBVTT - Fed Served With DOJ Subpoenas, Japan Snap Election Chatter

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News. Welcome to the Daybreak

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<v Speaker 1>Asia podcast. I'm deg Prisner. In the States, federal prosecutors

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<v Speaker 1>have opened a criminal investigation into FED shared J. Powell.

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<v Speaker 2>Now.

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<v Speaker 1>This is over the fed's renovation of its Washington, DC headquarters.

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<v Speaker 1>The New York Times reported a key issue is whether

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<v Speaker 1>Powell lied to Congress about the scope of this project. Well,

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<v Speaker 1>the report prompted Powell to issue a video statement. He

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<v Speaker 1>said the FED had been served grand jury subpoenas from

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<v Speaker 1>the Department of Justice, while at the same time, Powell

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<v Speaker 1>hit back at the probe. Here's Powell.

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<v Speaker 3>The threat of criminal charges is a consequence of the

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<v Speaker 3>Federal Reserve setting interest rates based on our best assessment

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<v Speaker 3>of what will serve the public, rather than following the

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<v Speaker 3>preferences of the president.

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<v Speaker 1>That was fedshare J. Powell. Right now, we're seeing dollar weakness,

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<v Speaker 1>with the Bloomberg dollar spot in decks down about two

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<v Speaker 1>tenths of one percent. At the same time, we've got

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<v Speaker 1>a rally underway in precious metals. Spot gold is up

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<v Speaker 1>one and a half percent and silver is up four

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<v Speaker 1>point four percent. At the moment, Japan is closed for

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<v Speaker 1>a public holiday and that means the first time we're

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<v Speaker 1>going to get any reaction to the Powell story reflected

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<v Speaker 1>in US treasuries will be in the London session. For

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<v Speaker 1>a closer look, Now at markets across the Asia Pacific

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<v Speaker 1>as we begin a new trading week, I'm joined by

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<v Speaker 1>Bloomberg's Leonting III. She is Managing editor for Asian Equities.

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<v Speaker 1>Leonting joining from our studios in Singapore. Thanks for making time.

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<v Speaker 1>Can we talk about the reaction that you're seeing to

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<v Speaker 1>the Powell story being reflected in markets across the Asia Pacific.

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<v Speaker 2>Yeah, people are debating, you know, the outlook for the

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<v Speaker 2>fat independence. That's basically the biggest sort of focal point

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<v Speaker 2>for investors right now. As you said, the dollar is

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<v Speaker 2>slight as slightly weaker, and the US features also dipped.

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<v Speaker 2>In fact, the futures reaction is actually a little bit

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<v Speaker 2>bigger than in the dollar, and the pressure's metals are

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<v Speaker 2>up for safe haven bid. So overall the question is,

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<v Speaker 2>you know, this is definitely not a good look for

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<v Speaker 2>the FED, for the US government, or for the US

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<v Speaker 2>market as a whole. Although the reaction, the immediate reaction

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<v Speaker 2>is not drastic, people are really questioning the kind of

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<v Speaker 2>longer term structure issue, because this really challenges fed's independence.

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<v Speaker 2>So the takeaway here is, you know, first of all,

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<v Speaker 2>look at the noise level right if in the end

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<v Speaker 2>we're looking at court appearances, stuff like that, and that

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<v Speaker 2>will really have more of a repercussion for investors, causing

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<v Speaker 2>a little bit more generis among global investors. And the

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<v Speaker 2>longer term trend is really the d dollarization, and that

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<v Speaker 2>has been happening even without the subpoena news. But you know, again,

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<v Speaker 2>with the noise level heightening, I think there's going to

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<v Speaker 2>be a bit of a speed up for US or

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<v Speaker 2>global investors to shift some of their US assets and

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<v Speaker 2>relocate outside of the US.

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<v Speaker 1>Leon ting, let's talk a little bit about what's happening

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<v Speaker 1>right now in terms of equity market action in the

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<v Speaker 1>Asia Pacific. Right now, it's kind of a mixed picture,

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<v Speaker 1>and I can understand that given the volatility that you

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<v Speaker 1>just highlighted, but let's not lose sight of the fact

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<v Speaker 1>that there has been a lot of positivity lately inequities

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<v Speaker 1>in the Asia Pacific, especially where tech stalks are concerned. Now,

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<v Speaker 1>South Korea, as you and I both know, has been

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<v Speaker 1>upright spot, particularly for the chip makers. This is all

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<v Speaker 1>about the buildout of artificial intelligence, right.

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<v Speaker 2>Yeah. Indeed, if you look at a tech gauge for

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<v Speaker 2>Asia Tech versus Nastaq one hundred, we're looking at a

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<v Speaker 2>huge outperformance. Last I checked it was year to date

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<v Speaker 2>the Asia gauge was up more than six percent, and

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<v Speaker 2>that is compared to Nastak's gain of about two percent.

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<v Speaker 2>We really haven't seen that kind of outperformance at the

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<v Speaker 2>start of the year for a very long time. As

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<v Speaker 2>you said, Korea is an outstanding winner. That's because evaluation

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<v Speaker 2>is indeed cheap. Right even after a seventy percent gain

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<v Speaker 2>last year, the valuation pe forward pevaluation is still at

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<v Speaker 2>about ten times of ten times for the Cosby. That

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<v Speaker 2>compares with twenty five times for the Nasdaq one hundred.

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<v Speaker 2>And if you look at earnings potential, Korea cosby estimated

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<v Speaker 2>earnings growth for the next twelve months is at more

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<v Speaker 2>than seventy percent and that compares to about eighteen percent

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<v Speaker 2>for the Max seven. So you can see the fundamental

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<v Speaker 2>driver of earnings plus evaluation are really providing a tailwind

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<v Speaker 2>for Korean stock.

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<v Speaker 1>So the IPO markets have been very busy as well,

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<v Speaker 1>not only on the Chinese mainland, but in Hong Kong,

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<v Speaker 1>and a number of these IPOs are tied to tech,

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<v Speaker 1>particularly again this area of semiconductors. What are we seeing

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<v Speaker 1>at the moment.

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<v Speaker 2>Yeah, so today we're seeing Omnivision, that's a chip design

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<v Speaker 2>raising about six hundred and sixty million dollars. It's up

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<v Speaker 2>not by a lot, but last a checked was up

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<v Speaker 2>more than three percent. That's a continuation. We saw last

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<v Speaker 2>week two AI large language model developers debuting, and both

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<v Speaker 2>debut performed very well, I should say, and that was

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<v Speaker 2>Minimax and Jipu, and that they actually came to the

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<v Speaker 2>public market before Open Ai, which was also planning for

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<v Speaker 2>an IPO. Overall, I think there is always a balance

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<v Speaker 2>between you know, whether these IPOs would digress or divert

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<v Speaker 2>money away from the existing shares. But in this case,

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<v Speaker 2>I think there is still fresh money going into these deals,

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<v Speaker 2>and these deals performing well is underpinning a further rally

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<v Speaker 2>in the AI sector in China.

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<v Speaker 1>So later in the week, as you know, we'll be

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<v Speaker 1>hearing from TSMC. The company will report full quarterly earnings

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<v Speaker 1>and also provide a forecast on capital spending for two

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<v Speaker 1>twenty six. Last week we had the monthly revenue figures

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<v Speaker 1>for TSMC, they came in above estimate, So I'm thinking

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<v Speaker 1>that the market feels pretty good about where TSMC is

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<v Speaker 1>with respect to earnings.

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<v Speaker 2>Yeah, for TSMC, we saw a slew of Wall Street

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<v Speaker 2>analyst upgrades leading up to the earnings that will come

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<v Speaker 2>out on Thursday this week. I believe we saw Morgan Stanley,

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<v Speaker 2>we saw Goldman Sachs, and I think overall they're talking

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<v Speaker 2>about how this tech trip maker, I should say, is

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<v Speaker 2>really very well positioned in the global semiconductor semiconductor supply chain,

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<v Speaker 2>just because the valuation for the company is actually not

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<v Speaker 2>expensive and in any kind of environment. It also it

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<v Speaker 2>still has to provide chips for all sorts of sort

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<v Speaker 2>of demand, and the positioning is unbeatable according to those analysts.

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<v Speaker 1>Are there any pieces of economic news in the coming

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<v Speaker 1>week that have the potential to move markets, either in China,

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<v Speaker 1>Japan or even Australia.

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<v Speaker 2>I think overall it would be the kind of rate decisions,

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<v Speaker 2>right Australia, Japan and China. I think there's a bit

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<v Speaker 2>of a divergence in global central bank rate decisions. We're

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<v Speaker 2>looking at Japan potentially, you know, hiking again and Australia

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<v Speaker 2>potentially cutting again. Of course, the US FED may cut,

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<v Speaker 2>but the schedule has been moved back a little bit

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<v Speaker 2>because of the job stata that came out on Friday,

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<v Speaker 2>which were a bit solid. So I think the kind

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<v Speaker 2>of implication from the divergent central bank rate decisions will

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<v Speaker 2>really play out in investors' mind. And for China there

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<v Speaker 2>is also the NPC that's coming up in March, and

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<v Speaker 2>the kind of reinforcement on the self reliance agenda, the

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<v Speaker 2>development of the chip sector. You know, the competition again

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<v Speaker 2>is the US AI and I think that that can

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<v Speaker 2>continue to provide a tailwind for the AI and chip

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<v Speaker 2>sector in China.

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<v Speaker 1>Leonting will leave it there, Thank you so very much.

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<v Speaker 1>Bloomberg's Leon Ting II. She is Managing editor for Asia Equities,

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<v Speaker 1>joining from our studios in Singapore here on the Daybreak

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<v Speaker 1>Asia podcast. Welcome back to the Daybreak Asia Podcast. I'm

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<v Speaker 1>Doug Krisner. Japan is closed for a public holiday today. Nonetheless,

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<v Speaker 1>investors are squarely focused on reports that Prime Minister Takeiichi

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<v Speaker 1>will be calling for a snap election. The view is

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<v Speaker 1>Takeichi will try to leverage her popularity to strengthen her

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<v Speaker 1>coalition's grip on power, and that's where we began the

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<v Speaker 1>conversation with Tobias Harris. He is the founder and principal

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<v Speaker 1>at Japan Foresight. Harris spoke to Bloomberg TV host Paul

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<v Speaker 1>Allen and April Holm.

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<v Speaker 4>Thanks for joining us, son, wondering where you would place

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<v Speaker 4>the odds of Prime Minister Takeiichi calling a snap election

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<v Speaker 4>and she's performing very well in the polls at the moment.

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<v Speaker 4>Is this a strategically useful time to strike them? What

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<v Speaker 4>are the chances of getting a fresh mandate if she does.

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<v Speaker 2>Well?

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<v Speaker 5>I think the you know this, this came on very quickly,

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<v Speaker 5>you know, as early, you know, as recently as really

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<v Speaker 5>last Thursday. She was even saying that she was focused

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<v Speaker 5>on getting the budget passed, which really is you know,

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<v Speaker 5>job number one as far as the new Diet session

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<v Speaker 5>is concerned. And you know, there were too many policy

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<v Speaker 5>issues or too many things going on, and certainly the

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<v Speaker 5>consensus seemed to be that we wouldn't see an election

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<v Speaker 5>before April. April would really be the earliest. And so

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<v Speaker 5>the story that broke late Friday and Yo Muri was

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<v Speaker 5>I think caught everyone by surprise, and frankly, I think

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<v Speaker 5>we should note there's been a lot of pushback, and

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<v Speaker 5>not just from opposition parties. You know, we've had several

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<v Speaker 5>reports over the weekend that Asotado, who of course is

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<v Speaker 5>one of Takesi's biggest backers, does not think that an

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<v Speaker 5>election is suitable at this time. We've had now, of course,

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<v Speaker 5>the leader of the Democratic Party for the People to

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<v Speaker 5>Tamaki Yutito, who you know, whose support is going to

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<v Speaker 5>be essential for passing the budget, and really the deal

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<v Speaker 5>that the LDP made with Tamaki was really the key

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<v Speaker 5>to ensuring the budget was going to pass. He has

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<v Speaker 5>said that if there's an election that he will not

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<v Speaker 5>necessarily follow his promise of supporting the budget. So there's

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<v Speaker 5>a lot of moving parts here. I don't think we

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<v Speaker 5>can say it's one hundred percent guaranteed at this point

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<v Speaker 5>that there's going to be an election.

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<v Speaker 4>Yeah, how much public appetite is there for a snap

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<v Speaker 4>election coming so early? And even if Sanai attacker I

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<v Speaker 4>was successful and won a stronger mandate in the lower house,

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<v Speaker 4>she still hasn't doesn't have a majority in the upper house,

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<v Speaker 4>so they're going to be challenges anyway and getting her

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<v Speaker 4>agenda through.

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<v Speaker 5>That's I mean I think that really is one of

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<v Speaker 5>the questions, really, you know, that has surrounded this entire

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<v Speaker 5>debate about whether she was going to have a snap election,

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<v Speaker 5>where of course he asked, you look at her overall

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<v Speaker 5>headline approval numbers. They're great, they're strong, you know. But

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<v Speaker 5>of course there's been lots of questions about what her

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<v Speaker 5>coattails would actually be like, given that the LDP can

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<v Speaker 5>no longer rely on the support of its longtime coalition

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<v Speaker 5>partner Coomo, too, given some questions about the influence of

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<v Speaker 5>the rise of right wing parties, particularly sansee Toe on

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<v Speaker 5>some of the right wing vote that the LDP needs

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<v Speaker 5>to bring back. So there were questions, I think about

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<v Speaker 5>how the LDP might perform, But I think there was

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<v Speaker 5>also the question of why an election, Why now? And

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<v Speaker 5>I think if you look at opinion polls, the public

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<v Speaker 5>has not convinced that an election is suitable at this time,

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<v Speaker 5>and given that she was so adamant recently that no,

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<v Speaker 5>there's too much to do, there's too much to focus on.

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<v Speaker 5>I'm not thinking about an election now. For her to

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<v Speaker 5>then turn around, I think she's going to face a

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<v Speaker 5>lot of accusations of opportunism as this debate swirls in

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<v Speaker 5>the next few days.

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<v Speaker 6>In terms of priorities for Takaichi. Given the public's concerns

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<v Speaker 6>about the cost of living, how would you say they

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<v Speaker 6>are assessing the progress she's made on that front.

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<v Speaker 5>I mean, that's really the other debate I think that's happening,

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<v Speaker 5>particularly within the LDP, where you've had a number of

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<v Speaker 5>voices say, you know, we can't move too quickly because

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<v Speaker 5>ultimately we haven't really made an impact on the issues

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<v Speaker 5>that people are most concerned about. We're still vulnerable on

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<v Speaker 5>that front. You know that people are still feeling the

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<v Speaker 5>impact of inflation. You're still seeing food prices rise, seeing

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<v Speaker 5>another rise and rice prices recently. You know, all of

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<v Speaker 5>that I think is still going to be weighing on

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<v Speaker 5>people's minds. And if you add on top of that

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<v Speaker 5>a feeling that this is just an opportunistic move, you know,

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<v Speaker 5>she's trying to grab more seats while you know, while

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<v Speaker 5>the going looks good, and also the fact that she

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<v Speaker 5>then is putting her own budget at risk because frankly,

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<v Speaker 5>you know, a February eighth election, a February fifteenth election,

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<v Speaker 5>you you really only have you know, they need to

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<v Speaker 5>get a budget done before the fiscal year starts in April. First,

0:12:27.720 --> 0:12:29.920
<v Speaker 5>She's really going to be cutting that close, and it

0:12:29.960 --> 0:12:31.440
<v Speaker 5>really is going to raise a lot of questions, and

0:12:31.440 --> 0:12:33.080
<v Speaker 5>I think the opposition is going to be very quick

0:12:33.120 --> 0:12:35.400
<v Speaker 5>to ask those questions. You know, what is she what

0:12:35.480 --> 0:12:37.640
<v Speaker 5>is more important to her? You're doing things that help

0:12:37.679 --> 0:12:40.079
<v Speaker 5>the public, you know, getting a budget done that supposedly

0:12:40.160 --> 0:12:42.240
<v Speaker 5>has all sorts of things that's going to help the

0:12:42.280 --> 0:12:45.280
<v Speaker 5>public deal with cost of living increases. Or is she

0:12:45.360 --> 0:12:48.360
<v Speaker 5>worried about her political her political future first? And I

0:12:48.360 --> 0:12:50.360
<v Speaker 5>think those questions are going to dog, you know, if

0:12:50.400 --> 0:12:52.240
<v Speaker 5>she goes forward with this. I mean, those questions are

0:12:52.280 --> 0:12:53.120
<v Speaker 5>going to be front and center.

0:12:54.880 --> 0:12:58.520
<v Speaker 6>How is the spat with Beaijing affecting her political future?

0:13:00.720 --> 0:13:02.480
<v Speaker 5>I think in the near term, I don't think it's hurt,

0:13:02.720 --> 0:13:05.439
<v Speaker 5>you know, I think the public certainly, if anything, it's

0:13:05.440 --> 0:13:08.360
<v Speaker 5>probably helped her numbers stay as strong as they have

0:13:08.480 --> 0:13:10.040
<v Speaker 5>for as long as they have. I think that, you know,

0:13:10.080 --> 0:13:12.440
<v Speaker 5>of course, the public, you know, does not view Japan

0:13:12.480 --> 0:13:14.679
<v Speaker 5>as in the wrong here. I mean, polls have consistently

0:13:14.720 --> 0:13:17.520
<v Speaker 5>shown that majorities think that there was nothing wrong with

0:13:17.559 --> 0:13:20.120
<v Speaker 5>what Tacolai she said. You know, they're of course concerned

0:13:20.160 --> 0:13:23.520
<v Speaker 5>about what Beijing's doing. Interestingly, and I think this is

0:13:23.600 --> 0:13:26.400
<v Speaker 5>maybe a question for how people might vote. You know,

0:13:26.440 --> 0:13:29.480
<v Speaker 5>there's a real age gap between how the public is

0:13:29.520 --> 0:13:32.560
<v Speaker 5>responding to this dispute with China, where older voters are

0:13:32.600 --> 0:13:35.560
<v Speaker 5>much more divided over you know, first whether they support

0:13:35.559 --> 0:13:38.599
<v Speaker 5>what Takoichi said or whether Japan should be more conciliatory.

0:13:39.320 --> 0:13:41.800
<v Speaker 5>Younger voters, who the LDP is really desperate to bring

0:13:42.360 --> 0:13:44.920
<v Speaker 5>out in its favor and draw away from sanset, to

0:13:45.000 --> 0:13:47.120
<v Speaker 5>draw away from the Democratic Party for the people, are

0:13:47.200 --> 0:13:51.280
<v Speaker 5>much more overwhelmingly supportive of Takoichi. So it's interesting to see,

0:13:51.400 --> 0:13:53.640
<v Speaker 5>you know, you know, one of her theories, you know,

0:13:53.720 --> 0:13:56.640
<v Speaker 5>taking office was can I bring you know, Takiichi? Is

0:13:56.679 --> 0:13:58.680
<v Speaker 5>she the person to bring some of these voters who've

0:13:58.679 --> 0:14:01.960
<v Speaker 5>been attracted to sansee to back to the LDP. And

0:14:02.040 --> 0:14:04.320
<v Speaker 5>maybe this is a sign that actually that that could work.

0:14:04.559 --> 0:14:06.480
<v Speaker 5>But does that will she lose some of the older

0:14:06.559 --> 0:14:08.840
<v Speaker 5>voters the LDP has relied on in recent elections. I

0:14:08.840 --> 0:14:11.240
<v Speaker 5>think that's a question that the party is going to

0:14:11.240 --> 0:14:12.560
<v Speaker 5>face going forward.

0:14:13.920 --> 0:14:17.400
<v Speaker 4>Well, Tobias, your specialty is political risk and advice. I mean,

0:14:17.440 --> 0:14:20.160
<v Speaker 4>what advice would you be giving to Sanaia tek Ag

0:14:20.280 --> 0:14:22.840
<v Speaker 4>if you were asked about how to handle these expot

0:14:22.880 --> 0:14:29.560
<v Speaker 4>controls from China and whether retaliation is even advisable, I think, you.

0:14:29.600 --> 0:14:32.200
<v Speaker 5>Know, Japan doesn't necessarily have the same tools or the

0:14:32.200 --> 0:14:34.920
<v Speaker 5>same desire to retaliate in the ways. You know that

0:14:35.120 --> 0:14:37.520
<v Speaker 5>you know, China has been using its various levers to

0:14:37.920 --> 0:14:39.920
<v Speaker 5>you know, to pressure Japan. I mean, I think ultimately,

0:14:40.280 --> 0:14:42.400
<v Speaker 5>you know, Japan is going to have to do the

0:14:42.480 --> 0:14:44.040
<v Speaker 5>kinds of things that it's been doing really for a

0:14:44.080 --> 0:14:46.440
<v Speaker 5>long time, which is diversifying away from China. And that's

0:14:46.520 --> 0:14:49.840
<v Speaker 5>not unfortunately, it's not a short term response to China.

0:14:50.160 --> 0:14:52.720
<v Speaker 5>That's not really something that they can fix overnight. But

0:14:52.920 --> 0:14:55.480
<v Speaker 5>we you know, we already saw that after the incidents

0:14:55.480 --> 0:14:57.800
<v Speaker 5>in you know, twenty ten. In twenty twelve, you know,

0:14:57.880 --> 0:15:01.520
<v Speaker 5>Japanese companies started diversifying. Japan as a whole, started diversifying

0:15:01.520 --> 0:15:05.120
<v Speaker 5>away from rare earth's and finding other sources for rare

0:15:05.120 --> 0:15:07.560
<v Speaker 5>earth and other critical minerals. That process is going to

0:15:07.600 --> 0:15:09.360
<v Speaker 5>pick up, and just in general, I think if you

0:15:09.400 --> 0:15:11.560
<v Speaker 5>look at surveys over the last several months, I mean

0:15:11.600 --> 0:15:13.680
<v Speaker 5>corporate Japan, you know, there's not a whole lot of

0:15:13.720 --> 0:15:16.000
<v Speaker 5>appetite for new investment in China, you know, I think,

0:15:16.040 --> 0:15:18.480
<v Speaker 5>of course there's not a lot of appetite for decoupling either.

0:15:18.840 --> 0:15:21.280
<v Speaker 5>But when it comes to deepening Japan's engagement, I mean,

0:15:21.360 --> 0:15:24.400
<v Speaker 5>that appetite I think is not there. And I think

0:15:24.400 --> 0:15:27.280
<v Speaker 5>there's you know, real sensitivity to the political risks in

0:15:27.360 --> 0:15:30.040
<v Speaker 5>China and trying to find other markets, trying to find

0:15:30.080 --> 0:15:32.840
<v Speaker 5>other places to go. And of course that also explains

0:15:32.880 --> 0:15:35.360
<v Speaker 5>perhaps the interest that we've seen in deepening ties with

0:15:35.400 --> 0:15:37.920
<v Speaker 5>the United States, even though that comes with its own

0:15:38.040 --> 0:15:38.720
<v Speaker 5>risks as well.

0:15:40.280 --> 0:15:42.600
<v Speaker 6>Yeah, I was going to ask, to what extent do

0:15:42.680 --> 0:15:45.440
<v Speaker 6>you think there's appetite for the Trump administration in terms

0:15:45.440 --> 0:15:49.440
<v Speaker 6>of support for Takeichi, given how there are a number

0:15:49.480 --> 0:15:55.080
<v Speaker 6>of fronts, foreign fronts that the US administration, including Venezuela,

0:15:55.240 --> 0:15:57.760
<v Speaker 6>is having to look at even closer now.

0:15:59.880 --> 0:16:02.960
<v Speaker 5>I think that phone call between Trump and Takoichi last year,

0:16:03.600 --> 0:16:06.200
<v Speaker 5>you know, certainly was a sign that this was not

0:16:06.240 --> 0:16:07.960
<v Speaker 5>going to be an issue that the US is going

0:16:08.000 --> 0:16:09.800
<v Speaker 5>to be invested in at the highest levels. I mean,

0:16:09.840 --> 0:16:12.960
<v Speaker 5>we've seen messages of support from the embassy in Tokyo

0:16:13.080 --> 0:16:15.480
<v Speaker 5>and from other parts of the administration, but certainly at

0:16:15.480 --> 0:16:17.600
<v Speaker 5>the presidential level, at the veriest highest level, they're not

0:16:18.000 --> 0:16:21.880
<v Speaker 5>investing political capital and showing a lot of support for Takigi.

0:16:21.960 --> 0:16:24.720
<v Speaker 5>And of course you have the prospect of the President

0:16:24.760 --> 0:16:27.360
<v Speaker 5>going to China in April. That of course, as far

0:16:27.360 --> 0:16:30.160
<v Speaker 5>as Asia is concerned, that maybe is you know, absolutely

0:16:30.200 --> 0:16:32.360
<v Speaker 5>front of mind more than any other issue. But yes,

0:16:32.400 --> 0:16:34.600
<v Speaker 5>and then in the immediate term there are things that

0:16:34.640 --> 0:16:37.640
<v Speaker 5>are just taking much more attention and Japan in a

0:16:37.640 --> 0:16:39.400
<v Speaker 5>lot of ways maybe is on its own I mean,

0:16:39.480 --> 0:16:41.360
<v Speaker 5>and again that can be overstated. We're going to see

0:16:41.400 --> 0:16:45.560
<v Speaker 5>i think this week with the defense mister Quozmisin he'll

0:16:45.560 --> 0:16:48.600
<v Speaker 5>be in Washington, finance mister Katsuyama will be in Washington

0:16:48.680 --> 0:16:51.760
<v Speaker 5>talking about the supply chain resilient. So there's I mean,

0:16:51.760 --> 0:16:54.800
<v Speaker 5>there's cooperation there, there's going to be messages of support.

0:16:55.400 --> 0:16:58.160
<v Speaker 5>But when it comes to actually, you know, really throwing

0:16:58.360 --> 0:17:00.640
<v Speaker 5>US weight behind Japan and it's just and trying to

0:17:00.640 --> 0:17:03.960
<v Speaker 5>get China to back down, that's not something I expect

0:17:04.000 --> 0:17:05.359
<v Speaker 5>that we'll see from the United States.

0:17:06.160 --> 0:17:09.760
<v Speaker 1>That was Tobias Harris, founder and principal at Japan Foresight,

0:17:09.840 --> 0:17:13.480
<v Speaker 1>speaking with Bloomberg TV host Paul Allen and April Hong

0:17:13.920 --> 0:17:18.720
<v Speaker 1>here on the Daybreak Asia Podcast. Thanks for listening to

0:17:18.720 --> 0:17:23.680
<v Speaker 1>today's episode of the Bloomberg Daybreak Asia Edition podcast. Each weekday,

0:17:23.720 --> 0:17:27.640
<v Speaker 1>we look at the story shaping markets, finance, and geopolitics

0:17:27.640 --> 0:17:30.919
<v Speaker 1>in the Asia Pacific. You can find us on Apple, Spotify,

0:17:31.080 --> 0:17:34.560
<v Speaker 1>the Bloomberg Podcast YouTube channel, or anywhere else you listen.

0:17:35.000 --> 0:17:37.879
<v Speaker 1>Join us again tomorrow for insight on the market moves

0:17:37.960 --> 0:17:42.480
<v Speaker 1>from Hong Kong to Singapore and Australia. I'm Doug Prisner,

0:17:42.640 --> 0:17:44.040
<v Speaker 1>and this is Bloomberg