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Good morning! We have an interesting development to share regarding the Biden administration’s efforts to pressure Japan to include anti-whaling language in the Indo-Pacific Economic Framework (IPEF). Despite initial opposition and concerns from Tokyo and some US officials, the US trade representative, led by Katherine Tai, has decided to drop these efforts. This decision comes after strong opposition from Japan and the realization that the IPEF is not the appropriate platform to address concerns about whaling.
Last week, we reported that Tokyo vehemently objected to including anti-whaling language in the IPEF. In fact, a senior Japanese official even stated that Japan was prepared to abandon the agreement unless the US backed down. This would have dealt a significant blow to Washington and its hopes of using the trade pact as an economic counterweight to China. According to Christopher Johnstone, a Japan expert, the removal of anti-whaling language from the agenda is a triumph of diplomatic common sense.
In other news, US President Joe Biden is set to host Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol at Camp David today. During this summit, Biden will announce a trilateral agreement aimed at strengthening deterrence against North Korea and China.
Additionally, Malaysia is set to release its second-quarter GDP figures, and economists expect the data to show a slowdown in growth. Lastly, the Women’s World Cup final between England and Spain is taking place on Sunday in Sydney.
To keep up with these and other news stories, make sure to take our quiz to test your knowledge of the week’s events.
Here are five more top stories:
1. Foreign investors have been selling off Chinese stocks and bonds due to a loss of confidence in Beijing’s promises of economic support. Our calculations show that investors have nearly reversed Rmb54bn ($7.4bn) in net purchases of Chinese equities following a pledge from Chinese leaders to increase policy support.
2. Llion Jones, a former Google researcher, and David Ha, the former head of Google’s AI research arm in Japan, have founded a Tokyo-based artificial intelligence start-up called Sakana AI. Find out why they chose Japan as the company’s headquarters.
3. Iran is facing unexpected challenges due to the ultra-cheap petrol prices caused by heavy state subsidies. The widening gap between supply and demand has forced Iran to tap into its strategic reserves and import petrol for the first time in a decade.
4. The Wirecard fraud scandal continues to play out in courts in Munich and Singapore three years after the German payments company’s collapse. These legal cases highlight the difficulties faced by law enforcement agencies in dealing with complex global fraud.
5. Yields on long-term US government debt have reached their highest level since 2007 as investors grow confident that the Federal Reserve will curb inflation through higher interest rates without triggering a recession.
Lastly, in our Big Read, we dive into the devastating effects of climate change and the risks businesses and investors face due to their underpricing of these risks.
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