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    Japan’s Debt, Now Twice the Size of Its Economy, Forces Hard Choices

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    Japan’s government faces pressure to curtail debt-fueled spending that some argue has staved off populist waves.Japan, which has the highest government debt among leading economies, is finding it difficult to spend like it used to.Debt-fueled public spending, enabled by low interest rates, has long been a way to address the country’s problems. Struggling farmers and emptying countrysides received generous payments from the central government. Relief aid during the Covid-19 pandemic morphed into new outlays for defense and subsidies to help consumers weather inflation.The spending continued even as more social security funding was needed for Japan’s growing number of seniors. Government debt has ballooned to nearly $9 trillion — more than double the size of the economy.Now, ahead of a heavily contested summer election, Japan’s ruling party is facing pressure to add even more debt. Small businesses hurting from U.S. tariffs are calling for government aid, and households squeezed by rising prices are demanding a rollback in taxes.But as the Bank of Japan moves away from the negative interest rates that for years made it easy for the government to borrow, the limits on spending are more stark.Recently, the market for Japanese government bonds has reflected concern about the country’s fiscal health. The yields on long-term bonds, an indication of investor confidence in the government’s ability to pay back its debts, rose to record highs at one point last week. And weaker-than-expected demand for an auction of 40-year bonds on Wednesday kept investors on edge.

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    Japan 30-year government bond yield
    Source: FactSetBy 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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      Japan Welcomes a New Sumo Champ. Surprise: He’s Japanese.

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      Onosato Daiki became the first Japanese man in eight years to be named a yokozuna, or grand champion, the highest title in the sport.Sumo is Japan’s national sport, steeped in hundreds of years of history and tradition. But Japanese wrestlers no longer dominate sumo.So there was a sigh of relief in local sumo circles when Onosato Daiki of Japan was named on Wednesday as yokozuna, or grand champion, the highest title in the sport. He is the first Japanese yokozuna in eight years and only the second in 27 years, at least temporarily breaking Mongolian dominance of the elite levels of the sport.Yokozuna are selected by a council of elders after great achievement in the ring. There have been 75 since the 1600s, although the process was only formalized in the early 20th century. Once named a yokozuna, a wrestler can never be demoted.Traditionally, winning two consecutive top-division tournaments is enough to earn the yokozuna title; Onosato, as he is known, earned such titles in March in Osaka and on Sunday in Tokyo. He achieved the title after just 13 top-level tournaments, the quickest ascension since the current system came into effect in the 1950s.“This is a very much unknown territory for me,” Onosato said at a news conference, as translated by Japan Today. “I want to maintain my style, be Onosato, and I will work hard to become a unique and unparalleled yokozuna.”There is currently one other yokozuna, Hoshoryu, a Mongolian who earned that title in January in Tokyo. In the May tournament where Onosato won his second consecutive top-division title, Hoshoryu was second, with a 12-3 record to Onosato’s 14-1.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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      She compared motherhood in four countries. The US isn’t looking good

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      When Abigail Leonard saw the news that the Trump administration was considering handing out $5,000 “baby bonuses” to new mothers, she realized that she had already received one.A longtime international reporter, Leonard gave birth to three children while living in Japan, which offers a year of parental leave, publicly run daycare, and lump-sum grants to new parents that amount to thousands of US dollars. But it was not until moving back to the US in 2023 that Leonard grasped just how robust Japan’s social safety net for families is – and, in comparison, just how paltry the US net feels.Not only is the US the only rich country on the planet without any form of national paid leave, but an uncomplicated birth covered by private insurance tends to cost families about $3,000, which, Leonard discovered, is far more than in most other countries. The federal government also spends a fraction of what most other wealthy countries spend on early education and childcare, as federally subsidized childcare is primarily available only to the lowest earners. Middle-class families are iced out.View image in fullscreenLeonard traces the effects of policies and disparities like these in her new book, Four Mothers, which follows the pregnancy and early childrearing experiences of four urban, middle-class women living in Japan, Kenya, Finland and the US. Published earlier this month, Four Mothers provides a deeply personal window into how policy shapes parents’ lives. And it has emerged as an increasingly rightwing US seems poised to embrace the ideology of pronatalism and policies aimed at convincing people to have more kids.Pronatalism is deeply controversial, in no small part because its critics say pronatalists are more concerned with pushing women to have kids than with ensuring women have the support required to raise them.“Being ‘pronatal’ – designing policy to increase the birthrate – is not the same thing as being pro-woman,” Leonard notes in Four Mothers’ introduction. A $5,000 check would not have been enough to help any of the moms profiled in the book. Instead, the women relied on – or longed for, in the case of the US – extensive external support, such as affordable maternity care, parental leave and access to childcare.“The book is an implicit comparison of the rest of the world to the US, and parenthood is so much harder here in many ways,” Leonard said in a phone interview with the Guardian. “People are so accepting that things can be privatized and that government can be torn down and that there won’t be any repercussions to that. We don’t think about how integral government policy is to our lives, and for that reason can’t imagine how much more beneficial it could be.”View image in fullscreenIn the US, resistance to increasing government aid in childrearing has long gone hand in hand with a commitment to upholding a white, traditional view of the American family. At virtually every juncture, rightwing groups have been galvanized to stop sporadic efforts at expanding support. During the second world war, Congress allocated $20m to a universal childcare program that could help women work while men fought in the war effort. The program was so popular that people protested in the streets to keep it even after the war ended, according to Leonard. But the program was dismantled after political disputes over how to run the program, as southern states demanded that the daycares be segregated.In 1971, Congress passed the Comprehensive Child Development Act, which would have created a national system of federally subsidized daycare centers. Inflamed by the idea that the bill would encourage women to work outside the home, church groups organized letter-writing campaigns against the bill. Rightwing pundits, meanwhile, claimed the bill was “a plan to Sovietize our youth”. Richard Nixon ultimately vetoed the bill, calling it “the most radical piece of legislation” to ever cross his desk.Today, Leonard writes, corporations have an entrenched interest in keeping childcare from becoming a public good in the US. Private equity is heavily invested in childcare companies. Wealthy corporations, especially big tech companies, can also use their generous paid leave policies to lure in the best talent.“I talked to a congressman who was telling me he was trying to get some of these companies on board to back a national paid leave policy, and they were saying: ‘We don’t want to do paid leave because then we give up our own competitive advantage.’ It’s so cynical,” Leonard said. “These are companies that have been able to create this image around themselves of being feminist and pro-family. Like: ‘They’re great places to work for women. They help fund fertility treatments!’”She continued: “They’ve feminist-washed themselves. They’re working against a national policy that would benefit everyone and that ultimately would benefit our democracy, because you wouldn’t have this huge inequality of benefits and lifestyles.”‘A grind’The US has become far more accepting of women’s careerist ambitions over the last 50 years – especially as it has become more difficult for US families to sustain themselves on a single income – but balancing work and family life is still often treated as a matter of personal responsibility (or, frequently, as a personal failing).View image in fullscreenTo improve mothers’ lives, Leonard found, a commitment to flexible gender norms – in the home and at work – must be coupled with a robust social safety net.Each of the women in Four Mothers struggled with male partners who, in various ways and for assorted reasons, failed to provide as much childcare as the mothers. Sarah, a teacher in Utah, was married to an Amazon delivery driver who got zero parental leave. Sarah was entitled to three months of leave, at partial pay, but only because her union advocated for it. Although Sarah and her husband chose to leave the Mormon church, she found herself longing for the community that the church provided because it offered some form of support and acknowledgment of motherhood.Finland perhaps fares the best in Leonard’s book. The country, which gives parents about a year of paid leave, invests heavily in its maternal care system and has some of the lowest infant and maternal mortality rates in the world; it even offers mothers prenatal counseling where they can discuss their own childhoods and how to break cycles of intergenerational trauma. (The US, by contrast, has the highest maternal mortality rate of any wealthy country.) Finland is also the only industrialized nation on the planet where fathers spend more time with their children than mothers do. (The difference is about eight minutes, “about as even as it can be”, Leonard wrote in Four Mothers.) Parents are also happier than non-parents in Finland – which is routinely ranked as the happiest country in the world – while the inverse is true in the US.View image in fullscreenStill, the birth rate is on the decline in Finland, just as it is in Japan and the US. It is not clear what kinds of pronatalist policies, if any, induce people to have kids. Nearly 60% of Americans under 50 who say they are unlikely to have children say that’s because “they just don’t want to”.“The pronatal argument here – that’s really focused on people who make the choice not to have children. That is not only cruel and mean, but it’s also ineffective, because people who don’t want to have kids probably aren’t going to have kids and none of this stuff is going to make a difference,” Leonard said.That said, had she been building her family in the US rather than Japan, Leonard doesn’t know if she would have had three children. Given the cost of US childcare, “it would have been more of a grind”.“I just think it’s harder and more expensive here. So it was somewhat easier to have that third child there,” Leonard said. “It’s not because they gave me a $5,000 baby bonus.” More

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      Trump warms to Nippon Steel, backing ‘partnership’ with US Steel

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      Donald Trump has thrown his weight behind a “partnership” between US Steel and Nippon Steel, months after insisting he was “totally against” a $14.9bn bid by the Japanese firm for its US rival.While the US president stopped short of an all-out endorsement of the takeover, he announced a deal between the two businesses on social media on Friday.Trump’s predecessor, Joe Biden, had blocked Nippon’s acquisition of US Steel, citing national security concerns, during his final weeks in office. The Trump administration has since been reviewing the proposal.Under the arrangement announced by Trump on Friday, US Steel would remain in the US, with its headquarters in Pittsburgh, he stressed, announcing plans to hold a “big rally” in the state next week.“This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy,” the president claimed on Truth Social, his social network. “The bulk of that Investment will occur in the next 14 months.”Shares in US Steel surged more than 21% after Trump’s announcement on Friday afternoon.Nippon and US Steel did not immediately respond to requests for comment.The United Steelworkers union had urged the president to reject Nippon’s bid, dismissing the firm’s commitments to invest in the US as “flashy promises” and claiming it was “simply seeking to undercut our domestic industry from the inside”.Trump’s position on Nippon’s approach has shifted significantly. Just in December, he declared he was vehemently opposed to the transaction. “As President, I will block this deal from happening,” he wrote. “Buyer Beware!!!”By last month, however, he had somewhat softened his stance, stating only that he wanted US Steel to remain in the US. “We don’t want to see it go to Japan,” he said. More

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      Asia Stocks Rise on Hope for Lower Tariffs After U.S.-China Talks

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      Investors were optimistic after American officials touted progress in trade negotiations over the weekend, though details had yet to be released.Stocks in Asia gained on Monday after weekend talks signaled that progress had been made in easing trade tensions between the United States and China.Benchmark indexes in Japan and South Korea edged higher in early trading on Monday morning. Stocks in Hong Kong and Shenzhen in China climbed about 1 percent, while futures pointed to similar gains for the S&P 500 when trading begins in New York.Meetings in Geneva between U.S. and Chinese officials concluded on Sunday with Scott Bessent, the U.S. Treasury secretary, saying that “substantial progress” had been made. China’s vice premier, He Lifeng, called the talks “candid, in-depth and constructive.” Details are expected to be released on Monday, both sides said.The meetings were the first between Washington and Beijing since President Trump ratcheted up tariffs on Chinese imports to 145 percent and China retaliated with its own taxes of 125 percent on U.S. goods. The tariffs are so high as to effectively block much of the trade between the two countries.The escalating trade war has left financial markets uneasy, and the meeting raised investors’ hopes that tariffs could eventually be lowered.Analysts at the financial services firm Wedbush Securities said the talks were a “positive step in the right direction.” They anticipated that an initial agreement, once unveiled during the U.S. day on Monday, would “at a minimum” involve a “much lower level” for tariffs.Economists have warned that the tit-for-tat trade barriers have significantly increased the possibility of an economic downturn. That includes in Asia, where some of the biggest economies, including Japan and South Korea, are heavily reliant on both China and the United States as trade partners.The World Trade Organization has forecast that the continuing division of the global economy into “rival blocs” could cut global gross domestic product by nearly 7 percent over the long run. Earlier this month, Japanese officials slashed their growth forecast for this year by more than half.Last week, China reported that its exports to the United States in April dropped 21 percent from a year earlier. Recession warnings are beginning to emerge in the United States.Heading into the weekend, investors had relatively low expectations for a breakthrough at the talks that would result in a meaningful reduction in tariffs. Many analysts expected the discussions to revolve around determining what each side wanted and how negotiations could move forward.Recently, Mr. Trump has opened the door to lower tariffs. Last week, he suggested that tariffs could come down to 80 percent. Commerce Secretary Howard Lutnick told Fox News that so-called reciprocal tariffs on trade with China may settle near 34 percent. More

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      A plea to the West: help us save America’s democracy | Anonymous

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      Donald Trump and his political allies in Washington have undertaken far-sweeping actions to undermine the foundations of American democracy, while simultaneously pursuing policies that erode and disrupt eight decades of trust and cooperation with democratic allies in Europe, North America and Asia.While leaders in these countries grapple with what is happening in Trump’s America, they must now ask themselves a new and critical question of immense relevance – one that has never been asked before in the modern era:“As nations who were helped by America in world war two and who have depended on the United States for our security, do we now have an obligation to reciprocate and help tens of millions of Americans whose liberty is threatened? Should we – can we – do anything to help the American people in their moment of democratic peril?”Yes. I firmly believe that the European Union, the United Kingdom, Canada and Japan have a historic obligation to the American people to do what they can to help us preserve our democracy. An America descending into authoritarianism also poses a threat to the democracies they lead.I have two memories that speak to how foreign democracies should think about what they see happening in the United States of 2025.When my mother passed away, I found a small ceramic teapot in her cupboard with gold lettering on the bottom that read: “For England and Democracy. This teapot was transported to the USA by the Royal Navy.” My mother had purchased it during the early days of the second world war to support Britain and its people. Ordinary Americans such as my mother were doing their part – however small – to support a democratic country besieged by Nazi Germany.During the cold war, I remember hearing American presidents deliver speeches that were highly critical of the Soviet Union. At the end of these remarks, they would sometimes take a moment to directly address “the Russian people”. Our presidents were saying: “We see you as victims of oppression. We know that you are suffering under a cruel regime, and we hope that someday, in some manner, you will be free from the yoke of Soviet communism.” I know that when these messages got through Russian jamming, they were heard and gave some degree of hope to large segments of the Russian population.These two memories tell me that fundamental bonds based on enduring values can exist between governments and peoples who are not citizens of that government. Freedom, democracy and the rule of law can be those values. They also say that in the modern world, ordinary citizens in one nation can take a range of actions to support governments and citizens of another country.Today’s America is a place of fear for many. Americans are afraid that their livelihoods will be destroyed by a president who exercises unconstitutional acts of political retribution against his “enemies”. His targets: universities, law firms, corporations, states, certain agencies of his own government, and any federal employee who dissents in public. The judiciary and the media have been targets of vicious verbal attacks from Trump and his allies in Congress, which are precursors of actual future assaults. Foreign students, permanent residents and immigrants are rounded up and deported using highly questionable methods.European, Canadian and Japanese leaders are having a difficult time adjusting to this new American reality. The muscle memory of 80 years of intense cooperation, and in some cases dependency on the United States, is very difficult to break.I know the questions these leaders must be asking in private: is the United States becoming our adversary and perhaps our enemy? Will we be alone in our battle against the authoritarians in Russia and China? Will Trump and Elon Musk use governmental power and immense personal wealth to undermine our own democracies by encouraging the growth of far-right, anti-democratic forces in our countries? How can we protect ourselves when the wealthiest and most powerful country in the world is in rapid retreat from justice, from economic reality, from science, from policies that protect global health, while it aggressively pursues actions that accelerate dangerous atmospheric warming to the detriment of all?The silence of European, Canadian and Japanese leaders in the face of the US’s democratic crisis is both understandable and deeply disappointing. But make no mistake, their silence is a betrayal of their historic obligation to the American people as well as their commitment to democratic forces the world over. There are at least three difficult steps these leaders should consider.First, they must form common cause with the American people – not our government – and publicly state what they are saying in private. American democracy is in peril from an increasingly lawless government in Washington. They need to acknowledge that if American democracy erodes and dies, democracies the world over will be less safe. For the first time in history, Americans need to hear a message from foreign democratic leaders in support of preserving and sustaining our 249-year-old republic. You owe us at least this if you believe in democracy.skip past newsletter promotionafter newsletter promotionSecond, take steps that begin to isolate the United States in world diplomacy that indicate strong disapproval of Trump’s activities to curtail democracy and his efforts to strengthen ties to authoritarian governments such as Russia. Refuse to visit the United States and make it clear that the US president is not welcome in Europe, Canada and Japan. If the US slips further into authoritarianism or undermines your own democracies, consider suspending the G-7’s yearly meetings and taking further actions to indicate that diplomatic business as usual will not be the norm as the Trump administration pursues an anti-democratic path.Third, move aggressively to act as Trump attacks our great universities and science centers, weakens countless not-for-profit organizations including our national museums, cultural centers and public media, as he moves to destroy US humanitarian relief efforts, as he terminates prior US environmental commitments and repeals laws and regulations designed to slow the climate crisis. Invite Americans engaged in these endeavors to work directly with the people of Europe, Canada and Japan and your like-minded institutions to support these American entities because they are part of our democratic fabric. And they often better your own societies and help people the world over. Establish and encourage the creation of people-to-people initiatives that will bring Europeans, Canadians, Japanese and Americans closer together to carry on what Trump and his allies are either destroying or weakening.I know that taking these actions will be extremely difficult. Trump will respond with verbal assaults and irrational retaliation because his power is unchecked. He and his allies will accuse you of interfering in our domestic affairs. In forming common cause with Americans fighting for our democracy, I deeply regret that you will begin to understand the growing fear that grips all segments of our society, and the retaliation visited every day upon the American people and institutions Trump deems as “enemies”.Defending European, Canadian and Japanese economic interests from Trump’s obsession with tariffs and other harmful actions he may take in the foreign policy arena, though important, does not repay the historic debt that you owe the people of the United States to help us preserve our democracy. I ask you to understand that staying silent as Donald Trump weakens American democracy will not deter him from harming your democratic societies. And your silence can only serve to embolden him in his efforts to erode the democratic standards embedded in the US constitution.

      The writer is a former US diplomat who wishes to remain anonymous More

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      California’s economy surpasses Japan’s as it becomes fourth largest in world

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      California’s economy has surpassed Japan’s, making the Golden state the fourth largest economy in the world, governor Gavin Newsom announced on Thursday.The state’s nominal GDP reached $4.1tn, according to data from the International Monetary Fund and the US Bureau of Economic Analysis, edging out Japan’s $4.02tn nominal GDP. California now ranks behind the US at $29.18tn, China at $18.74tn and Germany at $4.65tn.Along with the tech and entertainment industry capitals, the state, which has a population of nearly 40 million people, is the center for US manufacturing output and is the country’s largest agricultural producer.“California isn’t just keeping pace with the world – we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation,” Newsom said in a statement.The state has outperformed the world’s top economies with a growth rate in 2024 of 6% compared with the US’s 5.3%, China’s 2.6% and Germany’s 2.9%. This week’s new rankings come six years after California surpassed the United Kingdom and became the world’s fifth largest economy.Newsom noted, however, that the Trump administration’s agenda endangers California’s economic interests.“And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”skip past newsletter promotionafter newsletter promotionCalifornia last week became the first state to sue the federal government over Donald Trump’s tariff policies, and has argued that the president’s actions are unlawful and that constitution explicitly grants Congress the power to impose tariffs.“No state is poised to lose more than the state of California,” Newsom said during a press conference announcing the lawsuit. “It’s a serious and sober moment, and I’d be … lying to you if I said it can be quickly undone.”California is a major contributor to economic growth nationally, with the money it sends to the federal government outpacing what it receives in federal funding by $83bn, according to a statement from Newsom’s office.Despite an enormous shortage of affordable housing that has fueled a homelessness crisis in the state, the population has grown in recent years. Meanwhile, last year the state reported its tourism spending had hit an all-time high – though California has seen a drop in some areas.Canadian tourism in California was down 12% in February compared with the same month last year amid Trump’s tariff war. In response, the state has announced a new campaign to draw Canadians back, while one city has put up pro-Canada signs across its downtown. More

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      Come With Me if You Want to Survive an Age of Extinction

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      Every great technological change has a destructive shadow, whose depths swallow ways of life the new order renders obsolete. But the age of digital revolution — the time of the internet and the smartphone and the incipient era of artificial intelligence — threatens an especially comprehensive cull. It’s forcing the human race into what evolutionary biologists call a “bottleneck” — a period of rapid pressure that threatens cultures, customs and peoples with extinction.When college students struggle to read passages longer than a phone-size paragraph and Hollywood struggles to compete with YouTube and TikTok, that’s the bottleneck putting the squeeze on traditional artistic forms like novels and movies.When daily newspapers and mainline Protestant denominations and Elks Lodges fade into irrelevance, when sit-down restaurants and shopping malls and colleges begin to trace the same descending arc, that’s the bottleneck tightening around the old forms of suburban middle-class existence.When moderates and centrists look around and wonder why the world isn’t going their way, why the future seems to belong to weird bespoke radicalisms, to Luigi Mangione admirers and World War II revisionists, that’s the bottleneck crushing the old forms of consensus politics, the low-key ways of relating to political debates.When young people don’t date or marry or start families, that’s the bottleneck coming for the most basic human institutions of all.And when, because people don’t pair off and reproduce, nations age and diminish and die away, when depopulation sweeps East Asia and Latin America and Europe, as it will — that’s the last squeeze, the tightest part of the bottleneck, the literal die-off.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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      Stocks Jump in Asia After Trump’s Tariff Reprieve

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      Markets in Japan, South Korea and Taiwan soar after the U.S. president pauses punishing tariffs. Gains in mainland China were modest as trade hostilities heat up between Washington and Beijing.Following President Trump’s decision to pause punishing tariffs on dozens of countries, markets in Asia reacted predictably: Stocks soared in the countries that were spared.In early trading on Thursday, benchmark indexes rose more than 9 percent in Taiwan, 8 percent in Japan and 5 percent in South Korea. All three Asian economies were among the U.S. trading partners given a 90-day reprieve from Mr. Trump’s so-called reciprocal tariffs.While the U.S. allies won’t immediately face the 24 percent to 32 percent tariffs the Trump Administration had previously threatened, they will still be subject to a lower rate of 10 percent. That comes on top of 25 percent tariffs that Mr. Trump has imposed on goods including cars — a particular sore point for big auto exporters Japan and South Korea.In the United States, the reversal by Mr. Trump on Wednesday sparked the biggest one-day rally of the S&P 500 since October 2008, when stocks soared as investors anticipated central bank rate cuts in the wake of the global financial crisis.Huge Gains and Losses in One WeekModest gains or losses are the most common outcomes on S&P 500 trading days. But since last Thursday the index has had two steep drops and one of its biggest gains since 2000. More