Japan prepares to elect a new leader as its economic woes deepen

Summary

Podcast Summary: Marketplace Morning Report — "Japan prepares to elect a new leader as its economic woes deepen"

Date: October 3, 2025
Host: William Lee Adams (BBC World Service)
Duration: ~7 minutes (core content)

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Episode Overview

This episode of Marketplace Morning Report, hosted by William Lee Adams from the BBC World Service, delivers a brisk yet thorough roundup of pressing global economic and business developments. The central focus is Japan’s forthcoming leadership election amid deepening economic troubles, followed by coverage of flight disruptions in Germany caused by drone sightings, and an in-depth segment on France’s new campaign to combat ageism in the workforce.

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Key Discussion Points & Insights

1. Japan's Pivotal Election and Economic Turmoil

• [01:06] Japan's ruling Liberal Democratic Party is on the cusp of selecting a new leader, who will become the next prime minister.
• The country's sluggish economy and rising inflation are at the center of voter discontent.
• Suranjana Tawari (BBC Asia business correspondent, Singapore) provides context and analysis.

Economic Challenges and Geopolitical Pressures

• [01:41] "Japan's economy faces a number of challenges, not to mention the geopolitical issues, especially because of the US-China trade war and because of Trump's tariff chaos." — Suranjana Tawari
• Unusual Inflation: Historically marked by deflation, Japan is now grappling with rising prices. Wage growth, however, remains stagnant, intensifying political pressure.
• [01:41] "Voters are so unhappy about the rising cost of living and there's just not that wage growth to match it." — Suranjana Tawari

Why the World is Watching

• [02:16] "Japan geographically is in a very important place. The supply chains run all the way through Asia." — Suranjana Tawari
• Japan is a major player in global supply chains and a significant consumer market.
• Its close relationship with the US means changes in leadership could ripple worldwide.
• Potential Trump–Xi Meeting: "There might be a meeting between Trump and Xi Jinping at the end of October that will change things for this entire region economically." — Suranjana Tawari [02:47]

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2. Germany: Air Travel Disrupted by Drone Sightings

• [03:08] "Munich Airport closed temporarily overnight after a number of drone sightings. It's the latest European airport forced to halt operations because of unexplained drone flights." — William Lee Adams

Incident Details

• [03:21] "Seventeen flights were unable to take off, affecting nearly 3,000 passengers. Fifteen other flights were diverted to Stuttgart, Nuremberg, Vienna and Frankfurt." — Bethany Bell
• Incident occurred ahead of German Unity Day.
• Additional concerns raised by multiple drone sightings above an army training camp in Belgium.

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3. Market Update

• [03:55] Japan’s Nikkei 225 index hit an all-time high (+1.9%) thanks to tech stocks, despite a rise in unemployment to 2.6% in August (the highest in 13 months).
• Turkey’s annual inflation climbed to 33.29%—its first uptick in over a year.

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4. France's Struggle with Ageism in the Labor Market

• [04:05] France launches a government campaign against age discrimination in employment.
• The country lags behind peers—especially the UK—when it comes to employment rates among those over 50.

Personal Stories & Systemic Barriers

• [04:40] “Recruit someone over 50, not likely,” says an employer in a public service announcement. — John Laurenson
• Geraldine Cocon: At 55, finds her age an obstacle despite her flexibility and willingness to accept lower status and pay.
  • [05:17] “They think that I'm not going to be flexible... Most of them are not confident with working with somebody older than they are.” — Geraldine Cocon
• Automated hiring systems (AI filters and CV requirements) likely contribute to discrimination.
  • [06:14] “You can't get the interview because the AI just don't show up your CV... because of age.” — Geraldine Cocon
  • [06:31] “This makes me feel that when you’re 50, it’s very difficult to continue to do what you love.” — Geraldine Cocon

Statistics & Broader Impact

• Only 60% of French individuals aged 55–64 are employed, compared to 71% in the UK.
  • Employment for ages 60–64 is just 39% in France versus 57% in the UK.
• [07:08] “We are a long way from ancient Greece, where the senior was a wise person, a knowledgeable person, the reference person.” — Patrice de Boisia (Oasis Consultancy)
• Older workers viewed as motivated and reliable, often freed from family responsibilities, but their value is under-appreciated.

A Different Path

• [07:51] Geraldine muses that founding her own company might be the only way around systemic ageism, citing billionaire Bernard Arnault, still leading LVMH at 76.

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Notable Quotes & Memorable Moments

• “Japan's economy faces a number of challenges, not to mention the geopolitical issues, especially because of the US-China trade war…”
  — Suranjana Tawari [01:41]

• “There might be a meeting between Trump and Xi Jinping at the end of October that will change things for this entire region economically.”
  — Suranjana Tawari [02:47]

• “They think that I'm not going to be flexible even though I make it clear… Most of them are not confident with working with somebody older than they are.”
  — Geraldine Cocon [05:17]

• “A 45 year old senior or a future senior is not a has been. On the contrary…they are more motivated, that they perform better in a company...”
  — Patrice de Boisia [07:27]

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Timestamps for Important Segments

• 01:06 — Japan’s leadership race and economic woes
• 01:41 — Discussion of Japan’s inflation, economic challenges (Suranjana Tawari)
• 02:16 — Geopolitical context & global implications (Suranjana Tawari)
• 03:08 — Germany: Munich Airport drone disruption (Bethany Bell)
• 03:55 — Markets update (Japan, Turkey)
• 04:05 — France’s fight against workplace ageism (John Laurenson)
• 04:40–07:51 — In-depth analysis, personal stories, statistics, and expert commentary on ageism in French employment

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Tone and Style

The reporting is accessible yet authoritative, blending global economics with personal narratives and expert insights. The tone is brisk, informative, and at times empathetic, especially during the ageism segment.

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Takeaways

• Japan’s political transition is tightly bound to domestic economic discontent and carries implications for global markets and supply chains.
• Incidents like drone disruptions underscore the vulnerability and interconnectedness of European infrastructure.
• France’s attempt to battle ageism speaks to a deeper, cultural challenge that has significant economic and social consequences.

This episode provides a rapid yet nuanced survey of the morning’s essential business news, highlighting the human as well as macroeconomic stakes.

Transcript

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[William Lee Adams]

Japan prepares to elect another new leader as clouds hang over the economy. Live from the UK this is the Marketplace Morning Report from the BBC World Service. I'm William Lee Adams. Good morning. Japan's ruling Liberal Democratic Party will choose a new leader on Saturday and he or she will become the country's next prime minister. Five lawmakers are in the race and the economy is top of the agenda. The BBC's Asia business correspondent, Suranjana Tawari joins us now from Singapore. Suranjana Hai.

[Kimberly Adams]

Hello.

[William Lee Adams]

We know voters in Japan are unhappy with the economy. What's going on?

[Suranjana Tawari]

Japan's economy faces a number of challenges, not to mention the geopolitical issues, especially because of the US China trade war and because of Trump's tariff chaos. But internally, Japan is actually facing rising inflation, which is unusual for the economy because historically Japan has often actually had deflation. Now it's facing inflation rising and that's really affecting politics because voters are so unhappy about the rising cost of living and there's just not that wage growth to match it.

[William Lee Adams]

How close is the rest of the world watching this election?

[Suranjana Tawari]

They are watching because Japan geographically is in a very important place. The supply chains run all the way through Asia. It's also a big consumer market. So all those phones and laptops that are being made in this part of the world are being sold there as well. It has very close relations with the US which is the world's largest economy, which is another huge consumer market. And remember that throughout this time I mentioned Trump's tariff chaos. But all of these countries, including Japan, have been negotiating trade deals with the US Their largest market. So Japan's really been focusing on that as well. But there are these pressures at home domestically, geopolitically, we don't know what's going to happen. There might be a meeting between Trump and Xi Jinping at the end of October that will change things for this entire region economically.

[William Lee Adams]

Sir. And Johnna, thanks for joining us on Marketplace.

[Suranjana Tawari]

Thank you.

[William Lee Adams]

Over to Germany now. Munich Airport closed temporarily overnight after a number of drone sightings. It's the latest European airport forced to halt operations because of unexplained drone flights. Here's the BBC's Bethany Bell.

[Bethany Bell]

Late last night, Munich Airport said it suspended flights after several drones were seen. As a result, 17 flights were unable to take off, affecting nearly 3,000 passengers. Fifteen other flights were diverted to Stuttgart, Nuremberg, Vienna and Frankfurt. The incident came ahead of German Unity Day, a national holiday. Meanwhile, media reports from Belgium say the authorities are investigating an incident in which 15 drones were seen above the Elsenborn army training camp near the German border.

[William Lee Adams]

Bethany Belvaire, let's do the numbers. Japan's Nikkei 225 climbed 1.9% to an all time high as tech stocks gained. That's despite data showing the unemployment rate rose to 2.6% in August, the highest in 13 months. And Turkey's annual inflation rose slightly to 33.29% for the first time in over a year. To France now, where the government has launched a campaign against what the Minister of work calls the last discrimination, ageism. France has a particularly poor employment rate for the over 50s and that's bad for the country's finances and a waste of talent for companies. The government is trying to counter age prejudice, which its own research shows is rife. John Laurenson reports from Paris.

[John Laurenson]

Recruit someone over 50, not likely, says an employer in this public service announcement. Her friend replies that he hired an over 50 called Sophie, who turned out to be his most reliable employee and the one who masters AI the best in a co working space in Paris office. Miromesnil neighbourhood. Geraldine Cocon, 55, prints out her CV. She once had a brilliant career in communication, but things are not going as well as they did for Sophie. Really not her age, she says, is the problem.

[Geraldine Cocon]

They think that I'm not going to be flexible even though I make it clear that there's no salary problem, that I agree to have a position under what I had before, or there is a hierarchy with a communication director that is younger than I am. Most of them are not confident with working with somebody older than they are.

[John Laurenson]

It's illegal to discriminate against job applicants because of their age in France. But a government testing study found job candidates aged 48 to 55 were three times less likely to be called back than those aged 23 to 30. It's standard practice here for companies to use computer software to make a pre selection and for candidates to put photos and dates of birth on their CVs. Recruiters are not supposed to use algorithms to filter out older applicants, but Geraldine is in no doubt that they do.

[Geraldine Cocon]

You have the first selection, which is the AI. I mean the selection with the computer that's before the interview. So you can't get the interview because the AI just don't show up your.

[John Laurenson]

CV because of age as well.

[Geraldine Cocon]

Because of age.

[John Laurenson]

How does this make you feel?

[Geraldine Cocon]

This makes me feel that when you're 50, it's very difficult to continue to do what you love.

[John Laurenson]

Stats published in July show just 60% of individuals aged 55 to 64 are in work, compared, for example, to 71% in the UK. And if you home into the 60 to 64 age range, the employment rate plummets to 39% compared to 57% in the UK. Patrice de Boisia is the associate director of a consultancy firm called Oasis, which provides career management advice.

[Patrice de Boisia]

We are a long way from ancient Greece, where the senior was a wise person, a knowledgeable person, the reference person. When we meet a senior, the best thing we can think of to say is that they don't look their age, which shows immediately that we have a.

[John Laurenson]

Problem with age, he says Companies don't know what they're missing. A senior of a Grand Circle, a.

[Patrice de Boisia]

45 year old senior or a future senior is not a has been. On the contrary, the study we conducted shows that they are more motivated, that they perform better in a company because.

[John Laurenson]

They have more time, no more sick children to look after, he says Often they no longer have direct family responsibilities. Back in Geraldine Cocon's co working space, she tells me she wonders if she shouldn't have started her own company. Then you don't have to worry about getting hired or fired. Like Bernard Arnault, France's richest man, still running his LVMH luxury goods empire at the age of 76. In Paris, I'm John Laurenson for Marketplace.

[William Lee Adams]

And in the uk, I'm William Lee Adams with the Marketplace morning Report from the BBC World Service.

[Kimberly Adams]

I'm Kimberly Adams, host of Make Me Smart, a podcast from Marketplace that makes today make sense. Join me throughout the week as I dig into the biggest stories in tech culture and the economy. Whether it's a vibe check on the job market or the latest on China US Relations, Make Me Smart helps you understand how the headlines actually impact your daily life. Listen to Make Me Smart on your favorite podcast app.