FirstFT: Public outcry over Shinzo Abe’s $11mn state funeral

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Protesters marched into Japan’s parliament yesterday to protest the state funeral of Shinzo Abe, as tens of thousands of supporters nearby lined up to honor one of the country’s most powerful and divisive leaders since World War II.

After an initial period of shock and public grief that followed Abe’s murder in early July, the government’s decision to hold a ¥1.6 billion ($11 million) funeral sparked public outcry and a sharp decline. in popularity for Prime Minister Fumio Kishida.

At a ceremony held at the Budokan arena in Tokyo, Kishida spoke to more than 4,000 guests, including world leaders, Japanese politicians, businessmen and members of the Imperial family.

Foreign dignitaries in attendance included US Vice President Kamala Harris, Indian Prime Minister Narendra Modi, Australian Prime Minister Anthony Albanese and British Foreign Secretary James Cleverly.

What do you think of Japan’s decision to hold an $11 million state funeral for former Prime Minister Shinzo Abe? Tell me what you think Thanks for reading FirstFT Asia. Here’s the rest of the day’s news – Emily

1. IMF urges UK to ‘reconsider’ tax cuts The IMF has launched a caustic attack on the UK’s plan to implement £45bn in debt-funded tax cuts, warning that the “untargeted” package threatens to fuel rising inflation. The multilateral lender said it has been “engaged with authorities” since the tax cuts were unveiled last week, leading to a collapse in the value of sterling and a spike in the country’s borrowing costs.

2. Tamper warnings pop up after Nord Stream leak Danish, German and Polish officials have indicated that suspicious leaks in two Russian gas pipelines in the Baltic Sea are most likely the result of sabotage, raising concerns about the vulnerability of Europe’s energy infrastructure.

  • Results held referendum in Russia: Voters in four Russian-occupied provinces of southern and eastern Ukraine overwhelmingly voted for their regions to join Russia in referendums considered to be sham votes by Kiev and its Western partners.

3. Renminbi falls against dollar despite new support measures

The renminbi further lost ground against the dollar yesterday, putting pressure on China’s central bank to deploy significant foreign exchange reserves for the first time since 2017. as a result of the increasing policy divergence between an aggressive US Federal Reserve and a docile China.
  • China economy news: According to new World Bank forecasts, China’s economic output will lag the rest of Asia for the first time since 1990.

4. SoftBank Backed Grab Aims for First Profit Grab, one of Southeast Asia’s largest technology groups worth $10.8 billion, said the 10-year company would be profitable by 2024, even as growth slows against mounting fears of global recession and rising inflation.

5. Do Kwon Says He’s Not Hiding As The Crypto Manhunt Intensifies The co-founder of collapsed cryptocurrency operator Terraform Labs said he was not in hiding after Interpol issued a red notice against him. Do Kwon has remained active on social media, writing on Twitter on Monday that he “made no effort to hide. I go on walks and shopping malls,” as the threat of prison hangs over him in South Korea

Related Post

the next day

Bank of Japan minutes The central bank will publish the minutes of its last monetary policy meeting when Japan intervened to strengthen the yen for the first time in 24 years.

Top US Pacific Island Country President Joe Biden will host the first ever US-Pacific Summit today in Washington, where the US will continue its efforts to counter China’s influence in the region. (Politics)

What else do we read

The cost of China’s information vacuum Global expertise about the country gathered by scientists, diplomats and businessmen has become more important than ever – but many of those resources have now dried up as censorship has been tightened and access for foreigners has been severely restricted.

‘crisis feeling’ keeps South Korean chip industry in its grip, minister warns There is growing fear among Korean officials and industry executives that the country will divest manufacturing facilities as domestic chipmakers, lured by subsidies and tax incentives, rush to build semiconductor plants in the US. Generous government funding will also allow China to quickly catch up on memory chips.

Russians flee and hide from Putin’s zealous conscription officers Nearly a week after President Vladimir Putin announced the “partial” mobilization of army reservists to bolster his troops in Ukraine, tens of thousands of Russians are refusing to enlist. In the face of civil disobedience, the Kremlin faces a dilemma: should it act against the dissenters or backtrack?

Travelers from Russia cross the border into Georgia on Monday at Verkhny Lars © Irakli Gedenidze/Reuters

China’s Nio warns that energy crisis is slowing down European expansion

William Li, the group’s founder and CEO, said rising energy costs are hampering the roll-out of battery-changing stations across Europe. Unlike competing car manufacturers who rely on recharging their batteries, Nio uses a system of exchange stations in which batteries are replaced in a process that only takes a few minutes.

Two arrested on charges of fraud related to New Jersey ‘$100 million deli’ A New Jersey sandwich shop that became a symbol of stock market exuberance has been at the center of an international conspiracy that defrauded investors and wrecked the ambitions of two high school students, according to an indictment unlocked by US federal court.

Cocktails in Tokyo

FT Globetrotter is celebrating all things Tokyo this fall and would love to hear from you. Share your favorite place to drink cocktails in the Japanese capital, including what to drink there, when to go and why it’s so great. The best answers will soon be published in FT Globetrotter.

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