ASIA / PACIFIC
January 21, 2019
THE ASIAN REPORTER n Page 3
Malaysia royals to pick new king January 24 after abdication
By Eileen Ng
The Associated Press
UALA LUMPUR, Malaysia —
Malaysia’s royal families will
meet on January 24 to pick a new
king after Sultan Muhammad V abdicated
unexpectedly after just two years on the
throne, according to an official.
The 49-year-old ruler resigned as
Malaysia’s 15th king, marking the first
abdication in the nation’s history and
cutting short his five-year term. No reason
was given, but the move came after he
reportedly married a 25-year-old former
Russian beauty queen in November while
on medical leave.
Keeper of the Ruler’s Seal, Syed Danial
Syed Ahmad, said the Council of Rulers
held a meeting and set January 24 to
elect a new king. He said in a statement
that the new king would be sworn in
January 31.
The council comprises nine hereditary
state rulers who take turns as Malaysia’s
king for five-year terms. Malaysia is the
only country in the world to have a
rotational monarchy under a unique
system maintained since the country’s
independence from Britain in 1957.
Prime Minister Mahathir Mohamad
said that it was up to the Council of Rulers
to pick the new king, but added that he
hoped it would be done quickly.
During his first stint as prime minister
K
for 22 years until his retirement in 2003,
Mahathir pushed through constitutional
amendments that stripped the sultans’
power to veto state and federal legislation,
and curbed their legal immunity.
The
monarch’s
role
is
largely
ceremonial, since administrative power is
vested in the prime minister and
parliament. But the monarch is highly
regarded, particularly among the ethnic
Malay Muslim majority, as the supreme
upholder of Islam and Malay tradition.
Still, some sultans have in recent years
become more active in business and
politics. Sultan Muhammad V delayed
Mahathir’s swearing-in as prime minister
after a historic election victory in May last
year, and also delayed giving his consent to
the appointment of a non-Muslim attorney
general.
Sultan Muhammad V was installed as
king in December 2016. He was one of
Malaysia’s
youngest
constitutional
monarchs and has a love for extreme
sports.
Reports in Russian and British media
and on social media featured photos of his
wedding with a former Miss Moscow that
ROTATIONAL MONARCHY. Malaysian King
Sultan Muhammad V salutes during the national an-
them at the opening of the 14th parliament session
at Parliament House in Kuala Lumpur, Malaysia, in
this July 17, 2018 file photo. Sultan Muhammad V
has abdicated in an unexpected and rare move, after
just two years on the throne. (AP Photo/Yam G-Jun,
File)
reportedly took place in Moscow. Neither
the sultan, the palace, nor the government
had officially confirmed the wedding.
Speculation that Sultan Muhammad V
would step down emerged shortly after he
returned from the two-month leave, but
Mahathir had said that he was unaware of
any abdication plans.
National police chief Mohamad Fuzi
Harun warned the public not to speculate
on Sultan Muhammad V’s abdication. He
was quoted by local media as saying that
police had received several reports of
provocative statements being made on
social media and were investigating.
Next in line for the top job is Sultan
Azlan Shah of central Pahang state, who
was king from 1979 to 1984, but the
88-year-old is now unwell and didn’t
attend the council meeting. Some
observers say he can abdicate in favor of
his son, who can become king.
After Pahang is the billionaire Sultan
Ibrahim Ismail of southern Johor state,
who is involved in business, owns a fleet of
jets, and loves Harley-Davidson motor-
cycles.
Bank of Japan warns that Japan faces new risks as population shrinks
TOKYO (AP) — Japan faces unforeseen risks in guiding
economic policy as its population of about 126 million ages
and declines, the governor of its central bank said.
Bank of Japan (BOJ) governor Haruhiko Kuroda told
fellow financial leaders that policies must be devised to
prevent the shrinking population from hindering
economic growth.
Since taking his post in April 2013, Kuroda has flooded
Japan’s economy with cash through central bank asset
purchases to help fight deflation and keep the economy
growing. The BOJ also imposed a negative interest rate
policy to keep lending costs ultralow in the longer term.
Kuroda told a seminar that while the conventional
strategy of controlling short-term interest rates is well
understood, the unconventional methods the Bank of
Japan has adopted can have unexpected consequences.
Kuroda said one of the potential pitfalls could be if
banks use cheap credit to seek higher yielding, high-risk
investments harmful to financial stability.
“Policy makers need to manage prudential policy
appropriately, taking into account the fact that the risk
profiles of financial institutions could be dramatically
transformed during times of demographic change,” he
said.
On the other hand, aging populations create new
markets for many products and services, so there are
positives along with the challenges, he added.
Japan’s population began shrinking several years ago
and is rapidly aging. That has discouraged companies
from investing and hiring within Japan, while they direct
their efforts toward faster growing overseen markets.
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UNEVENTFUL ERUPTION. In this image obtained from a surveil-
lance camera, a smoke column rises after an eruption of Shindake vol-
cano on Kuchinoerabu island in southern Japan on January 17, 2019.
(Japan Meteorological Agency via AP)
Volcano in southern Japan
erupts; no injuries or damage
TOKYO (AP) — A small island volcano in southern
Japan has erupted, blasting rocks and ashes into the air
but causing no damage or injuries.
The Japan Meteorological Agency said the eruption of
the Shindake volcano on Kuchinoerabu island sent rocks
flying and hot gas and debris pouring down the crater. It
has not reached the residential area 1.2 miles away.
Officials say no damage or injuries have been reported.
About 80 residents initially took refuge at a shelter on the
island but have since started to return home after an
evacuation advisory was lifted.
Shindake’s last major eruption in May 2015
temporarily displaced the island’s entire population of
about 150.
Kuchinoerabu is south of Japan’s main southern island
of Kyushu.
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