TOKYO // A Japanese MP who made headlines over his quest to take paternity leave resigned on Friday after confessing to an affair with a bikini model while his wife was pregnant.
Kensuke Miyazaki, 35, shook up Japan’s conservative political scene when he sought to take a month’s leave to help his then pregnant wife, a first for a male Japanese member of parliament.
His bid drew criticism from many in a country where fathers taking time off to care for children is rare.
Mr Miyazaki, however, won the backing of prime minister Shinzo Abe, who supported his trailblazing idea.
On Friday, the ruling Liberal Democratic Party MP announced his resignation after a weekly magazine revealed his affair with the 34-year-old woman while they were in Kyoto, his constituency.
Mr Miyazaki's mea culpa was televised nationally with lunchtime news showing the disgraced politician bowing deeply to convey his contrition. Friday's evening newspapers followed suit with the same photo being splashed over front pages.
The admission of his affair triggered outrage online, but politicians were at pains to point out that Mr Miyazaki’s fall from grace should not detract from the debate on paternity leave.
“The issue of men taking holiday or paternity leave should not be rejected or devalued because of this sort of thing,” said Japan’s education minister Hiroshi Hase, who could not resist a thinly veiled swipe at Mr Miyazaki, adding: “We reap what we sow.”
Health, labour and welfare minister Yasuhisa Shiozaki insisted the scandal would have no bearing on government policy.
“It is an individual case,” he said. “It is not something which will have any influence on issues of policy.”
Mr Miyazaki met the woman — also a professional kimono dresser — when she helped him and other politicians dress up in ceremonial garb for the opening of Japan’s parliament last month.
The relationship happened several days before Miyazaki’s wife — fellow politician Megumi Kaneko — gave birth to their first child.
“I have done such a cruel thing to my wife,” he said.
“I’m deeply, deeply, deeply sorry that what I’ve been advocating [on paternity leave] was contradicted by my careless actions. So, I have decided to quit.”
Mr Miyazaki had faced vociferous calls for him to step down.
“To think he was lobbying for paternity leave while [having an affair],” fumed Yukio Edano, secretary general of the opposition Democratic Party of Japan. “He has tarnished the debate.”
Paternity leave is rare in Japan, with only about 2.3 per cent of men working at private companies taking time off.
Mr Abe wants to increase the proportion to about 13 per cent by 2020, as he moves to boost the number of women in the workforce to kick-start the struggling economy.
* Agence France-Presse
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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.
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Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
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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.
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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.
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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.”
Key 2013/14 UAE Motorsport dates
October 4: Round One of Rotax Max Challenge, Al Ain (karting)
October 1: 1 Round One of the inaugural UAE Desert Championship (rally)
November 1-3: Abu Dhabi Grand Prix (Formula One)
November 28-30: Dubai International Rally
January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)
March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)
April 4-10: Abu Dhabi Desert Challenge (Endurance)
