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Tokyo Governor Says ‘Dragon Ball’ Project Deepens Cultural, Investment Ties with Riyadh

Tokyo governor Yuriko Koike attends Future Investment Initiative in Riyadh (Asharq Al-Awsat)
Tokyo governor Yuriko Koike attends Future Investment Initiative in Riyadh (Asharq Al-Awsat)
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Tokyo Governor Says ‘Dragon Ball’ Project Deepens Cultural, Investment Ties with Riyadh

Tokyo governor Yuriko Koike attends Future Investment Initiative in Riyadh (Asharq Al-Awsat)
Tokyo governor Yuriko Koike attends Future Investment Initiative in Riyadh (Asharq Al-Awsat)

Saudi Arabia and Japan no longer see their ties confined to traditional oil deals or car imports. The relationship has evolved into a cross continental strategic partnership that is redefining economic cooperation in the twenty first century.

This shift has been reflected in repeated visits by Tokyo Governor Yuriko Koike to the Saudi capital. Her trips have moved beyond protocol and have become intensive working missions aimed at building bridges in technology, innovation and even popular culture.

During her most recent trip to Riyadh, her second this year, Koike took part in the Future Investment Initiative conference, which brought together thousands of investors, thinkers and global decision makers to debate the future of innovation, investment and major economic shifts.

Speaking to Asharq Al-Awsat, she outlined the new direction of the relationship, ranging from smart infrastructure development and expertise sharing in building future cities, to launching unique projects such as the world’s first theme park dedicated to the anime franchise Dragon Ball in Qiddiya.

The project, which blends Japan’s soft power with Saudi Arabia’s ambitions in entertainment, shows how culture can drive investment and attract visitors. It underscores how leaders of major cities increasingly view innovation and digital transformation as a shared key to sustainable growth.

The park, the first of its kind globally, is located in Qiddiya about 40 minutes from Riyadh. It spans more than half a million square meters. Announced in March 2024, it is seen as an important step in strengthening content creation and drawing investment into the entertainment and culture sector.

Koike said the project reflects a strong cultural and investment partnership between the two capitals and aims to develop content industries while attracting tourists and investors. She said it clearly shows how culture and entertainment can provide a bridge for economic cooperation between major cities.

Priority Summit in Tokyo
Koike’s visit comes as part of broader economic, technological and strategic cooperation between Riyadh and Tokyo, particularly ahead of the two-day Priority Summit of the Investment Forum Initiative Asia, which will be held in Tokyo on Sunday.

Koike, who will deliver the keynote address at the forum, said the summit aims to turn discussions into practical solutions for economic and social challenges in the region, while promoting sustainable investment and innovation.

She said the goal goes beyond traditional investment debates and includes shaping a vision for Asian leadership in confronting global challenges and achieving sustainable prosperity.

Koike’s first trip to Riyadh this year was in May, when she joined the Fortune Most Powerful Women Summit. That visit focused on women’s leadership, women’s empowerment and the importance of urban policies that help create a better balance between work and life. Her second visit reflects wider cooperation between Riyadh and Tokyo in innovation, technology and the economy.

Strategic partnership
Koike told Asharq Al-Awsat that her repeated visits to Saudi Arabia reflect the growing shared role that Riyadh and Tokyo can play in guiding global discussions. She said cooperation between the two cities includes exchanging expertise in building smart and sustainable cities, digital transformation and innovation in infrastructure, in line with Riyadh’s preparations for hosting Expo 2030 and the 2034 World Cup.

She said the return visit offered a chance to follow how ideas are being transformed into initiatives, particularly in future cities, the green economy and innovation as a driver of growth.

Content and culture
Koike said Saudi Japanese cooperation extends beyond investment and technology to include content and culture. Tokyo is a global center for anime and manga, a popular culture that influences all generations.

She said she took part in the Innovation Lab session at the Future Investment Initiative in Riyadh alongside Takahashi Yoichi, the creator of Captain Tsubasa, known in the Arab world as Captain Majid.

She showcased the creative strengths of Japan’s content industry, which combines technical precision with modern innovation, and said the session attracted strong attention from participants.

Koike said Japan’s cooperation with Saudi Arabia to establish the first anime themed park, based on Dragon Ball, highlights the ability of both countries to expand content creation and attract tourists and investors at the same time.

Tokyo bonds
In a different part of the discussion, Koike said Tokyo is working to position itself as a leader in resilient and sustainable finance. She said Tokyo issued Tokyo Resilience Bonds in global markets as the first internationally certified bonds designed to support a sustainable and resilient society.

She said proceeds will be used to address rising damage from storms and floods caused by climate change.

She added that Tokyo’s government is working to strengthen public private partnerships in renewable energy projects and impact investment, reaffirming its commitment to driving sustainable growth and innovation at the regional level.

Exceptional path
Yuriko Koike was born in 1952 in Kobe Prefecture to a family in the oil trade. Her political engagement began during her student days, when she took part in leadership elections for groups and classrooms.

Before entering politics, she worked as a television presenter fluent in Arabic and English. She later served as a lawmaker, then environment minister, then defense minister, before becoming Tokyo’s first female governor in 2016, breaking traditional barriers facing women in senior positions.

Since taking office, Koike has focused on building smart and sustainable infrastructure, including addressing natural challenges such as heat waves, floods and fires, improving quality of life for residents and encouraging marriage and a supportive environment for raising children.

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Business

Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
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Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)

Gold climbed to its highest level in over two weeks on Thursday as the fallout from the US midterm election results rippled through the global financial and oil markets.

Spot gold rose 1.6% to $4,124.89 per ounce by 0752 GMT. It touched $4,146.63 per ounce, its highest level since October 20, earlier in ‌the session.

Bullion ‌climbed about 3.4% on Wednesday, its biggest ‌daily gain ⁠since August 19.

US ⁠gold futures for December delivery climbed 1.5% to $4,135.40, Reuters said.

A weaker dollar and lower Treasury yields have helped gold recover above the key $4,000 level, though holding above that threshold remains crucial for the recovery outlook, said Linh Tran, market analyst at XS.com.

"If investment flows and yield movements continue to provide support, gold could stabilize ⁠above $4,000, also opening up an opportunity for a ‌recovery toward $4,200, followed by $4,400."

Oil prices ‌were slightly higher after earlier falling for a fourth day on ‌expectations that the losses US President Donald Trump's Republican Party ‌suffered in congressional elections this week may reduce the risk of further escalation of the US-Israeli war with Iran.

Lower energy prices ease inflationary pressures, reducing expectations that the central bank will keep interest rates higher ‌for longer, supporting the appeal of non-yielding bullion.

The dollar slid to its lowest in more ⁠than a ⁠month, and 10-year US Treasury yield fell to its lowest since September 10.

A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.

Market participants now await the US non-farm payrolls report on Friday to further gauge the Federal Reserve's monetary policy outlook.

Meanwhile, Citi has a 0-3 month price target of $4,500 per ounce for gold, the brokerage said on Wednesday, as it sees substantial upside potential if the Strait of Hormuz reopens and the Yemen/Saudi conflict de-escalates.

Among other metals, spot silver rose 0.8% to $52.63 per ounce, platinum gained 1.2% to $1,514.20 and palladium climbed 2.2% to $1,026.83.

Business

Tech Hit by New AI Worries on Positive Day for Most Markets

Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP
Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP
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Tech Hit by New AI Worries on Positive Day for Most Markets

Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP
Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP

Tech firms tumbled Thursday as investors contemplated the outlook for the AI boom after Democrats swept the US midterms, partly on the back of growing anger over the rapid building of data centers across the country.

However, broader markets mostly rallied and oil plunged after Donald Trump's Republicans were dealt a historic defeat that was blamed on high prices, tariffs and the Iran war.

The result stoked hopes he will look to wind down the Middle East conflict, which would help temper inflation and even soften his stance on trade.

But AI-linked firms came under the cosh amid fears for planned data center construction projects as well as renewed scrutiny from newly installed Democrats on Capitol Hill.

The sector had already been in the crosshairs of investors owing to questions about the vast sums pumped into new facilities, R&D and chip development, and when any companies would see a profit.

Charu Chanana at Saxo Markets said the vote was accelerating a reassessment of AI that was already under way.

"A Democratic Congress introduces another layer of uncertainty: regulatory scrutiny," she wrote, adding that the three main risks were more oversight, data center restrictions and capital spending uncertainty.

"The congressional scrutiny could accelerate demands for AI safety standards, independent model evaluations and greater accountability for data center developers," she added.

However, she also said: "This is not the same as an outright anti-AI policy agenda. AI is strategically important for US competitiveness, particularly against China, and there remains considerable bipartisan interest in maintaining American leadership."

Chip firms were hammered in Asia, with South Korea's SK hynix off more than seven percent and Samsung 5.5 percent down.

Tokyo-listed Kioxia dived more than 13 percent and Advantest tanked 14.7 percent, while Tokyo Electron lost more than nine percent and SoftBank 6.8 percent.

US Nasdaq futures fell more than one percent.

Broader markets performed better as investors rotated into other sectors including finance, auto, mining and manufacturing names.

Seoul, the poster child of the AI-led surge in the first half of the year, shed more than five percent, while Taipei lost more than three percent. Tokyo gave up 1.8 percent.

But there were healthy gains in Hong Kong, helped by hopes for an easing of trade tensions between the US and China, with tech titans including Alibaba, JD.com and Tencent leading the way amid a shift into beaten-down regional stocks.

Shanghai, Sydney, Singapore, Wellington, Mumbai, Jakarta and Manila also advanced.

Oil continued to fall after diving more than eight percent Wednesday on the US result amid optimism Trump will seek a deal to end the Iran war, which has been a key driver of the inflation spike that has hammered US consumers.

Hopes were given a boost when Vice President JD Vance said in a social media post that the Republican defeat was due to the unpopularity of the eight-month-old conflict.

The drop in crude prices -- both main contracts are now below $100 for the first time since the start of October -- has also tempered inflation worries and, in turn, Treasury yields, which dipped again Thursday.

The lower cost of borrowing has also been helped by the prospect that gridlock on Capitol Hill would lead to less spending.

That also weighed on the dollar, which held losses against its peers in Asian trade.

Business

Türkiye Showcases Renewables Surge, but Leaves Coal Intact

Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP
Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP
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Türkiye Showcases Renewables Surge, but Leaves Coal Intact

Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP
Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP

On a windy hillside about an hour's drive northwest of Istanbul, the Catalca power plant was one of Türkiye's first large-scale wind farms and has been feeding electricity into the grid for 18 years.

With an installed capacity of 93 megawatts, it generates 287 million kilowatt-hours of electricity a year, enough for around 115,000 households, said AFP.

"By replacing electricity that would otherwise come from fossil fuel-fired power plants, this output avoids 185,936 tons of carbon emissions each year," operator Sanko Enerji says.

Nearly two decades on, Catalca is one of nearly 300 wind farms, its giant turbines a symbol of the rapidly expanding capacity for renewable energy in Türkiye which is hosting the COP31 UN climate summit that opens in Antalya on Monday.

Last year, 43 percent of Türkiye's electricity came from clean energy sources, of which wind and solar accounted for 22 percent, according to energy think tank Ember.

With electrification emerging as one of the central themes of COP31, Türkiye has been pushing hard for it to be an implementation-focused summit that turns existing climate pledges into action.

Energy Minister Alparslan Bayraktar has outlined plans to triple Türkiye's installed solar and wind capacity from around 40 gigawatts to 120 gigawatts by 2035.

But with coal still the leading source of power generation, Türkiye is under pressure to pair its impressive renewables growth with a definitive shift away from fossil fuels.

Not only is it still building coal-fired power plants, it has yet to set a date to phase out fossil fuels.

- Coal still dominant -

"Türkiye's continued reliance on coal, alongside plans for further expansion, highlights the contradiction at the heart of its current trajectory," Duygu Kutluay of Beyond Fossil Fuels told AFP.

Embracing an electrification agenda alone did not amount to a genuine energy transition because "coal remains the country's largest source of electricity generation", she said.

Coal-fired power plants accounted for 33.5 percent of Türkiye's electricity production in 2025, energy ministry figures show, with Ember saying almost two-thirds of its coal was imported.

Plans to expand coal capacity "risk locking in further fossil-fuel dependence", she warned.

"As Türkiye increases renewable capacity, it must ensure clean electricity replaces fossil-fuel generation rather than simply meeting additional demand," Kutluay said.

The challenge is not only expanding renewables but establishing "a clear pathway to phase out coal".

Asked about Türkiye's continuing reliance on coal, Bayraktar told AFP in February that Ankara prioritized securing affordable energy supplies and reducing dependence on imports.

"Coal can initially be replaced with gas, but in the medium and long term it can be substituted with nuclear," he said.

Ibrahim Erden, president of the Turkish Wind Energy Association, said every country's transition was different with "no single path that suits everyone".

- Need for investment -

Emin Emrah Danis, chief executive of MOBEN consultancy, said Türkiye's energy policy was shaped by rising electricity demand and the need for "baseload" generation to deliver constant power around the clock.

"This is why Türkiye has invested heavily in gas- and coal-fired power plants over the past 30 years," he told AFP.

"For coal's share of power generation to fall to meaningful levels, Türkiye needs substantial investment in electricity storage and nuclear power," he said, referring to battery storage for renewable power.

Türkiye is currently putting the finishing touches on the first reactor of its Akkuyu nuclear power plant, which should be online by the start of 2027, Bayraktar told an energy summit last week.

But Türkiye's nuclear expansion, with two more plants in the pipeline, was unlikely to add enough baseload capacity to replace coal-fired electricity generation before around 2040, Danis said.

And coal would likely remain part of the energy mix for decades, with the need for baseload power and dependence on imports making a full phase-out infeasible before "the mid-2050s".

Türkiye relies heavily on imports of oil, natural gas and coal from countries like Russia, Iran and Azerbaijan.

Erden said infrastructure updates were essential to give greater place to renewables.

"We cannot simply shut down coal-fired power plants today and rely solely on wind and solar energy ... The technological and physical infrastructure is not yet capable of supporting that."

Beyond the climate argument, geopolitical tensions have also strengthened the case for domestic renewables.

"Renewables ... are not only one of the most effective tools for tackling climate change, but also an important means of strengthening energy security and reducing dependence on foreign supplies," he said.