Japanese prime minister Shinzo Abe (right) is crowded by voters along with former prime minister and current finance minister Taro Aso (left) during his final day of campaigning ahead of elections for the lower house of parliament, outside Akihabara JR Station in Tokyo on October 21, 2017. Kimimasa Mayama / EPA
Japanese prime minister Shinzo Abe (right) is crowded by voters along with former prime minister and current finance minister Taro Aso (left) during his final day of campaigning ahead of elections forShow more

Super typhoon approaches Japan a day ahead of elections



A powerful typhoon was bearing down on Japan on Saturday, a day ahead of national elections, with experts predicting severe winds and heavy rains as the country goes to the polls.

Super typhoon Lan, described as "very large" and "very strong" by Japan's meteorological agency, was packing gusts up to 252 kilometres per hour on Saturday above Pacific waters south of Japan.

As Lan drew closer, voters on remote southern islands in the path of the storm cast their ballots early for Sunday's election.

The joint typhoon warning centre of the US navy called it a super typhoon.

The Japanese meteorological agency said Lan would move just east of Okinawa on Sunday before grazing the country's coastal areas, possibly directly hitting Tokyo or surrounding regions on Monday morning.

Meteorologists expect strong winds and heavy rain across much of Japan on Sunday.

Regardless of weather, national surveys have largely predicted that the ruling bloc, led by prime minister Shinzo Abe, is likely to claim a landslide victory.

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Mr Abe has called on voters to cast their ballots early to avoid bad weather.

Turnout has declined to below 60 per cent in the last two general elections. The last vote in December 2014 saw a record-low rate of 52.66 per cent.

On Saturday, Mr Abe vowed to protect the Japanese people as he wrapped up an election campaign dominated by threats from North Korea.

The predicted landslide victory for Mr Abe and his conservative Liberal Democratic Party (LDP) would him a fresh mandate for his hardline stance on North Korea and his "Abenomics" growth strategy.

Mr Abe's coalition is on track to win around 300 seats in the 465-seat lower house of parliament, according to a projection published by the Nikkei daily newspaper.

If the polls are correct, 63-year-old Mr Abe is on course to be the longest-serving premier in post-war Japan, the world's third-biggest economy and key US ally in Asia.

"It has been a very tough election," Mr Abe told crowds that braved the rain in central Japan, as Lan barrelled towards the country.

"The ruling bloc … is the one that can protect people's lives and defend our happy way of life," he said, in a clear reference to North Korea, which has threatened to "sink" Japan into the sea and fired two missiles over the country.

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Read more: World leaders react in alarm as North Korea fires ballistic missile over Japan

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Mr Abe has stuck to a hawkish stance on North Korea, stressing that maximum pressure should be exerted on the regime and backing the US line that "all options" are on the table.

Throughout the short 12-day campaign, the premier has railed against Pyongyang, telling a crowd recently: "At a time like this … we cannot waver. Everyone, we must not yield to the threat of North Korea!"

Mr Abe enjoys only lukewarm public support but the weak and fragmented opposition has been unable to make inroads into his poll lead during the campaign.

The two main opposition parties — the "Party of Hope" created by the media-savvy Tokyo governor Yuriko Koike and the new centre-left Constitutional Democratic Party — are trailing far behind, predicted to win around 50 seats each.

"You must not stick to the status quo of flaccid politics, which has failed to carry out drastic and necessary reforms," Ms Koike said in a last-ditch appeal to voters on Saturday.

"If we do not use this opportunity [to oust Abe], major reforms that are truly needed will be delayed," she said.

Aside from North Korea, many voters regard the economy and reforming the costly social security system as their priority concerns, as Abe has not quite fully revived the once world-beating Japanese economy after five years in power.

Mr Abe says his trademark "Abenomics" strategy of ultra-loose monetary policy and big fiscal spending is the best way to pep up the economy, which is weighed down by debt and struggling with deflation.

He has also pledged to use part of the proceeds from a planned sales tax hike to fund free childcare in a bid to get more women into the workplace.

Ms Koike wants to scrap the tax hike, arguing it would throttle a recovery that has seen Japan's longest stretch of growth in a decade.

But after a blaze of publicity when Ms Koike created her new "Party of Hope", the bubble appears to have burst for the popular 65-year-old former newscaster, partly because she declined to run herself for prime minister.

"Every party has to have, to be credible, a candidate for prime minister and she would have been it but then she walked away and it is a ship that suddenly has no captain," said Michael Cucek, an adjunct professor at Temple University's Japan campus.

Another brand-new party, the centre-left Constitutional Democrats, appears to have some momentum going into the poll, however, and could do better than expected.

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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.”

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