News

Asian markets fell on Tuesday as concerns over US-China trade friction weighed on investor sentiment, with Japan's Nikkei 225 and Hong Kong's Hang Seng experiencing notable declines. The Bank of Korea cut its benchmark interest rate to support the slowing economy, while major companies expressed concerns about the unpredictable nature of US trade policies.

Japanese Prime Minister Shigeru Ishiba asserted that Japan will not allow other nations to dictate its defense budget, emphasizing the nation's independent decision-making process and recent military build-up strategy. The statement came in response to comments by Elbridge Colby, the Trump administration's nominee for under secretary of defense for policy, who urged Japan to increase its defense spending.

SoftBank CEO Masayoshi Son intends to borrow $16 billion immediately, potentially adding another $8 billion in 2026, to invest significantly into artificial intelligence. These borrowed funds will mainly support initiatives like Stargate, a joint AI venture with Oracle and OpenAI, reflecting SoftBank's escalating commitment to the AI sector.

Japanese researchers developed iR Fresh, a technology that rapidly exposes fruits and vegetables to near-infrared light to extend freshness, curb mold growth, and potentially reduce pesticide use. Initial tests show it successfully maintains produce qualities, offers logistical advantages, and could revolutionize agricultural practices.

Seven & i Holdings is planning the retirement of current president Ryuichi Isaka, aiming to appoint outside director Stephen Hayes Dacus as his successor, marking the first time a non-Japanese person will head the company. The leadership transition occurs as the company faces a large acquisition bid from Canada's Alimentation Couche-Tard and looks to expand its overseas convenience store operations.