“I was not surprised by Trump’s win,” he told NBC News. Around the world, “governments are being overturned on the same issue — the cost of living.”

Similar forces were at work in Japan, which experienced decades of economic stagnation give way to rising prices. In October, voters delivered a sharp rebuke to the Liberal Democratic Party, which has ruled almost continuously since its 1955 founding. Prime Minister Shigeru Ishiba only managed to hang onto power in a minority…