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    Asian Markets Slide as Global Sell-Off Continues

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    Fears over the future health of the global economy are continuing to rattle markets around the world, as investors grapple with the reality of tariffs and fresh signs that consumers are pulling back on spending.After the S&P 500 suffered its worst day of the year on Monday, the sell-off continued into Asia trading on Tuesday.Asian markets opened mostly lower, with Japan’s Nikkei 225 index falling about 2 percent, weighed down by big declines in Japanese technology stocks. Stock markets in South Korea and Taiwan also fell around 2 percent in early trading.Equity markets in China were faring slightly better. Shares in Shanghai and Shenzhen ticked lower, down around 0.2 percent in morning trading. Hong Kong was down less than 1 percent.Investors have become increasingly cautious about the U.S. stock market in recent weeks as President Trump has flip-flopped on tariffs, causing confusion and uncertainty.Growing unease about the inflationary effects of the tariffs, coupled with a broadly darkening mood about the economy, provided the catalyst for a sell-off in a market that investors have long worried was overvalued.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Gabbard Begins Trip to Visit Japan, Thailand and India

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      Tulsi Gabbard, the director of national intelligence, is heading to Asia on a trip that will include an appearance at a security conference in India next week.Ms. Gabbard announced in a social media post on Monday that she was traveling to Japan, Thailand and India and would visit France on the way back to the United States.It is Ms. Gabbard’s second international trip as a top Trump administration official. Immediately after she was confirmed a month ago, she traveled to Germany to attend the Munich Security Conference.On Wednesday, Ms. Gabbard arrived in Hawaii, which hosts a large National Security Agency office as well as the military’s Indo-Pacific Command headquarters, officials said. Ms. Gabbard, who represented the state for eight years in Congress, will meet with military and intelligence officers while in Hawaii, according to her social media post, in which she also said she would watch U.S. troops train.The Asia leg of Ms. Gabbard’s trip will culminate in an address on March 18 at the Rasina conference, a multinational gathering of security officials in New Delhi, to which she was invited by Prime Minister Narendra Modi. There, Ms. Gabbard will hold bilateral meetings with Indian officials and officials from other countries, a senior Trump administration official said.The Rasina conference is often attended by senior Russian security officials and experts. It is not clear, however, whether Ms. Gabbard will have bilateral meetings with Russian officials on the conference’s sidelines.The Trump administration is pushing for a cease-fire between Ukraine and Russia and has been pressuring the Kyiv government to make concessions to end the war.Trump administration officials’ comments at the Munich conference in February left many European diplomats reeling, particularly Vice President JD Vance’s rebuke of Europe for what he said was abridging conservatives’ free speech.But Ms. Gabbard’s remarks, which focused on counterterrorism cooperation between Europe and America, were well received by European diplomats eager for any sign that U.S. intelligence agencies intend to preserve their partnerships with longstanding allies.The senior administration official said Ms. Gabbard intended to strike similar themes in India and would address counterterrorism, cybersecurity, artificial intelligence and intelligence sharing. More

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      Japan’s Economy Recovered In Second Half But Barely Grew in 2024

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      Though it recovered in the second half of the year, Japan’s economy barely grew in 2024 as a depreciated yen fueled inflation and strained households.For decades in Japan, it was accepted as gospel: A weak currency makes companies more competitive and bolsters the economy.Part of that promise came true last year: As the yen tumbled to a 37-year low against the dollar, big brands like Toyota Motor reported the highest profits in Japanese history. Stocks soared to record highs.Yet for the majority of Japanese households, the weakened yen has done little more than drive up the costs of basic living expenses, such as food and electricity. Figures released Monday showed that while Japan’s economy picked up pace in the second half of 2024, its inflation-adjusted growth rate for the full year slowed to 0.1 percent. That was down from 1.5 percent the prior year.Attempting to stimulate exports by weakening a currency has long been a policy tool for countries seeking economic growth: President Trump has said he wants a weaker dollar to help American manufacturing. Japan provides an example of what can happen when a depreciated currency, even if it helps exports, crushes consumer purchasing power by worsening inflation.“In economics, they teach us that everything has a benefit and a cost, and it’s about asking which is greater,” said Richard Katz, an economist who focuses on Japan. Of the yen trading at around 153 to the dollar, “this is clearly not the way to run a railroad,” Mr. Katz said. “It would be good to take a lesson from this.”The figures released on Monday show that household spending shrank slightly in 2024, after expanding in the previous three years. Unlike in the United States, where strong consumption helped the economy surge back after the Covid-19 pandemic, prolonged weak spending in Japan has left its real gross domestic product barely above prepandemic levels.

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      Japan consumer confidence index
      Source: Cabinet Office of JapanBy The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Bob Fernandez, Who Survived Pearl Harbor as a Teenager, Dies at 100

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      Mr. Fernandez was a 17-year-old sailor aboard the U.S.S. Curtiss when Japanese forces attacked. He had recently canceled a trip to Hawaii for the 83rd anniversary of the bombing.Robert Louie Fernandez, one of the last known American survivors of the bombing of Pearl Harbor, died on Wednesday, just days after the 83rd anniversary of the attack, in Lodi, Calif. He was 100.Mr. Fernandez, known as Uncle Bob to friends, family and even some strangers, died at the home of his nephew Joe Guthrie, who confirmed the death. “I promised him 10 years ago that he could die in my home, and that’s what he did,” said Mr. Guthrie, who became his uncle’s caretaker in 2022, after his dementia diagnosis. “He died loved and happy.” Born in San Jose, Calif., in 1924, Mr. Fernandez enlisted in the U.S. Navy in August 1941, when he was 17 years old. He was stationed aboard the U.S.S. Curtiss at the Pearl Harbor naval base on the island of Oahu in Hawaii, where he served as a mess cook and ammunition loader, according to military records. In a video biography filmed in 2016, Mr. Fernandez said he had joined the Navy to see the world. “I just thought I was going to go dancing all the time, have a good time,” he said, adding: “What did I do? I got caught in a war.”Mr. Fernandez had planned a trip to Hawaii for an event last Saturday commemorating the 83rd anniversary of the bombing, but his health started to deteriorate a few weeks ago, according to his family.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Miho Nakayama, Japanese Music and Movie Star, Dies at 54

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      A top-selling pop singer as a teenager in the 1980s, she also had an award-winning career as a dramatic actress.Miho Nakayama, a reigning J-pop star of the 1980s who broke through to become a critically acclaimed dramatic actress and gained international attention for her starring role in the sentimental Japanese drama “Love Letter,” died on Friday at her home in Tokyo. She was 54.Ms. Nakayama was found dead in a bathtub, according to a statement from her management company. The statement added, “We are still in the process of confirming the cause of death and other details.”The Japan Times reported that Ms. Nakayama had canceled an appearance at a Christmas concert in Osaka, Japan, scheduled for that same day, citing health issues.Born in the city of Saku in Nagano Prefecture on May 4, 1970, and raised in Tokyo, Ms. Nakayama — known by the affectionate nickname Miporin — rocketed to fame in 1985, becoming one of Japan’s most successful idols, as popular young entertainers there are known, with the release of her first single, “C.” That same year, she took home a Japan Record Award for best new artist.She exploded on both the big and small screens that same year with starring roles in the comedy-drama series “Maido Osawagase Shimasu” (roughly, “Sorry to Bother You All the Time”) and the film “Bi Bappu Haisukuru” (“Be-Bop High School”), an action comedy set on a dystopian campus filled with uniformed schoolgirls and brawling schoolboys.Such stories were popular teenage fare at the time, as evidenced by her subsequent role in “Sailor Fuku Hangyaku Doumei” (“The Sailor Suit Rebel Alliance”), a television series that made its debut in 1986, in which Ms. Nakayama played a member of a group of martial arts-savvy girls who squared off against wrongdoers at a violence-marred high school.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      President Yoon Suk Yeol of South Korea Declares Martial Law, Then Backs Down

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      Soon after President Yoon Suk Yeol’s declaration on Tuesday, lawmakers voted to defy him, prompting the president to say he was lifting his order.President Yoon Suk Yeol of South Korea declared emergency martial law on Tuesday night, then reversed himself hours later as thousands of protesters flooded the streets, capping an extraordinary night of tumult in the deeply divided country.The threat of military rule had brought political chaos to one of America’s closest allies in Asia and carried echoes of South Korea’s postwar years of military rule and political violence.But Mr. Yoon’s gambit appeared to quickly backfire, leaving his political future uncertain and the opposition baying for his impeachment.His announcement imposing martial law, at 10:30 p.m. local time on Tuesday, had immediately raised questions over whether the president could commandeer such a highly developed industrialized democracy.Before dawn on Wednesday, those questions appeared to be answered.The National Assembly quickly passed a resolution demanding an end to martial law, and Mr. Yoon backed down, saying he would lift his emergency declaration just five and a half hours after he had issued it.Martial law was formally lifted at a Cabinet meeting early Wednesday.President Yoon Suk Yeol of South Korea declared emergency martial law on Tuesday evening.Ahn Young-Joon/Associated PressWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 88 Shares179 Views

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      Can Rahm Emanuel Flip the Script Again?

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      There’s a buzz around Rahm Emanuel — the former Bill Clinton adviser, former Illinois congressman, former chief of staff to President Barack Obama, former mayor of Chicago — possibly becoming the next head of the Democratic National Committee. The progressive left despises his pragmatism and liberal centrism. He has a reputation for abrasiveness. And his current job, as ambassador to Japan, has traditionally served as a posting for high-level political has-beens like Walter Mondale and Howard Baker.But he also has a gift for constructing winning coalitions with difficult, unexpected partners.More on that in a moment. When I meet him for breakfast this week at a New York City hotel, what he wants to talk about is a looming crisis in Asia. “What started as two wars in two theaters is now one war in two separate theaters,” he says of the conflicts in Ukraine and the Middle East. “We need to ensure that it does not expand into a third theater.”How soon might that happen? I mention 2027, a year that’s often seen as China’s target date for reunification with Taiwan, if necessary by force.“I think it’s actually 2025,” he answers.What Emanuel has in mind are Asia’s other flashpoints, including along the 38th parallel that divides North and South Korea, where Russia is “poking” Kim Jong-un, the North Korean leader, “to do something” and where South Korea’s president briefly declared martial law, and also in the South China Sea, where China and the Philippines are coming to blows over Beijing’s illegal maritime claims. Unlike with Taipei, to which America’s obligations are deliberately ambiguous, with Manila and Seoul our defense commitments are ironclad.That could mean war for the United States on multiple unexpected fronts. Emanuel’s tenure as ambassador was distinguished by his role in engineering two historic rapprochements — last year between Japan and South Korea and this year between Japan and the Philippines — that, along with the AUKUS defense pact with Britain and Australia, form part of a broad diplomatic effort by the Biden administration to contain China.The Chinese, Emanuel says, “have a theory of the case in the Indo-Pacific. We have a theory of the case. Their attempt is to isolate Australia, isolate the Philippines and put all the pressure on that country,” often through abusive trade practices. “Our job is to flip the script and isolate China through their actions.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares99 Views

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      What a School Performance Shows Us About Japanese Education

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      North Korea, in the Spotlight Over Ukraine, Launches a Long-Range Missile

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      The launch, into waters west of Japan, came shortly after the United States and South Korea criticized the North for sending troops to join Russia’s war. North Korea launched an intercontinental ballistic missile off its east coast on Thursday, South Korean defense officials said, shortly after the United States and South Korea condemned the country for deploying troops near Ukraine to join Russia’s war effort.The missile was fired from Pyongyang, the North Korean capital, at a deliberately steep angle so that it reached an unusually high altitude but did not fly over Japan, the South Korean military said in a brief statement. The missile landed in waters between North Korea and Japan.The military said it was analyzing data to learn more about the missile, but that it believed it was an ICBM. North Korea last tested a long-range missile​ in December, when it test-fired its solid-fueled Hwasong-18 ICBM.The launch on Thursday was the North’s first major weapons test since September, when it fired a new type of Hwasong-11 short-range ballistic missile, which it said could carry a “super-large” conventional warhead weighing 4.5 tons.On Wednesday, South Korean defense intelligence officials told lawmakers that North Korea might conduct long-range missile tests before the American presidential election next week. They also said that the North was preparing to conduct its seventh underground nuclear test, in a bid to raise tensions and gain diplomatic leverage with the next U.S. president. North Korea conducted its last nuclear test in 2017.In recent weeks, North Korea has posed a fresh security challenge to Washington and its allies by sending an estimated 11,000 troops to Russia to fight in its war against Ukraine. Thousands of them, outfitted with Russian uniforms and equipment, have moved closer to the front lines, preparing themselves for possible battle against Ukrainian troops, South Korean and American officials said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More