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Millions in Japan are voting in a snap election called by Prime Minister Sanae Takaichi, whose coalition is predicted to clinch a decisive win, BBC reported. 

Just months after she was elected by lawmakers, Takaichi decided to go to the pollsto seek the public's mandate.

Polls show her Liberal Democratic Party's (LDP) coalition with the populist Japanese Innovation Party could bag up to 300 of the 465 seats in the Lower House, marking a turnaround for the LDP which lost control of both chambers of Japan's parliament last year, according to BBC. 

The government last week decided to take ownership of and make public a long-awaited report on the restructuring of the Nepal Stock Exchange (Nepse), about a month after it was submitted.

The study, conducted by a five-member committee led by former Chair of the Nepal Accounting Standards Board Prakash Jung Thapa, outlines reforms aimed at transforming the country’s sole stock exchange into a modern, competitive and professionally run secondary market institution aligned with international standards.

It had representatives from the Nepal Rastra Bank, Securities Board of Nepal and Nepse as members, while finance  ministry under-secretary Sharad Niraula served as the member secretary.

Among  others, the report has recommended increasing Nepse’s paid-up capital, bringing in a global strategic partner, gradually divesting government ownership, overhauling the board structure, expanding investment instruments, and strengthening institutional governance and technology.

The committee has proposed raising Nepse’s paid-up capital to Rs 3bn in line with the Securities Market Operation Regulations. For this, it has suggested issuing bonus shares as the primary option, while keeping open the possibility of rights issues or new share issuance in the future to meet additional investment needs related to technology and infrastructure development.

One of the major recommendations made in the report is the entry of a world-class strategic partner to bridge Nepse’s technological and managerial gaps. The committee has proposed inviting a strategic investor from among the world’s top 20 stock exchanges, with at least 20 years of operational experience and membership of the World Federation of Exchanges. Such a partner would be offered 15-25 percent ownership in Nepse, subject to a minimum lock-in period of 10 years. According to the report, the strategic partner should be capable of introducing advanced trading technology, modern investment tools and international best practices in exchange operations.

The study also strongly advocates reducing government dominance in Nepse’s ownership structure, arguing that institutions with overwhelming government ownership often suffer from structural weaknesses, including excessive political influence and lack of operational flexibility. In line with the government’s broader policy of divesting from public enterprises, the committee has recommended gradually reducing state ownership in the stock exchange. For this, it has proposed two divestment models. Under the first, the government would retain a 25 percent stake, while the remaining shares would be sold to a strategic partner and other investors. The second model envisions complete government exit, with 20 percent of shares allocated to the general public and the rest distributed among banks, financial institutions and the strategic partner. “However, any divestment should be preceded by an international-standard valuation of Nepse’s assets and liabilities to determine a fair per-share price,” it added.

Another major reform outlined in the report is the restructuring of Nepse’s board of directors. At present, most board members represent the government or government-owned institutions. To end this government dominance, the committee has recommended reconstituting the board with a majority of independent expert directors. It has also suggested excluding the CEO from board membership to avoid conflicts of interest and mandating at least one expert director nominated by the strategic partner.

To make board appointments more professional, the committee has proposed forming a nomination and remuneration committee responsible for selecting directors based on defined qualifications and determining their remuneration according to performance.

The report has also placed strong emphasis on diversifying investment instruments and services. Currently, Nepse offers a limited range of products which has limited investors’ ability to diversify risk. The committee has recommended introducing exchange-traded funds, infrastructure funds and derivative instruments linked to equities and indices. It has also called for the launch of platforms for small and medium enterprises and startups, as well as services such as margin trading, securities lending and borrowing, short selling, intraday trading and advanced IT services including API partnerships, data analytics and co-location facilities.

Institutional governance reforms form another key component of the recommendations. Identifying gaps in risk management, internal control systems, human resource policies and incentive structures, the committee has suggested comprehensive reforms covering board oversight, director qualifications, remuneration and incentives, risk management frameworks, internal controls, and transparent recruitment, career development and benefit systems for employees.

Realizing the need to align Nepse with global regulatory and operational standards, the study panel has recommended adhering to principles set by the International Organization of Securities Commissions (IOSCO), establishing critical market infrastructure such as a central counterparty (CCP), and expanding cooperation with international stock exchanges to enhance competitiveness and credibility.

The cabinet formed the study committee on Nov 18 at the initiation of Minister for Finance Rameshore Prasad Khanal. It submitted its report on Jan 12. 

Nepal is currently steering toward a definitive realignment, characterized by the collapse of traditional partisan fealty and the emergence of a meritocratic mandate. The ‘GenZ Uprising’ and the subsequent dismantling of Sher Bahadur Deuba’s hegemony signify a profound repudiation of a legacy marred by administrative ineptitude and strategic stagnation. Deuba’s political career, alongside the populist rhetoric of KP Sharma Oli and the ideological volatility of Pushpa Kamal Dahal, serves as a cautionary tale of prioritizing personal survival over the foundational democratic and governance values. 

The ascension of Gagan Kumar Thapa signifies a profound generational shift toward results-oriented pragmatism, marking a departure from traditional ideological rigidity. To achieve a similar transformative impact, the communist led by former multiple time prime ministers of Khadka Prasad Sharma Oli and Puspa Kamal Dahal along with others must experience a comparable party avalanche akin to the recent restructuring of the Nepali Congress. However, the March 5 election faces the threat of ‘unholy alliances’ between the entrenched trio of Deuba, Oli, and Dahal, who seek to manipulate the democratic and governance values to preserve their waning influence. 

To counteract this, voters must demand a robust social contract that literalizes ‘Power to the People’ by securing water and energy as the non-negotiable bedrock of national security and economic development. They must critically analyze these recycled agendas and reject any coalition that views vital resources as elective luxuries. This election is a strategic imperative for Nepali citizens to purge the political landscape of institutionalized corruption and to establish a capable governance model of fostering genuine economic dynamism and national sovereignty.

The River Basin Plan 2024

The Water and Energy Commission (WEC) of the Government of Nepal successfully brought to the River Basin Plan 2024 represents a seminal shift in Nepal’s geoeconomic strategy, offering a sophisticated framework for hydrological, terrestrial resource governance and flood control. Rooted principles of  the Integrated Water Resources Management (IWRM), the blueprint advocates for a decentralized, multi-scalar river basin governance model across ten major river basins like the Gandaki, Bagmati, Karnali and Koshi. 

By prioritizing multipurpose projects, the plan seeks to harmonize hydroelectric generation, perennial irrigation, and ecological preservation, positioning water security as the primary catalyst for domestic production and a vital antidote to the chronic ‘brain drain’ of overseas migration. However, a critical disconnect persists between this technocratic roadmap and the prevailing orthodox political landscape. Despite the immense potential of fertile, sequestered river valleys such as the Dordhi and Rapti to foster niche agricultural entrepreneurship, these regions remain marginalized by systemic corruption and populist rhetoric. 

Leadership under figures of Puspa Kamal Dahal, Khadka Prasad Sharma Oli and Sher Bahadur Deuba including other incapable former prime ministers have historically substituted substantive policy with strategic stagnation, leaving the nation burdened by debt and governance ineptitude. Established political entities, including the Nepali Congress and various communist blocs, continue to treat energy and water as peripheral commodities rather than the fundamental pillars of economic sovereignty. Ultimately, the active  river basin plans of the WEC success hinges on whether Nepali voters can compel the political class to move beyond ‘recycled dreams’ and embrace this roadmap as a non-negotiable imperative for national resilience.

Imperative of water and energy

Water and power are the fundamental catalysts required to reanimate Nepal’s stagnant economy. As stakeholders in the democratic process, voters must scrutinize party manifestos for concrete economic agendas regarding the water and energy sector. The River Basin Plan of the WEC 2024 provides a comprehensive blueprint for unlocking natural resource potential to catalyze economic transformation. Therefore, voter support must be directed toward candidates who offer pragmatic, realistic policy commitments prioritizing the needs of the populace who have been neglected for over three decades. To date, neither the Nepali Congress nor the various splintered communist factions have demonstrated a serious commitment to converting these resources into genuine economic endeavors.

Economic Implications of the River Basin Plan 2024

The implementation of multipurpose projects at local, provincial, and national levels across the identified river basins offer profound economic opportunities. These projects serve a strategic function: transferring water to agricultural command areas, enhancing environmental services, revitalizing rural and urban economic partnerships by increasing productivity, advancing industrial and ecological balance. Sufficient water infrastructure supports productivity across all social, economic and environmental sectors. 

The River Basin Plan of 2024  projects a capital requirement of $8.8bn for investment and operations, which is estimated to yield $15.7bn in total benefits. Under the strategic river basin plan framework: the Economic Net Present Value is projected to increase from Rs 1,151bn to Rs 1,221bn. Beyond these metrics, integrated water and power projects act as a multiplier for job creation and ‘real sector’ growth, directly elevating household incomes and human development indices, ultimately expanding GDP over $100bn with over $5000 per capita income.

The institutional failures of the power sector

Nepal’s power sector is currently stifled by the structural inefficiencies and monopolistic stagnation of the Nepal Electricity Authority (NEA). Despite extensive government support, the NEA’s gross failure to ensure reliable delivery has forced enterprises into costly diesel-reliance, compromising national economic dynamism. This institutional paralysis is exacerbated by a leadership culture that prioritizes the performative optics of energy exportation and populist media narratives over domestic infrastructure and household energy promotion. 

Furthermore, the NEA exerts a ‘feudal’ dominance over independent power developers, frequently defaulting on grid-connection commitments and imposing restrictive Power Purchase Agreements and power generation to existing projects that jeopardize the sustainability of power projects. Such autocratic behavior necessitates an immediate transition toward an unbundled, decentralized market structure. 

To unlock Nepal’s hydroelectric potential, the upcoming  election must prioritize the establishment of a robust, independent regulatory body capable of enforcing accountability and dismantling entrenched political patronage. The professionalization of energy governance replacing administrative lethargy with meritocratic leadership is the only viable pathway to securing economic sovereignty. By curbing the NEA’s absolute market dominance, Nepal can foster a competitive environment that transforms electricity from a neglected luxury into the fundamental bedrock of industrial prosperity.

Donald Trump has endorsed Japan's Prime Minister Sanae Takaichi ahead of a snap election in her country on Sunday, BBC reported. 

Takaichi has "already proven to be a strong, powerful, and wise leader... one that truly loves her country," the US president wrote in a Truth Social post on Thursday, adding: "She will not let the people of Japan down!"

While it is rare for US presidents to publicly back candidates in foreign elections, Trump has done so before, endorsing Argentina's Javier Milei and Hungary's Viktor Orban most recently, according to BBC.