# 2026年  10月23日（金）コメンテーター：神保謙、永濱利廣

- Show: 飯田浩司のOK! Cozy up！ Podcast【最新回のみ】
- Published: 2026-10-25
- Canonical: https://podc.club/en/episode/1366187377_77421e88525f.html
- Audio: https://traffic.omny.fm/d/clips/67122501-9b17-4d77-84bd-a93d00dc791e/3c31cad9-230a-4a5f-b487-a9de001adcdd/8ad234f5-4881-43fb-b296-b4ee00a788d4/audio.mp3?utm_source=Podcast&in_playlist=47a5ec59-4c22-496d-b71d-b2a4001ebd5d
- Source: Edited from a machine transcript of the first 30 minutes of the episode. Not an official summary.

On the October 23 broadcast, National Cyber Security Council member Ken Jimbo (神保謙) detailed how agentic AI is now automatically breaching companies through a critical PHP vulnerability, with personal data leaks of tens of thousands to millions of records occurring daily. Economist Toshihiro Nagahama (永濱利廣) analyzed the Bank of Japan's expected October rate hold and why a formal deflation-exit declaration is emerging as the next political flashpoint. The episode also covered expanding left-wing riots in Paris and the one-year assessment of the Takaichi administration.

## What this episode answers

### What cybersecurity and economic impacts is the critical PHP vulnerability causing?

Agentic AI is automatically discovering vulnerabilities and breaching organizations faster than patches can be applied, with personal data leaks of tens of thousands to millions of records occurring on a near-daily basis; the Nikkei fell on AI-related stock selling, the yen strengthened, and risks of spillover to physical infrastructure were flagged.

### With the BOJ expected to hold rates at its October meeting, why is a deflation-exit declaration becoming the central issue?

The BOJ is on track to hold at 1.25% after raising rates in September, but this meeting could be the first time the BOJ signals that inflation has effectively reached 2%, which would trigger debate over renegotiating the government-BOJ policy accord in place since the Abe era and force a decision on whether to issue a formal deflation-exit declaration.

### What is behind the expanding Paris riots, and how do they differ from past unrest?

The riots began in September when high-school students in the Paris suburb of Saint-Denis protested education policy; far-left party La France Insoumise backed the movement through its strongholds in immigrant-heavy suburbs, while Black Bloc activists in black masks moved into central Paris to target symbols of capitalism such as Dior stores and banks—a markedly more urban and politically organized pattern than past suburban riots by immigrant youth.

### What is the issue involving Kanagawa Prefectural Police's unauthorized use of driver's license photos?

It emerged that Kanagawa Prefectural Police had for 30 years been passing personal data—including face photographs from expired licenses that should have been destroyed—to its security division, a practice considered likely to violate the Personal Information Protection Act; the National Police Agency launched a nationwide survey of all prefectural police forces.

### What are the economic policy achievements and remaining challenges of the Takaichi administration after one year?

The Takaichi administration's key achievements are its new industrial policy spanning 17 sectors with ¥370 trillion in investment targeted by 2040 and real wages that have stayed positive since the start of the year; the remaining challenge, as identified by Nagahama, is that communication with financial markets over 'responsible active fiscal policy' has repeatedly been reactive rather than proactive.

## Article

## PHP's Critical Vulnerability — AI-Automated Attacks Outpace Patch Responses

The front pages of the Asahi, Yomiuri, Sankei, and Tokyo Shimbun all carried reports on a critical vulnerability discovered in PHP, the widely used programming language. Multiple government ministries and private companies have suspended services in what is being called the "PHP shock." Nagahama noted that the Nikkei Stock Average fell, led by AI-related stocks, while the yen also strengthened.

Ken Jimbo, a member of the National Cyber Security Council, explained that just as Japan strengthened its active cyber defense framework in October, agentic AI began automatically discovering and exploiting vulnerabilities, breaching large numbers of companies and organizations in rapid succession. "Patching simply cannot keep up," he said. "Personal data leaks involving tens of thousands to millions of records are occurring on a near-daily basis." He warned that risks could spread beyond digital networks to physical infrastructure, and observers expect demand for cybersecurity firms to surge sharply.

## Kanagawa Prefectural Police's Unauthorized Use of Driver's License Photos

As reported by the Mainichi Shimbun, Kanagawa Prefectural Police had for 30 years been passing personal information—including face photographs from expired driver's licenses that should have been destroyed—to its security division. The National Police Agency launched a sweeping investigation of all prefectural police forces, as the practice is considered likely to violate the Personal Information Protection Act.

Jimbo urged every organization to verify that personal data earmarked for disposal has actually been destroyed. Nagahama observed that many people must be wondering why information they registered ten years ago is now leaking, and flagged the inconsistency in practices across prefectures—some return old licenses with a hole punched through them, while others, like Kanagawa, retain them entirely.

## BOJ to Hold in October — Deflation-Exit Declaration Becomes the Next Flashpoint

According to the Nikkei, the Bank of Japan plans to hold its policy rate at 1.25% at its October 29–30 monetary policy meeting, having only just raised rates in September and wishing to assess their impact.

Nagahama described the hold as "already priced in," but said the meeting's most significant question is whether the BOJ will signal that inflation has effectively reached 2%. If it does, that would constitute de facto recognition that Japan has exited deflation—yet the Takaichi (高市) administration has yet to issue a formal declaration, which would in turn prompt discussion about renegotiating the government-BOJ policy accord in place since the Abe administration. Attention will also focus on Governor Ueda's post-meeting press conference.

Jimbo analyzed the composition of Japan's inflation, noting that both demand-pull and cost-push pressures are present. He pointed out that roughly half of Japan's inflation is attributable to food price increases—a cost-push factor rather than demand growth—which explains the government's hesitation to declare deflation officially over. He also revealed that preparations for a deflation-exit declaration had quietly been underway before tensions in Iran escalated, but have since been shelved.

## Paris Riots — Black Bloc and Far-Left Opposition Drive Urban Clashes

Mina Mitsui (三井美奈), the Sankei Shimbun's Paris bureau chief, filed a late-night report from the scene. Unrest has spread across broad swaths of central Paris, including the Champs-Élysées and Place de la République, in a pattern unlike previous episodes.

"Two years ago and in June this year, it was immigrant youth from the suburbs causing the trouble," Mitsui explained. "This time, Black Bloc activists in black masks have moved into the city center and are targeting symbols of capitalism—Dior boutiques, banks." The trigger was high-school students in the Paris suburb of Saint-Denis who began protesting education policy in September; politicians and mayors from the far-left party La France Insoumise (LFI, "France Unbowed") backed the students, and the unrest expanded through the party's strongholds in immigrant-heavy suburbs. With the 2027 presidential election approaching—current polls show National Rally's Le Pen in first place and LFI's Mélenchon in second—the far left sees this as a moment it cannot afford to miss. A large left-wing counter-demonstration against a National Rally rally is also planned for this weekend.

Nagahama noted that French long-term interest rates are rising sharply, and said that if French sovereign debt is downgraded, its rating could fall below Japan's, making Japanese government bonds relatively more attractive—a dynamic contributing to a mild decline in Japanese long-term yields.

## Takaichi Administration at One Year — Industrial Policy Praised, Market Communication a Weakness

The Takaichi administration marked its first anniversary on Wednesday. Nagahama cited as achievements the new industrial policy covering 17 sectors with a ¥370 trillion investment plan through 2040, along with eight cross-cutting reform agendas including labor market reform, startup support, and deregulation. He also noted that real wages have stayed positive since the start of the year and that stock prices have risen. On the other hand, he identified communication with financial markets over "responsible active fiscal policy" as a persistent challenge where the administration has repeatedly been caught flat-footed.

On diplomatic and security matters, Jimbo noted that navigating the Trump administration's radical America-first agenda has become the core challenge of Japanese foreign policy, with details deferred to the 7 o'clock segment.

## Takeaways

- Agentic AI is automatically scanning for and exploiting PHP vulnerabilities faster than organizations can patch them, driving the 'PHP shock' that has sent stocks lower and the yen higher while raising fears of spillover to physical infrastructure.
- If the BOJ signals that inflation has effectively reached 2%, renegotiating the government-BOJ policy accord and issuing a formal deflation-exit declaration will become the dominant political and market focus.
- The Paris riots have taken on a distinctly urban, politically organized character as LFI and Black Bloc coordinate ahead of the 2027 presidential election, while the risk of a French sovereign debt downgrade is emerging as a side effect.