Takaichi Sanae's Gamble has paid off. She has broken the mould of Japanese politics with an aspirational, personality driven appeal to disgruntled voters and those weary of traditional politics. None of Takaichi's policy proposals were economically scrutinised in the campaign. No matter she (and the LDP) now command the political heights. Profligate spending, rising deficits and a weak yen will be the sweet fruit of immediate success but will turn to the sour taste of Autumn in due course,
The equity markets will love the promise of more deficit spending. JGB's won't and the Yen will simply not recover. These convictions are expressed in the Wealth Preservation Portfolio,
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