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Japan's governing party leader, Sanae Takaichi, is on track to become the country's first female prime minister, after finding a badly needed replacement for a crucial partner that left her Liberal Democratic Party's coalition. Takaichi, 64, would replace Prime Minister Shigeru Ishiba in Tuesday's parliamentary vote. If she's successful, it would end Japan's three-month political vacuum and wrangling since the coalition's loss in the July parliamentary election. The moderate centrist Komeito party split from the LDP after a 26-year-long coalition. The move by Komeito came days after Takaichi's election as president of her party, and it forced her into a desperate search for a replacement to secure votes so that she can become prime minister. The Buddhist-backed Komeito left after raising concerns about her ultraconservative politics and the LDP's lax response to slush fund scandals that led to their consecutive election defeats and loss of majority in both houses. While the leaders of the country's top three opposition parties failed to unite for a change of government, Takaichi went for a quick fix by teaming up with the most conservative of them: The Osaka-based Ishin no Kai, or Japan Innovation Party. But the long-term stability of their cooperation is an unknown. The two parties are set to sign a coalition agreement on Monday. An eventual Takaichi premiership would be on a cliff edge. The fragile new coalition, still a minority, would need cooperation from other opposition groups to pass any legislation. It would be a risk that could lead to an unstable, short-lived leadership. Big diplomatic tests come within days - talks with U.S. President Donald Trump and regional summits. At home, she needs to quickly tackle rising prices and compile economic boosting measures to address the frustrated public. Unpopular among women An admirer of former U.K. Prime Minister Margaret Thatcher, Takaichi's breaking of the glass ceiling makes history in a country whose gender equality ranks poorly internationally. But many women aren't celebrating, and some see her impending premiership as a setback. "The prospect of a first female prime minister doesn't make me happy," sociologist Chizuko Ueno posted on X. Ueno explained that Takaichi's leadership would elevate Japan's gender equality ranking, but "that doesn't mean Japanese politics becomes kinder to women." Takaichi, an ultraconservative star of her male-dominated party, is among those who have stonewalled measures for women's advancement. Takaichi supports the imperial family's male-only succession, opposes same-sex marriage and a revision to the civil law allowing separate last names for married couples, so women don't get pressured into abandoning theirs. The prospect for a dual system for last names is fading under Takaichi, Ueno says. "Ms. Takaichi's policies are extremely hawkish and I doubt she would consider policies to recognize diversity," said Chiyako Sato, a political commentator and senior writer for the Mainichi newspaper. Rising prices and population decline If she's successful in the parliamentary vote, Takaichi would immediately launch her Cabinet on Tuesday and make a policy speech later in the week. A protege of assassinated former Prime Minister Shinzo Abe, Takaichi is expected to emulate his economic and security policies. With a potentially weak grip on power, it's unknown how much Takaichi would be able to achieve. She would have only a few days to prepare for diplomatic tests - major regional summits and talks with Trump in between. She has to reassure that there will be stable ties with China and South Korea, which are concerned about her revisionist views on wartime history and past visits to the Yasukuni Shrine. The shrine honors Japan's 2.5 million war dead, including convicted war criminals. Victims of Japanese aggression, especially China and the Koreas, see visits to the shrine as a lack of remorse about Japan's wartime past. Takaichi supports a stronger military, currently undergoing a five-year buildup with the annual defense budget being doubled to 2% of gross domestic product by 2027. Trump is expected to demand that Japan increase its military spending to NATO targets of 5% of GDP, and purchase more U.S. weapons. Takaichi has to follow up on Japan's pledge of $550 billion to Trump's administration as part of a U.S. tariff deal. Her policies focus on short-term measures such as rising prices, salary increase and subsidies, as well as restrictions against a growing foreign population amid a rise of xenophobia. Takaichi hasn't shown a vision for Japan to address bigger issues like demographic challenges. Takaichi's dilemma Takaichi's mission is to regain conservative votes by pushing the party further to the right. The LDP's new coalition with the right-wing JIP may fit Takaichi's views, but experts say that she would have to avoid pushing them and prioritize stability. She needs to balance relations between China and the United States under Trump, while at home she also needs balance to gain support from the opposition camp to achieve anything. "She needs to be realistic," says Sato, the commentator. On Friday, Takaichi sent a religious ornament instead of going to the Yasukuni Shrine, apparently to avoid a diplomatic dispute with Beijing and Seoul. To consolidate opposition cooperation and lift her coalition closer to a majority, she has reached out to smaller opposition groups, including the far-right Sanseito. "There is no room for Takaichi to show her true colors. All she can do is cooperate per policy," said Masato Kamikubo, a Ritsumeikan University political science professor. "It's a pathetic situation." A kingmaker's influence Takaichi's election as LDP leader as she seeks the premiership is about power politics by the 85-year-old conservative former Prime Minister Taro Aso, the party's most powerful kingmaker. In her first move as LDP president, Takaichi appointed Aso as the party's vice president and gave more top jobs to his allies and others who supported her, including Abe allies linked to the funds scandal. Takaichi is expected to appoint them to her Cabinet. Political instability Political observers expect that a Takaichi government wouldn't last long. An early election may have to be called later this year, in hopes of regaining a majority in the lower house, though that would be tough. Experts also raise concerns about how Takaichi, a fiscal expansionist, can coordinate economic policies with Ishin's fiscal conservative views. "The era of LDP domination is over and we are entering the era of multiparty politics. The question is how to form a coalition," Sato said, noting a similar trend in Europe. "We need to find a Japanese way of forming a coalition and a stable government." About a dozen opposition parties span the spectrum from the Japanese Communist Party on the left to Sanseito and several others on the extreme right. "What's going on here right now is what's going on in all our democracies for a lot of complicated reasons," said Gerald Curtis, a Columbia University professor and expert on Japanese politics, citing the mainstream political parties losing popularity, and voters acting on the basis of anger and resentment.

China likes to condemn the United States for extending its arm too far outside of its borders to make demands on non-American companies. But when it sought to hit back at the U.S. interests this month, Beijing did exactly the same.In expanding export rules on rare earths, Beijing for the first time announced it will require foreign firms to obtain approval from the Chinese government to export magnets containing even tiny amounts of China-originated rare earth materials or produced with Chinese technology.That means a South Korean smartphone maker must ask for Beijing's permission to sell the devices to Australia if the phones contain China-originated rare earth materials, said Jamieson Greer, the U.S. trade representative. "This rule gives China control over basically the entire global economy in the technology supply chain," he said.For anyone familiar with U.S. trade practice, China is simply borrowing a decades-long U.S. policy: the foreign direct product rule. It extends the reach of U.S. law to foreign-made products, and it has been used regularly to restrict China's access to certain U.S. technologies made outside of the United States, even when they are in the hands of foreign companies.It is the latest example of Beijing turning to U.S. precedents for tools it needs to stare down Washington in what appears to be an extended trade war between the world's two largest economies."China is learning from the best," said Neil Thomas, a fellow on Chinese politics at Asia Society Policy Institute's Center for China Analysis. "Beijing is copying Washington's playbook because it saw firsthand how effectively U.S. export controls could constrain its own economic development and political choices."He added: "Game recognizes game."The idea goes back to at least 2018It was in 2018, when President Donald Trump launched a trade war with China, that Beijing felt the urgency to adopt a set of laws and policies that it could readily deploy when new trade conflicts arise. And it looked to Washington for ideas.Its Unreliable Entity List, established in 2020 by the Chinese Ministry of Commerce, resembles the U.S. Commerce Department's "entity list" that restricts certain foreign companies from doing businesses with the U.S.In 2021, Beijing adopted the anti-foreign sanction law, allowing agencies such as the Chinese Foreign Ministry to deny visas and freeze the assets of unwelcome individuals and businesses - similar to what the U.S. State Department and the U.S. Department of Treasury can do.Calling it a toolkit against foreign sanctions, intervention and long-arm jurisdiction, the state-run news agency China News in a 2021 news report cited an ancient Chinese teaching, saying Beijing would be "hitting back with the enemy's methods."The law "has combed through relevant foreign legislation and taken into consideration the international law and the basic principles of international relations," said the Chinese scholar Li Qingming as quoted in the news report. He also said it could deter the other side from escalating.Other formal measures Beijing has adopted in the past several years include expanded export controls and foreign investment review tools.Jeremy Daum, a senior research scholar in law and senior fellow at Yale Law School's Paul Tsai China Center, said Beijing often draws from foreign models in developing its laws in non-trade, non foreign-related areas. As China seeks capabilities to retaliate in kind in trade and sanctions, the tools are often "very parallel" to those of the U.S., he said.Both governments also have adopted a "holistic view of national security," which expands the concept to justify restrictions on each other, Daum said.Things accelerated this yearWhen Trump launched his trade war with China shortly after he returned to the White House earlier this year, Beijing readily deployed its new tools in addition to raising tariffs to match those imposed by the U.S. president.In February, in response to Trump's first 10% tariff on China over allegations that Beijing failed to curb the flow of chemicals used to make fentanyl, the Chinese Commerce Ministry put PVH Group, which owns Calvin Klein and Tommy Hilfiger and the biotechnology company Illumina, on the unreliable entity list. That barred them from engaging in China-related import or export activities and from making new investments in the country. Beijing also announced export controls on tungsten, tellurium, bismuth, molybdenum and indium, which are elements critical to the production of modern high-tech products.In March, when Trump imposed the second 10%, fentanyl-related tariff, Beijing placed 10 more U.S. firms on its unreliable entity list and added 15 U.S. companies to its export control list, including aerospace and defense companies like General Dynamics Land Systems and General Atomics Aeronautical Systems, among others, asserting that they "endanger China's national security and interests."Then came the so-called "Liberation Day" tariffs in April, when Beijing not only matched Trump's sky-high tariff of 125% but also blacklisted more U.S. companies and announced export controls on more rare earth minerals. That led to a pause in the shipment of magnets needed in manufacturing a wide range of products such as smartphones, electric vehicles, jet planes and missiles.While the new tools have allowed China to stare down the United States, Daum said they are not without risks."The dangers in such a facially balanced and fair approach are, one, what one side sees as reciprocity the other might interpret as escalation," he said. And second, "in a race to the bottom, nobody wins."

The Indian stock market will remain open on Monday, which is October 20, despite some states in the country celebrating Diwali Lakshmi Puja, while some others do it on October 21. Both the BSE and the NSE will have regular trading for the day. However, on October 21, it is an official holiday for the exchanges, except for a special one-hour Muhurat trading session - a traditional ritual that marks the beginning of the new Samvat year.Muhurat Trading timingsThe Muhurat Trading session will be held between 1:45 pm and 2:45 pm, with modification allowed till 2:55 pm. Trading will be permitted across all market segments, including equities, derivatives, currency, and commodities.Market participants view this session as an auspicious start for wealth creation, and investors across India, from seasoned traders to first-time retail buyers, often participate in the short, festive window.Stock market holidays 2025 - Full listAfter Diwali, the markets will also remain closed on October 22 for Diwali Balipratipada. For the rest of 2025, two more holidays are scheduled - November 5 (Prakash Gurpurab) and December 25 (Christmas).You can always check the complete list of market holidays on the BSE official website or NSE website.Stock Market Holiday 2025: Are NSE and BSE closed on October 20 or 21 for Diwali?Significance of Muhurat tradingThe tradition of Muhurat trading dates back decades and is deeply rooted in Indian financial culture. It signifies a new beginning in the Samvat year, which is the traditional Hindu calendar year followed by the trading community. Investors believe trading during this time brings prosperity and good fortune, as Goddess Lakshmi, the deity of wealth, is worshipped during Diwali.Over the years, Muhurat Trading has become more symbolic than strategic. While trading volumes remain modest, the sentiment is overwhelmingly positive — as investors prefer to buy stocks considered lucky or invest in blue-chip companies for long-term gains.Market outlook ahead of DiwaliThe stock market entered the Diwali week on a bullish note. The Nifty 50 closed the previous session at 25,709, up 1.68%, while the Sensex gained 1,451 points to settle at 83,952, marking a three-week winning streak.Experts believe festive optimism and corporate earnings are likely to drive market sentiment. However, analysts also caution that smallcaps remain under pressure."Investors are expected to maintain a preference for high-quality names across consumption, banking, and real estate, with any market corrections likely to attract renewed buying interest. In holiday-led truncated week, investors are likely to remain cautious in view of the release of key economic data, such as US inflation, employment, and India’s PMI figures," said Vinod Nair, Head of Research, Geojit Investments.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)