Scene guards are set to remain in place overnight in central Christchurch.RNZ / Cole Eastham-Farrelly
A scene guard will remain in place in central Christchurch overnight as police continue to investigate a serious assault.
Detective Sergeant Caroline Johnson said police were called to a property on Fitzgerald Avenue at around 12:20pm on Monday, where a man was found in a critical condition, with injuries consistent with being stabbed.
“A scene examination, and police investigation, is ongoing.
Scene guards will remain in place overnight – as this occurs, there will be increased police visibility in the area.”
Police also reassured the public that there was not believed to be a threat to public safety.
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The government says a Liquefied Natural Gas import facility in Taranaki will save New Zealanders about $265 million a year.
Energy Minister Simon Watts on Monday announced a contract was expected to be signed by the middle of the year, with construction finishing next year or early 2028.
Watts told media the facility would provide Kiwi’s “greater security and peace of mind”.
“As a government we are taking swift and decisive action”.
While Luxon said it would “provide a reliable back-up source.”
“I’m sorry, we are going to be investing in energy and electricity in this country.
“We need to get rid of the dry risk,” Luxon told reporters on Monday.
Watts would not confirm whether power prices would be cheaper next winter.
“I’m not going to guarantee, based on the advice I’ve been given the benefits outweigh the costs.”
The opposition party was briefed on the decision, Watts said.
A factsheet supplied by the government said the infrastructure costs would be paid for through a levy on electricity of between $2 and $4 /MWh.
The facility was expected to cut future prices by at least $10/MWh, and curb an expected 1.25 percent reduction in Gross Domestic Product from higher energy prices.
While an exact location for the import facility was yet to be determined, all the shortlisted submissions were in Taranaki, Watts said.
Procurement started in October in response to the independent Frontier report, which the government largely rejected.
The report said developing an import facility would make no economic sense if it was used only for firming, when generation is low.
Watts said the government would design an import model bringing in “large shipments only when needed”, and would later become a “fuel source for industrial, commercial and residential users”.
The factsheet said modelling from MBIE had shown the LNG import facility would “effectively cap gas prices”.
MBIE also modelled four other options for cost, timeliness, impact on energy prices, flexibility and wider impacts – but LNG imports were found to achieve lower electricity prices at relatively low capital cost.
Options modelled included a new thermal generation plant to run on coal or biomass; a combination of new and converted ‘peaking’ plant, that would run on diesel; a combination of a new unit at the Huntly power station, new and converted peaking plants, and a demand response; or a combination of LNG importation and refurbishing the Taranaki Combined Cycle plant.
“Other options, including renewable projects, were considered but not advanced due to a range of factors such as expected time to construct, feasibility of generating power reliably on the required scale, and effects on electricity market incentives.”
How did we get here?
Luxon in August 2024 said New Zealand was in an “energy security crisis”, with Winstone and Oji Fibre mills blaming power prices as they began consulting on closures, and NZ First’s Shane Jones accused the gen-tailers of profiteering.
He announced “urgent” actions including an independent review of the sector and removing regulatory barriers for an LNG import facility, which Cabinet agreed to consent.
At that time, a timeframe of winter 2026 was expected.
“It would make no economic sense to develop an LNG import terminal to meet just dry year risk as the large fixed costs would be spread over a relatively small amount of output,” the Frontier report said.
“If an LNG terminal is contemplated as a last resort to provide NZ with a secure energy system, this should be considered as part of a wider gas supply strategy for communities and industrial users where gas is the most economic source of energy.”
Watts at the time said the government would begin procurement the following week and expected to have the facility up and running by winter 2027.
An earlier report in July for the four major gen-tailers Contact, Meridian, Genesis and Mercury – as well as gas company Clarus – found it could take three to four years to set up an import facility at costs ranging from $200m to $1b.
RNZ In-Depth’s Kirsty Johnston in November reported the response from “almost every corner – other than the gas industry itself – was a collective groan”, with sector commentators calling it a “band-aid” solution that “doesn’t make logical sense”.
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The Government will contract to build a liquefied natural gas (LNG) import facility in a critical step to strengthen New Zealand’s energy security and support economic growth, Energy Minister Simon Watts says.
The decision follows extensive analysis and the first stage of procurement.
“New Zealand is experiencing a renewable electricity boom, but a rapidly declining gas supply has left our electricity sector exposed during dry years, when our hydro lakes run low,” Mr Watts says.
“The result is greater reliance on coal and diesel, and ultimately higher electricity prices, putting more financial pressure on families and making businesses less competitive.”
Independent analysis from Sense Partners found that higher energy prices have had a significant impact on the New Zealand economy, leading to a $5.2 billion loss in GDP in 2025.
“For Kiwis that means fewer jobs, lower wages and a slower recovery as New Zealand emerges from a challenging period of high inflation and high interest rates,” Mr Watts says.
“In the last two years, the Government has taken a series of positive steps designed to improve the affordability and availability of energy, as part of our plan to fix the basics and build the future.
“That includes fostering greater competition through tougher regulation of major energy companies and enabling greater development of New Zealand’s natural resources to unleash the supply of renewable and non-renewable energy.
“Establishing an LNG import facility is an important next step.”
The LNG import facility will provide a reliable backup fuel source, reducing the impact of dry-year risk on electricity pricing and stabilising electricity costs. It will also add another layer of resilience by giving New Zealand access to additional supply options if domestic gas supply tightens unexpectedly.
“Just having a reliable back up is expected to save Kiwis around $265 million per annum by reducing price spikes and lowering the risk premium built into power bills that exist because of supply challenges, equivalent to around $50 per annum per household,” Mr Watts says.
“If domestic gas supply continues to decline and drive-up gas prices, the availability of LNG is estimated to be worth $1.2 billion per annum to the New Zealand economy by 2035. Access to LNG is also expected to protect around 2000 jobs from the economic impact of rising energy prices and gas shortages.”
The Government has shortlisted leading proposals and is progressing to commercial contracting, with the aim of signing a contract by mid-2026. The facility could be operational as soon as 2027 or early 2028.
“Located in the Taranaki, the project will create jobs during construction and provide long-term skilled roles once operational, reinforcing the region’s role at the heart of New Zealand’s energy system,” Mr Watts says.
Access to LNG will support many gas-dependent industries to consider their long-term energy needs and invest accordingly, by reducing the risk of supply disruptions and extreme price volatility.
The Government will design an import model that brings LNG in large shipments and only when needed, minimising exposure to international gas prices and keeping the door open for new technologies.
Further details on the procurement process and project milestones will be shared in the coming months.
District Court Judge Ema Aitken at the Judicial Conduct Panel on Monday.Finn Blackwell / RNZ
A lawyer has told a Judicial Conduct Panel removing a judge is done to protect the judiciary, as the inquiry into acusations a District Court Judge disrupted a New Zealand First event begins.
Judge Ema Aitken was appearing before a Judicial Conduct Panel in Auckland on Monday, accused of disrupting a function at Auckland’s exclusive Northern Club in 2024.
She was accused of shouting that NZ First leader Winston Peters was lying.
Judge Aitken said she didn’t shout, didn’t recognise Peters’ voice when she responded to remarks she overheard and didn’t know it was a political event.
Presenting the allegations of misconduct to the panel, Special Counsel Tim Stephens KC said the panel was responsible for reporting on the Judge’s conduct, finding the facts, and ultimately recommending if the Judge should be removed.
Special counsel Tim Stephens KC (left) and Jonathan Orpin-Dowell (right).Finn Blackwell / RNZ
He noted it would not be up to the panel to remove the Judge.
“Whether to remove the Judge is a decision for the acting Attorney General and not the panel,” Stephens said.
“But the attorney is only able to remove the judge if the panel concludes that consideration of removal is justified in the panel’s opinion.”
Stephens said the removal of a judge was not a disciplinary matter.
“It’s not a punitive or disciplinary measure,” he said.
“Rather, its function is protective, it protects public confidence in the judicial system, it protects the impartiality and integrity of the judiciary.”
It came down to a matter of fitness for office, Stephens said.
The Judicial Conduct Panel, (right to left) Hon Jillian Mallon, Hon Brendan Brown KC and Sir Jerry Mateparae.Finn Blackwell / RNZ
He spoke about the legislative history and grounds that formed the basis for considering removal of a judge, including existing legislation from Australia.
“My overall submission in terms of the law is that the panel may form the opinion that consideration of removal is justified,” Stephens said.
“If that’s met, the panel may form that opinion, if the attorney, acting lawfully and in accordance with the purposes of the Act, could conclude that removal was an available outcome.”
The Panel was yet to hear from Judge Aitken’s lawyer.
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Attributable to Detective Inspector James Keene, Field Crime Manager, Eastern District Police:
The discovery of a woman’s body at a worksite in Omahu, Hawke’s Bay last week is now being treated as a homicide.
Police were called to the Taihape Road site on Tuesday 3 February after the woman was found on the property.
She was Sharlene Smith, aged 64, from Rotorua. We continue to support her loved ones at this extremely difficult time.
Our early enquiries have established that this was a tragic and avoidable death of a much-loved mother, grandmother and sister, and we are determined to find answers for her whānau.
We have a committed team of investigators working on this investigation, and we are also calling on the public to help.
Police are appealing for sightings of a white Mazda 3 2005 sports hatch on Friday 30 and Saturday 31 January within the Taihape Road/Omahu Road Fernhill area. [Car pictured is similar in appearance]
We would also like to hear from anyone who witnessed any other suspicious activity in the area during that time period.
Anyone with information can get in touch through our 105 service, quoting reference number 260203/9739.
You can also share information anonymously through Crime Stoppers on 0800 555 111.
Reliable, affordable electricity is on the way for a kura (school) and five marae north of Kaitaia with a grant of up to $1.26 million from the Regional Infrastructure Fund (RIF), Māori Development Minister Tama Potaka announced today.
“Marae and kura often double as vital civil defence centres for locals in times of crisis. The solar power generated from this project will supply six essential community hubs with reliable, reduced cost power, improving the region’s energy security and strengthening its resilience during emergencies.”
The project called Whiti Mai Te Rā is forecast to save the marae and kura more than $100,000 per year in energy costs.
“The funding will pay for solar panels and batteries at Te Rangi Āniwaniwa Kura and at five rural marae north of Kaitaia. A diesel generator will also be installed to ensure the kura has additional power if required in a civil defence emergency.
“The funding recipient Aupouri Ngāti Kahu Te Rarawa Trust is partnering with Northland power company Kaumātua Energy, who will install and maintain the systems and act as the electricity retailer. Kaumātua Energy will also co-fund 15 percent of the $1.48 million project.”
Mr Potaka says the initiative delivers long-term value and responds directly to the needs of the community.
“Whiti Mai Te Rā will strengthen communities by improving resilience, enabling critical infrastructure, and supporting energy security.
“The government is proud to partner this locally led solution, which will ensure essential community facilities can support people for generations to come,” Mr Potaka says.
Installation of the solar panel and batteries begins in March 2026, starting with the kura before rolling out to the five marae.
Note to editors:
Aupōuri Ngāti Kahu Te Rarawa (ANT) Trust is a community-based organisation serving the Far North of New Zealand, offering Whānau Ora social services that address health, justice, housing, education, and financial challenges.
ANT Trust is dedicated to supporting whānau to thrive, delivering tailored solutions that address both immediate needs and long-term empowerment for individuals and families.
Neither the right or left bloc would be able to govern if an election were held today, according to the latest Taxpayers’ Union-Curia Poll.
The Labour Party has dropped 0.3 points to 34.1 percent, while National dropped 0.2 points to 31.3 percent.
New Zealand First dropped 1.4 points to 10.5 percent, while the Greens jumped 2.6 points to 10.3 percent.
The ACT Party dropped 0.3 points to 6.7 percent, while Te Pāti Māori dropped 0.1 points to 2.9 percent.
The combined projected seats for the centre-right bloc was down 3 seats to 60, while the combined seats for the centre-left block rose 3 seats to 60.
On these numbers, there would be a hung Parliament.
For parties outside of Parliament, TOP was on 1.4 percent (+0.7 points), NZ Outdoors and Freedom was on 1.2 percent (+0.6 points), Vision NZ was on 0.4 percent (+0.1 points), and New Conservatives were on 0.1 percent (-0.2 points).
Cost of living remained the most important issue, jumping 7.4 points to 34.9 percent; the highest result since May 2024.
The economy more generally sat as the second most important issue on 12.0 percent (-2.8 points), followed by health on 9.2 percent (+0.4 points).
The poll was conducted by Curia Market Research Ltd for the NZ Taxpayers’ Union. It is a random poll of 1000 adult New Zealanders and is weighted to the overall adult population. It was conducted by phone (landlines and mobile) and online between Sunday 1 February and Tuesday 3 February 2026. It has a maximum margin of error of +/- 3.1 percent.
Curia is a long-running and established pollster in New Zealand. In 2024 it resigned its membership from the Research Association New Zealand (RANZ) industry body.
Polls compare to the most recent poll by the same polling company, as different polls can use different methodologies. They are intended to track trends in voting preferences, showing a snapshot in time, rather than be a completely accurate predictor of the final election result.
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Former Perth Wildcats chief executive officer (CEO), Troy Georgiu is crossing the Tasman to take on the same role with the New Zealand Breakers.
The Breakers CEO role had been vacant since the basketball club brought in new owners in March.
Georgiu has a 20-year legacy in the NBL and the club said in a statement his mandate was to make the Breakers “the NBL’s premier sporting organisation, on and off the court”.
Starting with the Wildcats in 2002, Georgiu served as commercial manager for a decade before leading the club as CEO from 2017 to 2022.
Georgiu was on board with the Wildcats when the team secured back-to-back NBL championships in 2019 and 2020 and was “instrumental in maintaining the club’s legendary 35-year finals streak while delivering record-breaking membership and commercial revenue”.
His professional profile sent out by the Breakers highlighted his work as a brand revitalisation expert in “building and protecting much-loved sporting brands, ensuring they resonate with fans while meeting rigorous profitability standards”.
Following his tenure in Perth, Georgiu transitioned into business advisory.
Breakers Chairperson Marc Mitchell said Georgiu was a “world-class executive who understands the unique intersection of community, brand, and winning”.
“After conducting a global search Troy emerged as our first choice and we are excited to bring in a proven executive of his calibre.
“Our goal is to make the Breakers the top sporting brand in New Zealand, and Troy is the leader to help us get there.”
Georgiu said he understood the importance of the Breakers to basketball in New Zealand.
“I am honoured to lead this next chapter for a club that is a cornerstone of New Zealand sport. My focus is on building a front office that is as high performing as our team on the court.
“We want to grow the club, engage our fans more deeply, and ensure the BNZ Breakers compete for Championships every year.”
Georgiu will oversee all aspects of the club’s business operations.
Dillon Boucher is the president of basketball operations, overseeing all aspects of basketball and performance and his role remained unchanged as Georgiu joined the club immediately.
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The changes bring ASB and Kiwibank into line with all other major banks.SUPPLIED
Fast changes in wholesale interest rates have seen ASB and Kiwibank become the last of the major bank lenders to hike their longer term fixed home loan rates.
ASB’s increases range between 10 to 20 basis points for loans fixed between 1 and 3 years, while Kiwibank has made adjustments to its 2 to 5 year rates. Both banks have shaved a little off their six month offering.
The changes bring ASB and Kiwibank into line with all other major banks, which have also bumped up rates in recent weeks.
ASB chief economist Nick Tuffley says the switch from talk of cuts to possible interest rate hikes in the Reserve Bank’s latest outlook has compelled markets to adjust pricing.
“We’ve seen for 2 year rates, a good 50 basis point increase in wholesale rates and nearly 60 for the 3 year, since the Reserve Bank’s statement last year, so to date the moves we’ve seen with mortgage rates aren’t really keeping up with that yet.”
Nick Tuffley says all banks are seeing similar impacts on their funding costs, leading them to pass on the increases to borrowers.
“I think the key message for people is that period of really low interest rates, super low interest rates, has gone, but the market’s settling into a reality of the cash rate’s likely to be on hold for most of this year, but we’re past the lows now,”
While tough for borrowers, savers will benefit from higher term deposit rates across the board, with banks looking to attract funding. Term deposit rates beyond the 9 month mark have had a significant adjustment, up anywhere between 5 and 35 basis points.
“Not too long ago, you could get a 2 year mortgage for not less than 4 and 4.5 percent,” says Nick Tuffley.
“Now you can put money on deposit for two years at 4% percent so quite a catch-up.”
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Attributable to Detective Sergeant Caroline Johnson:
A scene guard will remain in place in central Christchurch overnight as Police continue to investigate a serious assault.
At around 12:20pm today Police were called to a property on Fitzgerald Avenue, where a man was found in a critical condition, with injuries consistent with being stabbed.
A scene examination, and Police investigation, is ongoing. Scene guards will remain in place overnight – as this occurs, there will be increased Police visibility in the area.
Police want to reassure the public that there is not believed to be a threat to public safety.
The Government is further protecting productive land by committing nearly $28 million for erosion control projects, Agriculture and Forestry Minister Todd McClay announced today.
Applications for funding support under the Hill Country Erosion Programme (HCEP) opened today, and councils across the country are invited to submit proposals for eligible projects. This round allocates $27.8 million for erosion control work to be delivered between 2027 and 2031.
The programme helps reduce the impacts of severe weather, protect soil health, and limit downstream damage.
“This programme is one of our most effective tools for supporting farmers and growers to protect their land and prepare for future storms,” Mr McClay says.
“We want to continue safeguarding productive farmland around the country, while reducing the environmental and economic impacts of erosion on local communities.”
Cabinet established the programme in 2007 and Te Uru Rākau – New Zealand Forest Service’s current $25.2 million investment (2023–2027) is supported by $87 million in cash and in-kind contributions from 14 partner councils and from landowners, reflecting their strong support.
The funding went towards the councils delivering regionally tailored programmes that include treating vulnerable land, working with landowners to create farm-scale erosion control plans, and building regional capability.
A homicide investigation is underway. (File photo)RNZ / Richard Tindiller
A 24-year-old man has appeared in court charged with wounding with intent to cause grievous bodily harm, after a woman was found dead in a Kāpiti Coast house.
Police were called to the Matatua Rd address in Raumati Beach at 1.15am on Monday.
A homicide investigation was underway, and police were considering further charges against the man.
He appeared in Porirua District Court on Monday afternoon, and was due back in court in early March.
His name was suppressed.
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Wellington’s mayor is hopeful the government will back his calls for an inquiry into the Moa Point sewage plant failure.
Mayor Andrew Little is meeting with Prime Minister Christopher Luxon on Monday, where the sewage facility will be a focus of conversation.
It flooded last week, destroying much of the plant’s electronics and sending raw sewage into the nearby south coast.
Wellington Water’s chief executive has warned nearby beaches may be shut for months.
Little told Midday Report there was large public interest in the failure, meeting the level of a government inquiry.
“Given the range of parties involved… in order to have a genuinely cohesive, independent review, I think a ministerial inquiry is needed,” Little said.
“That allows the inquiry to have the powers to get the right information and give us an accurate assessment about the causes of the failures.”
Little hopes discussions with Luxon are constructive.
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More AA Insurance customers say they’ve encountered strange changes to their vehicles’ value when their policies renewed.
RNZ reported at the weekend that one woman, Nicki, was upset that the value of her 24-year-old Subaru had increased two-and-a-half times when the policy renewed this year.
AA said it relied on an independent third-party data provider to provide vehicle values. “From time to time, this provider updates their methodology and data sources to ensure the valuations reflect the most accurate and up-to-date market conditions.
“When this happens, customers may see changes, either increases or decreases, in their proposed agreed values at renewal. We encourage customers to get in touch if they would like to discuss their proposed value or agree on a different value with us.”
One man who contacted RNZ said he had a 2003 Subaru Forester insured with AA Insurance that had an agreed value in 2024 of $6500.
“Last year, 2025, AA decided it should be only $2700, a sudden and completely unexpected 58 percent drop in agreed value. I was unable to find any data to support that valuation, complained, and eventually got a helpful staff member who explained that they use a third-party Australian service to value cars. I requested an agreed value of $6000. Fine.
“Now, this year. I have just received an insurance renewal notice with an agreed value of $9900, a whopping 3.67 times the agreed value they pushed one year ago, and, bizarrely, 10 percent more than I paid for the car 11 years ago. Once again I have been completely unable to find any data to support that valuation, and around $6000 to $7000 seems a reasonable agreed value range.”
Another said there seemed to be “something odd” going on.
“I’ve had a 2006 Audi A6 for six years, at the last renewal AA reduced the value of the car to about a third of my estimated value, without highlighting this at the time. I found this underhanded. This meant I was paying about $900 to insure a car for a maximum payout of $1500, with a $500 excess. They refused to raise the value.
“I had the same issue insuring a 2007 Audi A3, they’d only cover it for half what we paid.”
Consumer NZ insurance expert Rebecca Styles said insurers would usually offer the option of either market value or agreed value for car insurance.
“If people aren’t happy with the agreed value, they could shop around.”
She said it could be possible to find another insurer that took a different view.
Financial Services Complaints Ltd, an ombudsman service that deals with complaints that cannot be resolved between financial services providers and customers, has previously said it is important that people read their policies and understand the cover they have.
It has dealt with a number of cases where people have been upset at what insurers were willing to pay for their vehicles.
In one case, a man bought a specialist vehicle that he believed was insured for $39,000.
In late 2023 the vehicle was destroyed and he was upset to find the insurer would only pay $24,000.
He said his insurance broker had not made it clear he only had market value cover. FSCL investigated and said it was hard to see how well this had been disclosed to him.
The brokers offered to pay the difference between the market value of the car and the amount he would have received if it had been insured for agreed value. The policy said this would be market value plus 20 percent, or $4800.
The government says a Liquefied Natural Gas import facility in Taranaki will save New Zealanders about $265 million a year.
Energy Minister Simon Watts on Monday announced a contract was expected to be signed by the middle of the year, with construction finishing next year or early 2028.
A factsheet supplied by the government said the infrastructure costs would be paid for through a levy on electricity of between $2 and $4 /MWh.
The facility was expected to cut future prices by at least $10/MWh, and curb an expected 1.25 percent reduction in Gross Domestic Product from higher energy prices.
While an exact location for the import facility was yet to be determined, all the shortlisted submissions were in Taranaki, Watts said.
Procurement started in October in response to the independent Frontier report, which the government largely rejected.
The report said developing an import facility would make no economic sense if it was used only for firming, when generation is low.
Watts said the government would design an import model bringing in “large shipments only when needed”, and would later become a “fuel source for industrial, commercial and residential users”.
The factsheet said modelling from MBIE had shown the LNG import facility would “effectively cap gas prices”.
MBIE also modelled four other options for cost, timeliness, impact on energy prices, flexibility and wider impacts – but LNG imports were found to achieve lower electricity prices at relatively low capital cost.
Options modelled included a new thermal generation plant to run on coal or biomass; a combination of new and converted ‘peaking’ plant, that would run on diesel; a combination of a new unit at the Huntly power station, new and converted peaking plants, and a demand response; or a combination of LNG importation and refurbishing the Taranaki Combined Cycle plant.
“Other options, including renewable projects, were considered but not advanced due to a range of factors such as expected time to construct, feasibility of generating power reliably on the required scale, and effects on electricity market incentives.”
How did we get here?
Luxon in August 2024 said New Zealand was in an “energy security crisis”, with Winstone and Oji Fibre mills blaming power prices as they began consulting on closures, and NZ First’s Shane Jones accused the gen-tailers of profiteering.
He announced “urgent” actions including an independent review of the sector and removing regulatory barriers for an LNG import facility, which Cabinet agreed to consent.
At that time, a timeframe of winter 2026 was expected.
“It would make no economic sense to develop an LNG import terminal to meet just dry year risk as the large fixed costs would be spread over a relatively small amount of output,” the Frontier report said.
“If an LNG terminal is contemplated as a last resort to provide NZ with a secure energy system, this should be considered as part of a wider gas supply strategy for communities and industrial users where gas is the most economic source of energy.”
Energy Minister Simon Watts at the time said the government would begin procurement the following week and expected to have the facility up and running by winter 2027.
An earlier report in July for the four major gen-tailers Contact, Meridian, Genesis and Mercury – as well as gas company Clarus – found it could take three to four years to set up an import facility at costs ranging from $200m to $1b.
RNZ In-Depth’s Kirsty Johnston in November reported the response from “almost every corner – other than the gas industry itself – was a collective groan”, with sector commentators calling it a “band-aid” solution that “doesn’t make logical sense”.
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Source: The Conversation (Au and NZ) – By Adam Simpson, Senior Lecturer in International Studies in the School of Society and Culture, Adelaide University
Japanese Prime Minister Sanae Takaichi has delivered her Liberal Democratic Party (LDP) a landslide victory in the parliamentary elections she called shortly after taking office.
Now that she has consolidated her power in Japan’s legislature (called the Diet), the big question is what she will do with it.
Since her ascent to the prime ministership in a parliamentary vote in October, the ultra conservative Takaichi has upended the normally staid Japanese political system.
Japanese Prime Minister Takaichi Sanae and South Korean President Lee Jae Myung on the drums together.
Takaichi has cannily taken advantage of the honeymoon phase of her leadership by calling a snap election to gain more power in the Diet before there’s a dip in her popularity.
However, voters will now expect to see a return on their investment, and Takaichi faces the much more daunting task of delivering on her promises. Improving living standards in a country with a rapidly shrinking workforce and ageing population without mass immigration will test her political skills much more than winning an election.
An unlikely election victory
Although Takaichi’s LDP has been in government for most of Japan’s post-war history, it has recently experienced a string of poor election results.
In 2024, it lost the lower house majority it held with its then-coalition partner, Komeito, after a series of corruption scandals. Then, last year, the coalition lost its majority in the upper house, leaving the government hanging by a thread.
The party began its remarkable turnaround following then-Prime Minister Shigeru Ishiba’s resignation in September in the wake of those electoral setbacks.
Many pre-election polls predicted a sizeable victory for the LDP and its new coalition partner, Nippon Ishin (the Japan Innovation Party). Takaichi also received a boost with an endorsement from US President Donald Trump. Although the Japanese public views Trump unfavourably, they also know the US is their ultimate security guarantor against China, in addition to Japan’s largest export destination.
Nevertheless, there were some doubts about whether Takaichi’s popularity, particularly among younger voters, would translate into votes.
In the end, her electoral gold dust rubbed off on the rest of her party. Despite freezing temperatures and record snow in places, the LDP has been comfortably returned to office with a vastly increased majority in the lower house. The coalition now has a two-thirds super-majority, which means she can override the upper house to push through her legislative agenda.
A more assertive posture on China?
Since becoming prime minister, the hawkish Takaichi has taken an assertive position towards China.
In November, she angered Beijing by saying Japan could intervene militarily to help protect Taiwan in the face of a potential Chinese invasion. This resulted in vicious Chinese attacks on Takaichi that continued into the new year.
While the Japanese public is divided over whether to come to Taiwan’s aid in any conflict with China, there is now strong support for Takaichi’s pledge to increase the defence budget to 2% of GDP by this March, two years ahead of schedule.
In December, the Cabinet approved a 9.4% increase in defence spending to achieve this objective, focusing on domestic production and advanced capabilities (cyber, space, long-range strikes).
In response to rising threats from China, North Korea and Russia, Takaichi’s government also plans to revise Japan’s core security and defence strategies this year.
Economic woes front and centre
As much as defence matters, Takaichi will ultimately be judged by the public when it comes to economic policy.
The public is increasingly concerned about rising inflation and stagnant wages leading to falling living standards.
A vivid illustration of this: the price of rice has doubled since 2024, hitting a new high last month. Public anger over rising rice prices even brought down the farm minister last year.
Inflation has been above the Bank of Japan’s 2% target for 45 straight months. And though nominal wages have recently picked up, real incomes have been decreasing for the last four years.
Takaichi has made tackling the cost of living a priority. She has vowed to suspend Japan’s 8% food tax for two years. And last year, her government announced a massive US$135 billion (A$192 billion) stimulus package, including subsidies for electricity and gas bills.
However, these policies will increase the government’s budget deficit, adding to the country’s already sky-high public debt levels.
And last month, Japanese government bond prices collapsed after Takaichi called the election, with the markets predicting a LDP win would result in looser fiscal policy and higher government debt.
The Bank of Japan is unlikely to intervene to support the bond market in any future crisis, which will leave the government with higher borrowing costs, further increasing public debt.
It is too early to know whether Takaichi has the answers to these challenges. But she now has the power, authority and freedom to boldly pursue her policy agenda. Now she will need to deliver the kind of change the electorate expects.
Adam Simpson does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The B2B cross-border trade payment market is immense, yet remain highly underserved
HONG KONG SAR – Media OutReach Newswire – 9 February 2026 – According to the World Bank, SMEs account for approximately 90% the world’s businesses and contribute 65% of the global cross-border trade. SMEs play a pivotal rolein most economies, particularly in emerging markets. Estimates from the World Trade Organization (WTO) and the Organization for Economic Co-operation and Development (OECD) suggest that B2B cross-border trade payment market for SMEs is worth approximately $20 trillion.
However, traditional commercial banks have been facing multiple challenges in serving SMEs, including strict compliance and risk control requirements, lower profit generating, and license limitations, resulting in a large unmet demand through formal financial systems.
XTransfer’s field research in emerging markets indicates that many SMEs resort to illicit settlement channels like underground banks out of necessity. In fact, the trade volume processed through these unofficial avenues could be 2 to 5 times larger than the official import and export figures.
Compared to other segments, B2B cross-border payment presents vast opportunities
In the cross-border payment industry, services can be categorised into four segments based on money flows:
Four segments in cross-border payment industry.
Marketplace 2B These businesses provide payment processing services for sellers on e-commerce platforms. Risk control is primarily based on e-commerce platform’s integrated of data streams (e.g., merchant details, logistics, transaction history). With relatively low technical barriers and compliance capabilities, the industry is highly saturated.
B2B Focused on traditional cross-border trade enterprises, this segment has huge potential but features high risk control complexity and high barriers. Payment service providers must individually verify the entire information flow pertaining to each transaction (including buyer/seller details, orders, logistics, contracts, etc.), which results in many companies attempting to enter, but few succeed.
C2C This primarily covers cross-border remittances between individuals. The overall market scale is relatively small, with limited use cases.
C2B This is the most well-established segment, dominated by cross-border payment giants such as Visa, Mastercard, PayPal, and Stripe. The market is saturated with intense competition.
As a reference, the C2B cross-border payment industry has evolved dramatically over the last five decades, especially in the past ten years. Mobile wallet providers in China, the U.S. and Europe drove the mobile payment revolution, establishing a well-established cross-border settlement and risk control platform dominated by card schemes and wallets like PayPal. The system features significant advantages, including efficient transaction processes and unified risk control standards.
In contrast, B2B cross-border payments still primarily rely on traditional bank transfers. The sector as a whole is still on the cusp of the “mobile payment revolution” and has not yet formed a unified clearing mechanism or a standardized risk control system.
The payment sector need a new platform.
However, this development gap also points to a huge market opportunity. The B2B cross-border settlement market for SMEs desperately needs a shake-up. Service providers that possess a deep understanding of global customer needs and are equipped with technological and compliance capabilities will unleash vast growth potential in this space.
Beyond Borders: XTransfer Insights is a thought-leadership series that shares XTransfer’s perspectives on the forces shaping global trade and financial services. Through research-driven insights and real-world observations, it highlights emerging trends, key challenges, and opportunities across international markets.