INTRODUCTION 6

A WINNING BET: TAKAICHI CONSOLIDATES HER POWER 7

A high-risk electoral gamble 7

Landslide for the LDP 8

Takaichi’s unexpected popularity 9

BET PAID OFF: TAKAICHI STANDS UP TO CHINA AND THE US 11

Takaichi confronts an open crisis with China 11

Betting on deepening integration with Trump’s US 13

Wide-ranging diplomacy 14

BETTING ON THE FUTURE: TAKAICHI PRIORITIZES DEFENSE 16

A supporting context for Japan’s rearmament 16

Towards new security and defense strategies 16

Defense sector as an engine of growth 18

A RISKY BET: TAKAICHI’S EXPANSIONARY ECONOMIC POLICY 20

The “Takaichi trade” on financial markets 20

Economic security as a growth strategy 21

CONCLUSION: WHAT PARTNERSHIP BETWEEN JAPAN, FRANCE AND EUROPE? 23