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Thick plates of steel for use in construction and ship building are hot-rolled by machinery at the Nippon Steel Corp. Kimitsu steel mill in Kimitsu, Japan near Tokyo February 6, 2008.

Biden slams Nippon Steel deal — but Tokyo plays it cool

US President Joe Biden on Thursday came out against Japan’s largest steel producer acquiring Pittsburgh-based US Steel, saying America must “maintain strong American steel companies powered by American steelworkers.”

Nippon Steel made an offer worth over $14 billion in December, and shortly afterward the White House indicated it would be scrutinized by the Committee on Foreign Investments in the United States. For now, the deal is still on, but CFIUS review is usually reserved for deals involving companies from potential adversaries – not from trusted allies like Japan — and presidents rarely comment before the committee finishes.

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A view of the skyline and buildings at Shinjuku district during sunset in Tokyo, Japan June 20, 2021.

REUTERS/Pawel Kopczynski

Will Japan raise interest rates … to zero?

Japan’s central bank will debate a landmark interest rate rise next week that could bring interest rates to a staggering 0% after nearly a decade of negative rates.

As the saying goes, there are four types of economies: developed, underdeveloped, Argentina, and Japan. While most countries have been working hard to cool inflation, Japan has struggled with the opposite problem, deflation, since the 1990s. Lower prices at the grocery store are nice, but consumers pay for it on the other end: Businesses see revenues fall, struggle to pay their debts, and lower wages or downsize to break even (mostly the former in Japan). The economy stagnates and ordinary families suffer.

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North Korean leader Kim Jong Un attends the groundbreaking ceremony for the construction of a factory in Songchon County, North Korea, February 28, 2024.

KCNA via REUTERS

IAEA chief backs Japan-North Korea talks

International Atomic Energy Agency head Rafael Grossi said Tuesday that the UN body supports Japan’s efforts to hold a summit with North Korea to boost engagement, even if nuclear weapons aren’t on the agenda.

Japanese Prime Minister Fumio Kishida has said he is prepared to meet with North Korean leader Kim Jong Un as he tries to bring back Japanese nationals abducted to North Korea between 1977 and 1983. Kim’s sister Kim Yo Jong, who holds considerable sway, indicated that Pyongyang would be open to talks with Japan last month.

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FILE PHOTO: Italy's Prime Minister Giorgia Meloni attends her end-of-year press conference in Rome, Italy, January 4, 2024.

REUTERS/Guglielmo Mangiapane/File Photo

Hard Numbers: Meloni suffers Sardinian blow, Russia jails another critic, Japan’s baby bust continues, Big Oil pumps Big Money

0.4: The rugged island of Sardinia has dealt rightwing Italian PM Giorgia Meloni the first serious electoral blow she’s suffered since taking office in 2022. In local presidential elections (Sardinia has special autonomy from Rome, and its own president) a candidate from the left-leaning anti-establishment 5-Star Movement beat the Meloni-backed candidate by a mere 0.4 points. Alessandra Todde will now become not only Sardinia’s first female leader, but the first 5-Star member to head any of Italy’s 20 regions.

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Women take part in a ritual event of naked festival, for the first time in its 1250 years of history, at Owari Okunitama Shrine, also known as Konomiya Shrine, in Inazawa, Aichi Prefecture, central Japan February 22, 2024.

REUTERS/Chris Gallagher

Hard Numbers: Japanese women go to naked party, Australian fires rage, French farmers fume, and Zambian creditors get paid.

1250:Washoi! Women crashed the party at Japan's 1250-year-old Naked Festival, a traditionally all-male event designed to drive out evil spirits. While they didn’t actually bare all, the first-ever female participants successfully trampled gender norms while ensuring that the festival continues as Japan’s population ages.

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People visit the stand of NVIDIA during the 11th China Digital Entertainment Expo and Conference, known as ChinaJoy 2013, in Shanghai, China, 25 July 2013.

Nvidia rally lifts markets – and struggling political leaders

AI chipmaker Nvidia dropped jaws on Wednesday with earnings estimates that surged past even the most optimist expectations, sending a charge through global markets on Thursday. The firm’s stock price has surged almost 700% in the past 18 months to pass Amazon as the third-largest stock listed on the NASDAQ after Microsoft and Apple.
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An Afghan security force personnel keeps watch near his check post in Parun, capital of Nuristan province, Afghanistan November 20, 2016.

REUTERS/Hamid Shalizi

Hard Numbers: Landslide tragedy in Afghanistan, Credit card mega deal, Debt default in Niger, Gun violence in New Guinea, EU takes on TikTok, Chinese New Year blowout, Japan crazy for food carts

25: Twenty-five people have died and twenty homes were destroyed in a landslide triggered by heavy rain and snow in eastern Afghanistan's Nuristan province. Harsh winter weather, difficult terrain, and a lack of resources are hampering rescue efforts for those still trapped.

35,300,000,000: Capital One will merge with credit card network Discover in an all-stock deal valued at $35.3 billion dollars, expected to close in late 2024 or early 2025. The merger would render the combined firm the largest US credit card company by loan volume, but consumer advocates say the deal raises antitrust concerns.

519,000,000: The West African nation of Niger has defaulted on another debt payment, bringing its total debt default to $519 million since a military coup last July, according to the West African monetary union debt management agency UMOA Titres. Niger’s recent missed payment of $22 million is but the latest challenge faced by the Sahel nation, including suspended international aid, closed borders, and a possible currency change.

26: Twenty-six people were killed in a tribal ambush in a community dispute in Papua New Guinea's Highlands region. The area has traditionally struggled with violence, but a recent influx of illegal firearms have made clashes more deadly.

6: The EU could take a big bite out of ByteDance, parent company of social media giant TikTok. The company could be subject to a fine of 6% of its global turnover if found to have violated EU online content rules, particularly regarding the protection of minors and advertising transparency.

474,000,000: Now that’s a holiday! During China’s eight-day Lunar New Year celebrations, Chinese travelers were on the move, taking 474 million domestic trips, up 19% from 2019, and splashing out spending of 632.7 billion yuan (US$87.9 billion), up 7.7% from pre-pandemic levels.

100,000: Japan's latest craze? Snagging a bullet train food cart for your kitchen or canteen. After Central Japan Railway decided to discontinue the use of its 50 iconic snack-mobiles, it was swamped with nearly 2,000 bids at $100,000 yen (US$666) a pop, proving that the race for train memorabilia is just as fast-paced as the shinkansen line itself.

FILE PHOTO: A volunteer stirring food to be distributed to people in Omdurman, Sudan, September 3, 2023.

REUTERS/El Tayeb Siddig/File Photo

Hard Numbers: Crisis deepens in Sudan, Infernos rage in Chile, Moon is shrinking, Japan welcomes digital nomads, NJ scores World Cup final, Swift's lucky numbers

8,000,000: The United Nations reported this week that 10 months of violent conflict in Sudan have displaced nearly 8 million people and caused at least 12,000 deaths. The war between the rebel Rapid Support Forces and the Sudanese Army has left nearly half of Sudan's population in need of aid and the International Criminal Court investigating allegations of war crimes.

112: At least 112 people are dead and 190 missing in wildfires consuming the central regions of Chile, including the historic port city of Valparaiso. Arson is suspected to have ignited the blaze that burned over 106,255 acres during the intense heatwave sweeping South America.

150: Over millions of years, the moon has shrunk by 150 feet in diameter – and now, scientists are growing concerned. The shrinking, caused by the cooling of the moon's molten core, has led to the formation of thrust faults and “moonquakes” that could pose risks to future lunar missions, notably at its south pole.

10,000,000: If you’ve got a yen to work in Japan, this is your lucky day. To boost tourism, the country will be offering a “specified activities” visa to digital nomads from 49 countries and territories, including the self-employed. This will allow them to work remotely and stay for up to six months as long as they earn an annual income of 10 million yen, or $68,300. The program is expected to start in late March.

39: FIFA World Cup released the schedule and locations of games for the 2026 tournament, which will be played in Mexico, the US, and Canada. At 39 days, it will be the longest World Cup in history, culminating with a final to be played in “New York/New Jersey” (which means MetLife stadium in … New Jersey). Among other curiosities, close observers noted that there’s a chance of a knockout round match between the US and England on July 4 in Philadelphia. Get your 1776 on …

4: Last night, Taylor Swift became the first artist to win four Grammy awards for album of the year with "Midnights." The pop star, who now has 14 statues on the mantle, thanked her fans by announcing that her new album, “The Tortured Poets Department,” will drop on April 19. And for those wondering where she will be on Feb. 11, the Embassy of Japan in Washington, DC, tweeted on Friday that the singing superstar can “comfortably” get from her concert in Tokyo on Saturday to Las Vegas on Sunday in time to see her “guy on the Chiefs” play in the Super Bowl.

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