Japan prepares to go to the polls

Summary

Marketplace Morning Report – "Japan Prepares to Go to the Polls"

Date: February 6, 2026
Host: Guy Kilty (BBC World Service)
Field Reporter: Phoebe Amoroso

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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.

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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]

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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]

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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]

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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]

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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

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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.

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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.

Transcript

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[Guy Kilty]

Japan goes to the polls this weekend. Live from the uk, this is the Marketplace Morning Report from the BBC World Service, I'm Guy Kilty. Good morning. Japanese voters will give their verdict on the government of Sanai 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. Fellow Phoebe Amoroso looks at how the economy is shaping this campaign and what people want from their next government.

[Phoebe Amoroso]

Here in Tokyo, the streets are bustling with weekend shoppers, but people are streaming past both sales advertisements and political campaigners. Prime Minister Sanae Takechi has called a snap election just three months into her term, asking the public for a clear mandate on her leadership. For many here, the economy is a key issue as the cost of living continues to rise. I asked people for their thoughts.

[Lifelock Customer]

People are suffering greatly from the rise in prices. Low income earners are suffering even more from the rising prices, and I'm not sure how the government will respond. They say they're providing a lot of subsidies, but it's still not trickling down to the lower classes.

[Tokyo Resident]

Prices are definitely rising, but it also feels like people are just generally more depressed. Things don't feel very hopeful.

[Phoebe Amoroso]

With the upcoming election. Is there anything you'd like the next government to do?

[Tokyo Resident]

I want the government to do something to do with the economy, like getting rid of the consumption tax or doing something that actually reaches ordinary people. I really want them to put proper policies in place.

[Phoebe Amoroso]

Hiroyuki Okano has been working in the restaurant industry for more than 30 years. His latest restaurant in West Tokyo is just over one year old. He runs the place by himself, serving up a mix of French and Japanese style dishes, including clay pot rice. But the cost of rice has risen sharply since late 2024.

[Hiroyuki Okano]

It's not just rice that's going up. Everything is Rice prices have certainly gone up, but meat, vegetables and fish prices have all gone up by one and a half to nearly two times. So the impact is that if we don't raise prices, we won't make a profit. But if we do, customers won't come, so we can't raise them.

[Phoebe Amoroso]

As a new restaurant, you want to build relationships with your customers, but the cost of ingredients is also rising. How do you balance that?

[Hiroyuki Okano]

Right now we don't have many customers, but we want to attract good customers, so we're offering very low prices. 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. It's been exactly a year now, but I haven't been in the black even once. I've been in the red the whole time. And even so, I still have to pay consumption tax. Honestly, the tax system is just the worst.

[Phoebe Amoroso]

Down south, in Okinawa, Japan's poorest prefecture, businesses are also feeling the pinch.

[Concerned Taxpayer]

I don't think economic climate will get any better in the future.

[Phoebe Amoroso]

That's the voice of Miyako Nimi. She runs a small coffee shop in Naha, Okinawa's capital.

[Concerned Taxpayer]

Especially now, with the weakened yen, we've become so dependent on tourists. So I'm really worried about what will happen when the number of tourists decreases and we're left with only Japanese people. Every day I'm thinking, what will tomorrow be like? Will there be a lot of tourists? Will there be a few? I worry every day.

[Guy Kilty]

That was Miyako Nimi, a coffee shop owner in Okinawa, Japan, ending that report. By Phoebe Amoroso let's do the numbers. Shares in the European carmaker Stellantis, which owns brands like Chrysler and Fiat, are down 20% on Friday after it said it would take a $25 billion write down on its electric car business. And bitcoin has fallen to its lowest level in more than a year. A single bitcoin is now worth around $65,000. Just three months ago, it was worth more than double that amount. The Cuban president, Miguel Diaz Canel, says his government is trying to solve an energy crisis exacerbated by the US Blocking oil shipments to the country. He says transport, hospitals and the economy are all affected, but that Cuba is ready for dialogue with the US President, provided it's on an equal footing. In response, the White House says diplomacy is already taking place, but that the Cuban government is on its last legs. The Winter Olympics formally opens today in not one, but two locations for the first time in the game's history. The city of Milan and the ski resort of Cortina d' Ampezzo in the Dolomites. Curling, one of the most popular sports with fans, has already begun. If you've watched it, you'll know it's basically teams sliding heavy granite stones down a 150 foot ice sheet while their teammates brush in front of them with broom. Curling demands a very particular type of stone. In fact, the stones used for the curling matches at every Winter Olympics and Paralympics have come from a small, uninhabited Scottish island, ailsa Craig. The BBC's Evan Davies spoke to Paul Davidson, chairman of Cays Scotland, the company that makes them.

[Worried Customer]

It's two different kinds of granite. There's a common green granite which makes up the main body of the stone, which is the bit that you see when it's sliding along the ice. And then the secret sauce is called the bluehorn granite, which is the base of the curling stone, which is the bit that touches the ice and slides along the ice. We go offshore in a boat once every few years and we take a very large excavator. We don't blast on the island. All the rock falls down. Naturally. That's a natural phenomenon that we can pick it up. And we're ideally looking for boulders that are somewhere between 5 and 10 tons each, and we bring them back onshore and that's where we process them. How many curling stones do you make in a year? Is there much demand? I mean, it's not a massive market. I mean, there's about 3 million curlers globally. One of the problems, and it's a kind of first world problem, our products tend to last a very long time. So we've actually had somebody phone us up this week looking to replace their curling stones that they bought off us 50 years ago. But we do about 2,000 new curling stones a year. We're probably the biggest manufacturer out there just now, so we will have the vast majority of it. But there is a manufacturer in Canada as well. I mean, it's not a simple process. It's a very traditional process. There's a lot of manual work involved. We've got 14 very, very skilled guys in the factory who've been doing this for a long time. John and Mark, who made the curling stones for this games. That'll be their sixth games that they've done the stones for. I mean, so the difference between a good curling stone and a bad curling stone, I mean, you can botch it. You can botch it. A bad curling stone would be one that just doesn't curl. And by curl I mean move on the ice. So if the stone's been used too much and it's too old, there's no grip. So it doesn't grip on the ice and it won't cur, it'll just go straight. So it becomes more like some sort of bowling game or something, I guess, where the ball, it just carries on running all the way through. So that would be a bad curling stone and hopefully we don't make many.

[Guy Kilty]

Of them in the uk. I'm Guy Kilty with the Marketplace Morning Report from the BBC World Service.

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