UNCERTAIN WATERS -

UNCERTAIN WATERS - micheletkearney@gmail.com - Gmail Hello from Tokyo. The Japanese government is in the final stages of preparing for the release of wastewater from the crippled Fukushima Daiichi nuclear power plant. Ministers are continuously holding meetings with local communities, while Prime Minister Fumio Kishida is scheduled to meet the presidents of the U.S. and South Korea later this month to ensure their support for Japan's decision. Despite the government's repeated assurances that the treated water is safe, as confirmed by the International Atomic Energy Agency, people living along Japan's northern Pacific coast, and some in neighboring countries, remain skeptical. This week's Big Story focuses on the lingering anxieties of stakeholders, including a seafood business owner, a fisherman and the owner of a beach shack. For Tokyo Electric Power Co. (TEPCO), the plant's operator, releasing the wastewater is "unavoidable" and "necessary" for the rebuilding of Fukushima because the tanks currently holding the water are already at 97% capacity, and storing it is taking up too much space and hindering plans to decommission the plant. However the story highlights the issue of trust, rather than the question of the scientific safety of the water release itself, as the company's actions after the 2011 disaster left many people questioning its trustworthiness. Among neighboring countries, China has been the most vocal in opposing the release of the water. Beijing still restricts food imports from 10 Japanese prefectures, a measure introduced in 2011, and Hong Kong is considering reinstating a seafood ban if the water is flushed into the Pacific. However, on Thursday Beijing announced that it would lift a ban on group travel to Japan, a move that could boost inbound tourism, given that Chinese tourists made up the largest share of foreign visitors before the pandemic. As I have pointed out many times in this newsletter, the Japanese government is seeking to arrange a summit meeting between Kishida and Xi Jinping this year, which coincides with the 45th anniversary of the signing of the Treaty of Peace and Friendship between the two countries. With no prospect of China softening its stance on the issue of the treated water release, China still seems to be sending mixed signals. While Japan's tourism industry eagerly awaits the return of Chinese visitors, one of the drivers of the country's foreign tourist rebound is the weaker yen. This is mainly attributed to the widening interest rate differentials between Japan and the U.S. Now Kazuo Ueda, the governor of the Bank of Japan, has finally begun to adjust the central bank's decadelong monetary policy put in place by his predecessor, Haruhiko Kuroda, to stop the depreciation of the currency. But despite these efforts, the yen is still weak. Our Market Spotlight explains why the BOJ cannot reverse the trend. Politics and cinema have long been intertwined in many countries. Our Asia Insight looks at an Indian film "The Kashmir Files," which depicts the Hindu exodus from Muslim-majority Kashmir in the early 1990s and was praised by Prime Minister Narendra Modi for telling "the truth" about the historical episode. The story raises the question of how the government is attempting to win over voters' hearts and minds during an election season using the power of film in India, which is known as Asia's film powerhouse. When it comes to reaching the hearts and minds of young people, TikTok is unquestionably the platform of choice these days. More than just an endless collection of short videos to enjoy in your spare time, it is becoming a highly influential business tool. According to our Business Spotlight, TikTok is emerging as one of Southeast Asia's most prominent e-commerce platforms, with sales growing sevenfold in one year as it attracts a wave of young, tech-savvy users with shopping and entertainment features. From the Life & Arts section, John Krich's book review of "Daughter of the Dragon" tells the story of Chinese American film star Anna May Wong, who played leading roles in the glamorous Hollywood film fantasies of the 1920s and 1930s while struggling against racial stereotypes. Wong recently became the first Asian American to be honored on U.S. currency - a 25 cent piece bearing her image is part of the U.S. Mint's American Women Quarters Program. Lastly, I would like to inform you that there will be no newsletter from me next week. We will not be publishing the magazine, either, and I will be taking a short summer break. But there will still be plenty of fresh stories on our website. Enjoy. Wishing you a wonderful weekend! Shin Nakayama Editor-in-chief, Nikkei Asia