This wasn't how it was supposed to end. When Shinzo Abe first stepped down in 2007, only a year after becoming Japan's youngest post-War Prime Minister, two broad but mutually exclusive assumptions were made about his political future. First, he would have to settle for a ministerial portfolio in someone else's cabinet for much of his career. Or second, he was still young enough (53 at the time) to lead his party and country again when the opportunity arose. As it turned out, he returned to power five years later. And if that wasn't enough, he governed for a record, uninterrupted seven-and-a-half years thereafter.
However, as an exhausted and emotional Mr Abe last week announced his resignation for a second time, it became clear that he would leave office not with a bang but a whimper – like he did in 2007. Pledging to stay on as a caretaker prime minister until his party finds a replacement, he blamed his failing health for his decision to quit – again, like he did 13 years ago. And yet, even though Abe 2.0 is unlikely to end with as much of an anticlimax as the beta version did, his supporters will be justified in thinking that – after dominating Japanese politics for almost a decade – this wasn't how it was supposed to end.
To understand why not, it is important to quickly recap how it began. In 2007, Mr Abe learnt that he needed an image makeover. He had been perceived as a weak leader, presiding over a cabinet full of misspeaking, scamming and barely controllable ministers. Timing is a feature of most success stories. The long night in his career that followed his unceremonious exit coincided with a period of great tumult in Japanese politics. His successors had resigned in similar circumstances and the public had grown tired of the instability. Japan needed a strong leader, he concluded, who would run the country with an iron fist. He united the many factions within his Liberal Democratic Party – then in the opposition – made a run for the leadership position and, with some good fortune, won the contest. Within months, he led the party to victory in the national polls.
Indian sand artist Sudarsan Pattnaik touches up a sculpture for Mr Abe at the Puri Beach, near Bhubaneswar, India, August 29. EPA
Shinzo Abe, centre left, and his wife Akie Abe, left, US President Donald Trump and first lady Melania Trump at Mr Trump's private Mar-a-Lago club, in Palm Beach, Florida on April 17, 2018. Prime Minister Abe said Friday, Aug. 28, 2020, he will step down due to his health. Pablo Martinez Monsivais / AP
With former US President George W Bush at a a joint news conference at Camp David, US, April 27, 2007. Itsuo Inouye / AP
Shinzo Abe eats a local grilled fish during his official campaign kick-off for the December 14 lower house election, at the Soma Haragama fishing port in Soma, Fukushima prefecture, December 2, 2014. Issei Kato/Reuters
Britain’s Prince William (L) and Shinzo Abe wearing "yukatas", or kimono-style cotton outfits as they pose together before a dinner in Koriyama in Fukushima prefecture on February 28, 2015. AFP
Japanese Prime Minister Junichiro Koizumi, accompanied by then-Vice Cabinet Secretary Shinzo Abe (L), waving to well-wishers as he leaves Tokyo International Airport for Pyongyang to meet with then-North Korean leader Kim Jong Il, on September 17, 2002. Yoshikazu Tsuno / AFP
Japan’s Prime Minister Shinzo Abe attends a press conference after winning the ruling liberal Democratic Party’s (LDP) leadership election at the party’s headquarters in Tokyo, on September 20, 2018. Behrouz Mehri / AFP
Russian President Vladimir Putin (R) with Japanese Prime Minister Shinzo Abe (L) during a visit to the Kodokan judo hall in Tokyo, on December 16, 2016. Toru Yamanaka / AFP
A man, right, receives an extra issue of Yomiuri newspaper in Tokyo on August 28, 2020, showing a report of Japanese Prime Minister Shinzo Abe's intention to resign due to his declining health. Hiro Komae / AP
Japanese Prime Minister Shinzo Abe appears as the Nintendo game character Super Mario during the closing ceremony at the 2016 Summer Olympics in Rio de Janeiro, Brazil, August 21, 2016. Yu Nakajima / Kyodo News via AP
Shinzo Abe at the start of a press conference at the prime minister official residence in Tokyo, Japan, 28 August 2020. Franck Robichon/ EPA
President Donald Trump, third from right, and first lady Melania Trump, hidden at left, sit down to dinner with Japanese Prime Minister Shinzo Abe, third from left, and his wife Akie Abe, right, at Mar-a-Lago in Palm Beach, Florida, US. Robert Kraft, owner of the New England Patriots is seated at left, February 10, 2017. Susan Walsh / AP
Mr Abe reaches out to shake hands with Chinese President Xi Jinping during a welcome ceremony for the Asia-Pacific Economic Cooperation (APEC) Economic Leaders Meeting held at the International Convention Center in Yanqi Lake, Beijing, November 11, 2014. Ng Han Guan/ AP
Former US President Barack Obama, left, looks to Japanese Prime Minister Shinzo Abe as he speaks during a ceremony at the cenotaph at Hiroshima Peace Memorial Park in Hiroshima, western, Japan, on May 27, 2016. Carolyn Kaster / AP
Japanese Prime Minister Shinzo Abe walks out at the end of his press conference at the prime minister official residence in Tokyo on August 28 .Franck Robichon/ AFP/ Pool
Mr Abe came to power also on the back of a raft of promises: spearheading Japan's economic revival following "two lost decades" of stagnation; revising its pacifist constitution that bars it from going to war unless attacked first; resolving the Northern Territories dispute with Russia and securing Tokyo's bid to host the 2020 Olympics before, presumably, signing off once the Games were successfully held. His agenda was ambitious enough and his message was clear enough to excite the public. Another lesson Mr Abe imbibed from his first stint was never to apologise or show contrition for mistakes made by his government. It worked, but only to an extent – and when the going was good. Periodic successes – from the victorious bid to host the Olympics to improvement in Japan's ties with China to the success in creating a 11-nation trade zone against all odds – gave the public enough reason to overlook some of the controversies that Abe 2.0 had been dragged into over the years.
But as his administration gradually began to face economic problems, it received increasingly bad press over a number of scandals. That Mr Abe’s own family was implicated in one involving an illegal fund allocation for the building of a school grated immensely with the public.
Despite the hits and misses, Mr Abe should be remembered for the way he conducted himself on the world stage
And yet, aided by the lack of a visible alternative among the splintered opposition parties, Mr Abe stood his ground in the hope that a successful Olympic Games would revive the nation’s flagging spirits and cement his legacy. As fate would have it, though, the Covid-19 pandemic has forced the postponement of the Games to 2021 – with some suggestions that it may even get cancelled.
Worse, the government has been criticised for its poor handling of the health crisis, in sharp contrast to the effective manner in which China, South Korea and Taiwan have dealt with this global challenge. Given all this, it is fair to wonder how much longer a physically fit Mr Abe would have been able to hold on to power. Now that he has resigned, however, a far more pertinent question concerns his legacy. While he may be leaving office without delivering on a number of signature promises, Mr Abe's tenure is by no stretch of the imagination a failure. Much like Barack Obama's critics unfairly suggest that his only achievement remains becoming the first black US president, distilling Mr Abe's accomplishments to the singular fact that he is today Japan's longest-serving elected leader will be similarly harsh.
People watch a public broadcast of Japanese Prime Minister Shinzo Abe announcing his resignation during a televised news conference in Tokyo, Japan, 28 August. Kimimasa Mayama / EPA
Indeed, Mr Abe's accomplishments are notable. He brought stability to government after a decade of tumult. His “Abenomics” policy proved moderately successful, reviving economic growth and ending a deflationary spiral.
He improved international trade with the US and reformed certain industries, notably Japan's notoriously difficult agriculture sector. And despite America's withdrawal from the Trans-Pacific Partnership, he rallied together the other countries to create another trade pact – although legislatures in some countries have yet to ratify the deal. Mr Abe's admirable determination to get more women to the workplace may have failed – as has his controversial and unpopular plan to revise the constitution.
But given Japan's labour shortage and the need for the country to bolster its national security in an increasingly multipolar world, it may be a question of when, and not if, Mr Abe's successor – whoever that may be – will be able to enact these reforms. Despite the hits and misses, and irrespective of the imperfections, Mr Abe should be remembered for the way he conducted himself on the world stage. Former US president Harry Truman once defined a statesman as a politician who had been dead for 15 years.
Mr Abe, however, proved that you can be both a politician and a statesman at the same time. In an era of demagogues and self-styled strongmen bent on ripping up the decades-old rules-based order, the Prime Minister's leadership will be missed after he has left the stage.
Chitrabhanu Kadalayil is an assistant comment editor at The National
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Produced by: Colour Yellow Productions and Eros Now Director: Mudassar Aziz Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana Star rating: 2.5/5
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
The US Masters Tied for 7th (72)
The Players Championship Tied for 35th (73)
US Open Missed the cut (78)
Travellers Championship Tied for 17th (67)
Irish Open Missed the cut (72)
How to wear a kandura
Dos
Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”