Japanese Prime Minister Shinzo Abe has secured a strong mandate which should allow him to push for changes to Japan’s pacifist constitution.
With most results in, Abe’s Liberal Democratic Party and its coalition partner retained a two-thirds majority in a lower-house election. The final results will be know on Monday. Abe ran his campaign as a referendum on his handling of the economy (which has grown continuously for the past year-and-a-half), and his hard-line approach to the threat of North Korea. As the Wall Street Journal reports, the prime minister may propose the first changes to the nation’s constitution since it was introduced in 1947:
The victory for Mr. Abe, 63 years old, puts him on course to become the longest-serving Japanese prime minister, a distinction he would achieve if he remains in office through November 2019.
Mr. Abe indicated that following the election victory he would push forward with an effort to revise the constitution, a goal he has held since he first became prime minister in 2006 and revived after winning the job again in 2012.
“We need to gain the understanding of the public,” Mr. Abe said in a televised interview.
Bitcoin hit an all-time high of $6147 over the weekend as investors appear to be shrugging off risks like the upcoming “fork”, CNBC reports:
Much of the rise can be attributed to another upcoming split in bitcoin known as a “fork”. This will lead to the creation of a new cryptocurrency called bitcoin gold. Holders of bitcoin will get some bitcoin gold when it is issued, essentially giving them free money.
But Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital, told CNBC on Friday that bitcoin investors were betting on bitcoin holding its status despite the split. Bitcoin already underwent a fork in August when a new cryptocurrency called bitcoin cash was created. Despite this, bitcoin has continued to perform strongly.
Tesla (TSLA) has reached agreement to set up its own manufacturing plant in Shanghai, the Wall Street Journal reported citing people briefed on the plan. The move will help the company gain traction in China’s fast-growing EV market:
The deal with Shanghai’s government will allow the Silicon Valley auto maker to build a wholly owned factory in the city’s free-trade zone, these people said. This arrangement, the first of its kind for a foreign auto maker, could enable Tesla to slash production costs, but it would still likely incur China’s 25% import tariff.
Tesla is currently working with the Shanghai government about details of the deal’s announcement, such as timing, one of these people said. The effort comes as President Donald Trump, who has been critical of China’s trade policies, prepares to visit Beijing early next month.