Marketplace Morning Report – "Japan Prepares to Go to the Polls"
Date: February 6, 2026
Host: Guy Kilty (BBC World Service)
Field Reporter: Phoebe Amoroso
Episode Overview
In this episode, Marketplace Morning Report, hosted by Guy Kilty, examines the political and economic climate in Japan ahead of upcoming snap elections called by Prime Minister Sanae Takaichi, Japan's first female prime minister. The episode explores how rising living costs and economic insecurity are affecting Japanese voters, featuring on-the-ground reporting from Tokyo and Okinawa. Additional segments include a global financial markets update and a peek into the unique origins of Olympic curling stones.
Key Discussion Points and Insights
1. Japan’s Political and Economic Backdrop
[01:02 - 01:33]
- Japan’s snap election was called just three months into PM Sanae Takaichi’s term, with the goal of obtaining voter support for her leadership.
- Economic anxiety, in particular the rise in the cost of living, dominates public concerns.
"Japanese voters will give their verdict on the government of Sanae Takaichi this weekend. Japan's first female prime minister called a snap election just months into her term. With the rise in the cost of living front of mind for many voters."
— Guy Kilty [01:03]
2. Voter Sentiment on the Streets of Tokyo
[01:33 - 02:52]
- Phoebe Amoroso reports from bustling streets, highlighting that economic unease outweighs enthusiasm for slogans.
- Cost of Living: Residents complain that subsidies don’t reach those most in need.
- Mood: There is a sense of collective depression and pessimism about the future.
- Policy Demands: Voters want concrete action, such as taxing less or introducing policies aimed at everyday people.
"People are suffering greatly from the rise in prices. Low income earners are suffering even more... They say they're providing a lot of subsidies, but it's still not trickling down to the lower classes."
— Tokyo Resident [02:07]
"It also feels like people are just generally more depressed. Things don't feel very hopeful."
— Tokyo Resident [02:23]
"I want the government to...get rid of the consumption tax or do something that actually reaches ordinary people. I really want them to put proper policies in place."
— Tokyo Resident [02:38]
3. The Impact on Small Businesses: Restaurant Owner’s Perspective
[02:52 - 04:38]
- Interview with Hiroyuki Okano, veteran restaurateur in west Tokyo.
- Food and ingredient prices (rice, meat, vegetables, fish) have doubled in some cases since late 2024.
- Pressures: Raising menu prices risks losing customers, but maintaining current pricing means running at a loss.
- Taxation: Consumption tax is a particular burden; Okano’s business has not turned a profit in its first year.
"Meat, vegetables and fish prices have all gone up by one and a half to nearly two times…if we don’t raise prices, we won’t make a profit. But if we do, customers won’t come."
— Hiroyuki Okano [03:19]
"My food cost percentage is about 60%. Normally, you're supposed to keep it at around 30%, but right now it's costing me double that. It's been exactly a year now, but I haven't been in the black even once… And even so, I still have to pay consumption tax. Honestly, the tax system is just the worst."
— Hiroyuki Okano [03:57]
4. Economic Strains in Okinawa
[04:38 - 05:18]
- Phoebe Amoroso travels south to Okinawa, Japan’s poorest prefecture, to speak to Miyako Nimi, a coffee shop owner.
- Heavy dependence on tourism is risky, especially with a weakened yen.
- Business owners feel extreme uncertainty about daily customer flows and the region’s economic future.
"I don't think economic climate will get any better in the future…We've become so dependent on tourists… Every day I'm thinking: What will tomorrow be like?... I worry every day."
— Miyako Nimi [05:01]
Global Markets Update
[05:18 - 06:57]
- Stellantis: Shares took a 20% plunge after a reported $25 billion writedown on its electric car business.
- Bitcoin: Dropped to its lowest level in over a year; now around $65,000, a sharp fall from three months prior.
- Cuba: Facing energy shortages worsened by US sanctions; government signals willingness for dialogue, but the White House responds critically.
- Winter Olympics 2026: Opening simultaneously in Milan and Cortina d’Ampezzo, Italy.
"A single bitcoin is now worth around $65,000. Just three months ago, it was worth more than double that amount."
— Guy Kilty [05:34]
Notable Feature: The Granite Behind Olympic Curling Stones
[06:57 - 08:53]
- BBC’s Evan Davies interviews Paul Davidson, chair of Kays Scotland, about the unique process of creating official Olympic curling stones.
- The stones are made from two specific types of granite, gathered from the Scottish island Ailsa Craig.
- High craftsmanship: Some customers replace stones after 50 years; factory employs 14 skilled workers.
- The life of a curling stone: Stones must maintain “curl” to remain playable—if too old or worn, they lose this quality and just slide.
"There's a common green granite...and then the secret sauce is called the bluehorn granite...the base of the curling stone, which is the bit that touches the ice and slides along."
— Paul Davidson [06:58]
"Our products tend to last a very long time...we've actually had somebody phone us up this week looking to replace their curling stones that they bought off us 50 years ago."
— Paul Davidson [07:45]
"A bad curling stone would be one that just doesn't curl…so it becomes more like some sort of bowling game… where the ball…it just carries on running all the way through. That would be a bad curling stone, and hopefully we don't make many of them."
— Paul Davidson [08:36]
Memorable Quotes & Timestamps
-
"People are suffering greatly from the rise in prices. Low income earners are suffering even more… the government… say they're providing a lot of subsidies, but it's still not trickling down."
— Tokyo Resident [02:07] -
"My food cost percentage is about 60%. Normally you're supposed to keep it at around 30%, but right now it's costing me double that. Still, I keep going like that to earn customers, trust me. But it means I'm basically not making any profit at all."
— Hiroyuki Okano [03:57] -
"We’ve become so dependent on tourists… I worry every day."
— Miyako Nimi [05:01] -
"We've actually had somebody phone us up this week looking to replace their curling stones that they bought off us 50 years ago."
— Paul Davidson [07:45]
Episode Structure with Key Timestamps
- [01:02] – Japan’s snap election, cost of living context, introduction to field reporting
- [01:33] – On-the-ground voices from Tokyo: rising prices, public mood, policy hopes
- [02:52] – Restaurant industry’s struggle: Hiroyuki Okano’s testimonial
- [04:38] – Economic challenges in Okinawa: focus on tourism and daily uncertainty, Miyako Nimi’s perspective
- [05:18] – Global markets headlines: Stellantis, bitcoin, Cuba energy, Olympics in Italy
- [06:57] – Deep-dive feature: How Olympic curling stones are made
Tone
The reporting maintains a businesslike and factual tone throughout, aiming for clarity and empathy, especially as it features firsthand voices of ordinary Japanese citizens and small business owners directly affected by economic conditions. The BBC segment on curling stones adds a touch of curiosity and tradition, balancing the episode with lighter, historical content.
In summary:
This episode provides a swift yet nuanced look at the confluence of politics and economics in Japan, centering the voices of those most impacted by rising costs and painting a vivid picture for listeners of what’s at stake in the weekend’s snap election. Global updates and a quirky sports feature ensure the episode is both informative and engaging.