Nikkei 225 recovers 40,000 level as Nasdaq closes at yearly high
Tokyo's benchmark stock index climbed above the 40,000 mark for the first time in about five months in Friday morning trading.
The jump followed gains on Wall Street overnight, with the tech-heavy Nasdaq closing at a yearly high.
The Nikkei 225 rose sharply at the opening on the Tokyo Stock Exchange, led by semiconductor-related shares.
It gained more than 600 points, or 1.5 percent, at one stage.
In New York, the Nasdaq closed above 20,000 on Thursday to set a new high for 2025.
The benchmark Dow Jones Industrial Average rose almost 1 percent.
The US market confidence came from expectations trade tariff deadlines may be extended.
Media reports saying President Donald Trump may nominate a successor to Fed chair Jerome Powell earlier than usual also fueled speculation about cuts in interest rates.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yomiuri Shimbun
29 minutes ago
- Yomiuri Shimbun
What's in Trump and Senate Republicans' Tax and Immigration Bill?
New tax breaks. Massive spending on border security. Cuts to social safety net programs. Pullbacks on investments to fight climate change. New limits on student loans. If it becomes law, President Donald Trump and congressional Republicans' massive bill will reshape much of the federal government – and the U.S. economy. The House narrowly passed the legislation in May and sent it to the Senate, which is set to take up the One Big Beautiful Bill Act as soon as Saturday. Republicans are trying to move quickly to reverse many of President Joe Biden's legislative accomplishments and cement Trump's legacy in the tax code, on the U.S.-Mexico border, and in generations-old anti-poverty programs. The legislation would devote hundreds of billions of dollars to finishing Trump's border wall, fortifying maritime border crossings, outfitting the Defense Department and more. It would extend the tax cuts that were one of the signature legislative achievements of Trump's first term, create new savings accounts for newborns and fulfill some, but not all, of the president's campaign promises. The Republican negotiations over the bill are far from over. The Senate overhauled the legislation in ways that some House lawmakers find unrecognizable. Trump and Senate leaders are banking on the House accepting those changes, even if lawmakers in the lower chamber have concerns over myriad issues, including the social safety net and national debt. The GOP is using the budget reconciliation process to shepherd the measure, which allows them to dodge a Democratic filibuster in the Senate and pass it on party lines. Here's what's in the Senate version of the proposal released overnight. Extend the 2017 Trump tax cuts Trump's 2017 Tax Cuts and Jobs Act cut taxes for individuals of nearly all income levels, concentrating most of the benefits among the wealthiest earners and corporations. The business tax cuts are permanent, but the individual portions expire at the end of the year. So if Congress doesn't act, tax rates will go up on most households. The Republican bill would permanently extend the lower rates for individuals. Increase the standard deduction The Tax Cuts and Jobs Act doubled the standard deduction, which is the baseline amount of income filers can collect tax-free. This legislation would preserve that policy and add to it, increasing the deduction by up to $2,000 for married couples filing jointly and $1,000 for single filers, to $32,000 for couples and $16,000 for individuals. Cuts to Medicaid To meet budget goals, Republicans are making deep cuts and instituting eligibility restrictions on Medicaid, the federal health insurance program for low-income individuals and people with disabilities. The Senate implements work requirements and new cost-sharing structures and puts strict limits on Medicaid provider taxes, duties that states charge medical providers as a roundabout way of collecting more federal Medicaid dollars. Some in the GOP wish to use that policy to force states to jettison immigrants from benefits rolls. Rural hospital bailout fund To soften the blow of the provider tax limitations, the Senate created a $25 billion fund to stabilize rural hospitals and health clinics. The fund would begin in 2028 when the new provider tax policies begin, and sunset in 2032. A little SALT The bill quadruples the cap on the state and local tax deduction, or SALT, which lets filers write off the amount they paid in local taxes from their federal tax bill. But that increase would only last a little while. After five years, the SALT cap would snap back down to $10,000. Making states pay for SNAP The legislation would cap future expansion of SNAP, the Supplemental Nutrition Assistance Program formerly known as food stamps. It would also pass on more of the cost for administering the program to state governments, potentially forcing local officials to decide whether to cut benefits or dig into their state and municipal budgets. States with higher rates of improper payments would be required to shoulder up to 15 percent of benefits costs. Today, states and the federal government split the costs of running SNAP's operations evenly. Beginning in 2027, the federal government would only cover a quarter of the cost. Increase the child tax credit – for some The child tax credit is a tax break for filers with children. The Republican measure would increase the credit to $2,200 per child, from $2,000, then would link it to inflation. But not every family can qualify: The legislation limits eligibility to parents or guardians with Social Security numbers, essentially requiring claimants to be citizens or immigrants who have obtained valid Social Security numbers. That would mostly exclude noncitizen parents from claiming the credit on behalf of a child who is a citizen. A border wall, other barriers and immigration restrictions The Senate version designates nearly $85 billion for the Trump administration's border and immigration crackdown. That is about half of what the House proposed for border and immigration funding. The Senate would spend $6.5 billion to complete the wall along the U.S.-Mexico border and other fortifications, including at maritime crossings. More than $54 billion would go to building and maintaining detention centers to house and transport families of deportees. New taxes on colleges and universities The legislation aggressively taxes income generated by the endowments of colleges and universities. Current law imposes a 1.4 percent tax on those institutions. This bill creates a new system that would set varying tax rates depending on the size of the endowment per enrolled student: Savings accounts for newborns The proposal would give newborn babies a $1,000 savings account that the legislation calls a 'Trump account.' (A previous version dubbed them 'money account for growth and advancement,' or a MAGA account.) Parents or beneficiaries could contribute $5,000 each year to that account until the beneficiary is 31 years old. The idea mirrors a pitch from Democratic Sen. Cory Booker (New Jersey) for 'baby bonds.' No tax on tips Trump campaigned heavily on ending taxes on tips, and now that policy is in the bill. The legislation would allow a tax deduction for the total amount of tipped income received. It contains some guardrails to prevent 'highly compensated employees' from claiming their earnings as tips and specifically identifies food service, hair care, nail care, aesthetics, and body and spa treatments as professions eligible to receive the deduction. No tax on overtime Another of Trump's campaign promises, this provision would exempt overtime wages from taxes through a new deduction. The legislation wouldn't allow deduction of overtime wages from tips or for 'highly compensated employees,' and requires filers to use a Social Security number when claiming the deduction, deeming most undocumented immigrants ineligible. No tax on car loan interest The bill would allow purchasers of American-made cars to deduct up to $10,000 in car loan interest payments for four years – an idea Trump talked about on the campaign trail and then returned to as his tariffs began to bite the auto industry. For tax filers earning more than $100,000 (or $200,000 for married couples filing jointly), the loan interest deduction would phase out by $200 for every $1,000 of additional income. A bonus deduction for seniors Trump promised last year to end taxes on Social Security benefits. The bill doesn't include that provision, but it would add an extra $6,000 to the standard deduction for people over 65 years old. The policy would taper off as a recipient's income increased. Billions for defense, including Trump's 'Golden Dome' There is roughly $158 billion in the bill for the Defense Department, spread over several priorities: $25 billion for the munition and defense supply chain, $329 billion for shipbuilding, and $34 billion for missile defense and space capabilities – that's partially for Trump's 'Golden Dome' continental missile defense system. Sell federal land The bill would require the Bureau of Land Management to sell between a quarter and half a percent of the agency's land holdings to build new housing. It specifically exempts national parks, national monuments, national recreation areas, wilderness areas, other wildlands and contracted grazing areas. Repeal Biden student loan forgiveness The legislation would save $320 billion over 10 years by repealing the Biden administration's student loan forgiveness program and making other changes to loan repayments. Tax credits for home schooling or private school The bill includes up to $4 billion per year in tax credits that benefit people who donate to organizations that help families pay for private-school tuition or home schooling. It would create a 100 percent tax credit for donations to scholarship-granting organizations, with taxpayers fully reimbursed for their donations when they file their taxes. Rescind money to fight climate change The proposal would gut elements of Biden's signature 2022 climate law, the Inflation Reduction Act. It would eliminate a federal tax credit of up to $7,500 that consumers can receive for buying an electric vehicle. Republicans would also quickly phase out incentives for the production of clean energy, such as wind and solar power. New oil, gas and coal production The Natural Resources Committee would require the federal government to immediately begin selling leases for oil and gas drilling in the Gulf of Mexico and in protected Alaskan wildlands. It would also force the Interior Department to approve more coal production and reduce regulations to make it cheaper to extract. Auction the spectrum The electromagnetic spectrum is necessary for everything from wireless technologies to military communications and radars. The legislation would renew the Federal Communications Commission's authority to auction off bands of spectrum that the Commerce, Science and Transportation says could raise $85 billion over 10 years. Cut protections for federal workers The legislation would require an audit of dependents of federal employees on government health insurance plans. Earlier editions of the measure would have forced new federal employees to choose between accepting an at-will classification that would make it easier to be fired or putting more of their salary toward retirement, and recalculated worker retirement benefits. Those provisions were removed. Raise the debt ceiling The debt ceiling sets the amount of money the federal government can borrow to pay for expenses already incurred. The government technically eclipsed the limit at the end of 2024, but the Treasury Department is taking 'extraordinary measures' to put off the need to take on more debt. But those measures will expire sometime in August. Treasury Secretary Scott Bessent on Friday refused to answer questions on an exact date, a break from previous administrations. The Senate bill would raise the debt limit by $5 trillion.
Japan Times
4 hours ago
- Japan Times
Japan's H2A rocket retired after successful final launch
Japan's flagship H2A rocket lifted off for the final time at 1:33 a.m. on Sunday from the Tanegashima Space Center in Kagoshima Prefecture, successfully concluding a 24-year run that has defined the nation's space capabilities. The rocket's 50th and final mission carrieds the GOSAT-GW, a government-developed hybrid environmental observation satellite. The satellite combines the Advanced Microwave Scanning Radiometer for monitoring ocean surface temperatures and water cycle dynamics with the TANSO sensor, which measures greenhouse gases, and is expected to play a key role in the country's climate change mitigation and resource management. With this final launch, the H2A retires with a stellar track record — 49 successful launches out of 50, a success rate of 98%. Jointly developed by Mitsubishi Heavy Industries and the Japan Aerospace Exploration Agency (JAXA), the 53-meter rocket debuted in 2001 and quickly became the workhorse of the country's space program. Some of H2A's most vital payloads were weather and reconnaissance satellites that support the Quasi-Zenith Satellite System. It also enabled landmark missions such as the 2014 launch of the Hayabusa2 asteroid probe, which successfully returned samples from the asteroid Ryugu to Earth, and contributed to Japan's first successful lunar landing in January 2024 by carrying the SLIM lander. Originally scheduled for Tuesday, the launch was delayed after an anomaly was detected in the rocket's second-stage electrical system. Engineers completed the necessary repairs and re-inspections before clearing it for flight. The decision to retire the H2A comes amid rising global competition in the space launch industry, where cost-efficiency has become a key differentiator. While the H2A offered world-class reliability, its average per-launch cost of around ¥10 billion ($69 million) made it increasingly difficult to compete with rockets with lower price— to— payload prices, such as SpaceX's Falcon 9. With the H2A now phased out, attention turns to its successor, the H3 rocket. Co-developed by JAXA and Mitsubishi Heavy Industries, the H3 offers lower launch costs and increased launch frequency amid intensifying international competition. While its debut flight in March 2023 ended in failure, the program has since rebounded with four consecutive successful launches. The upcoming sixth H3 mission, scheduled for later in this year, will mark a key milestone. The rocket will be the first in its 30 configuration, using three liquid-propellant engines and no solid rocket boosters — a test of its low-cost configuration and a step toward Japan's effort to build a globally competitive launch platform.
Japan Times
4 hours ago
- Japan Times
Come nightfall in Nakano, Thai eatery Orangutan opens its arms
Strolling down a side street of Tokyo's Nakano neighborhood one recent Sunday evening to rendezvous with friends for dinner, I pass by a side entrance to the Nakano Broadway shopping center before reaching my destination and doing a double take: I knew that the Portland, Oregon-inspired Lou, one of my favorite cafes, had begun closing in the late afternoons to let Orangutan, a dinnertime concept featuring northeastern Thai food, take over. But I still can't believe its transformation. The bright daytime energy of the cafe now gives way to an intimate evening vibe replete with low lighting, Thai-style decor and a sign outside proclaiming the new eatery as an 'original jungle curry and funky music spot.' The space is the childhood home of owner Daisuke Matsushima, whose career in the restaurant industry began when he opened Paddlers Coffee in 2013 in Shibuya's Sangubashi neighborhood as a popup, which got its own home in 2015 as a cafe in the quiet backstreets of nearby Nishihara. Matsushima had acquired the license to serve Stumptown Coffee from Portland, where he had lived as a teen, learning English and joining the local skateboarding community. He opened Lou as a sister shop in Nakano in 2021, taking over and refurbishing the space that was once his family's watch, jewelry and eyewear business. The eyeglass-shaped overhead lamps are a nod to this history. While Lou gained a steady following and solid reviews, Matsushima says there were also slow business days, which prompted him to consider a new business model. After his favorite Thai restaurant, Thai no Gohan Lark Pakuchi located in the Shimokitazawa area, closed in 2022, he stayed in touch with its chef, Ryo Uchiyama. A fan of Thai food since his Portland days, it occurred to him: Why not recruit Uchiyama to create Thai food at night? This was the seed for Orangutan, the name of an ape native to Malaysia and Indonesia. Matsushima chose the moniker because he liked the different way the word resonated in Japanese and English. Daisuke Matsushima (center, with cap), chef Ryo Uchiyama (in yellow T-shirt) and the rest of the team bring conviviality to Orangutan. | KIMBERLY HUGHES Encountering some initial resistance from his staff, Matsushima took the whole crew to Thailand for a weeklong trip to explore its rich food culture in an effort to align the group with his vision. Matsushima recalls that they 'ate about five meals a day.' Although Uchiyama's Shimokitazawa restaurant had served food from throughout Thailand, the pair decided to focus their new venture on Thai's northeastern region — particularly its Isan cuisine, known for vibrant dishes incorporating generous amounts of herbs, chilis and fermented fish — along with the milder style of food from Chiang Mai. Orangutan opened its doors in September 2024, undertaking the swift transformation between the two establishments each day in around two hours. Swapping out Lou's seatback cushions from blue to orange, Matsushima also engaged the artisans in his network to help shape the atmosphere of the new space: Textiles from Chiang Mai resident Azusa Kawaguchi, who also hosted the group's visit in Thailand, drape the walls and the coffee machine, while the wooden tabletop covers and utensil holders were crafted by a friend in Tokushima Prefecture. Specializing in small plates, Orangutan's menu shows Uchiyama's deft hand at Thai cuisine. Sourcing his herbs from the Terra Madre farm in Mobara, Chiba Prefecture (and from an Asian market in Tokyo's Okubo neighborhood during the off-season) and using no MSG, he creates exceptionally fresh dishes such as an Isan-style som tam (papaya salad) with a fermented fish sauce — its balanced spicy, salty and tangy flavors perfectly complement the fragrant basket of sticky red rice. The "som tam" (papaya salad) offers a delicious interplay of spicy, salty and tangy flavors. | KIMBERLY HUGHES Naem kluk, a homemade fermented pork sausage, comes accented with crispy rice, red curry, toasted peanuts and cilantro. I pair this with the humorously named Fruit Loops, a natural red wine from Austrian vintner Claus Preisinger that was selected by the in-house wine specialist. Featuring a blend of cabernet franc, blaufrankisch and syrah grapes, it is crisply refreshing, with hints of spice and the slightest finish of wild gaminess — perfect for both the food and the early summer weather. Soop naw mai (a tender bamboo shoot salad) features slivers of red onion and mint sprigs, while tom saap nua (spicy and sour beef soup) is a rich broth with tender chunks of meat and mushrooms complemented by an aromatic combination of lemongrass, ginger, basil, kafir lime, cilantro and red chili. A dollop of Okinawan mango and sticky rice ice cream, served creatively atop a spoon for dessert, helps cool down the fieriness of the meal. Lingering over drinks — my companions opt for the limey City Jazz Gose craft beer from Hobo Brewing and refreshing Thai mojitos — I soak in the evening atmosphere, which is enhanced by the music playlist that encompasses Spotify and Matsushima's extensive vinyl record collection, covering everything from cumbia to Thai funk and avant-garde jazz to ska. While Uchiyama does not go out of his way to cater to diners who may not be able to handle the fiery flavors, he is more than willing to tone down the spice upon request. Orangutan also offers seating on its tiny front terrace for those balmy evenings when you want to enjoy the outdoor ambience. So whether you're interested in the sumptuous Thai food or just the drinks and the vibe, this eatery deserves a spot on your dining list. Nakano 5-53-4, Nakano Ward, Tokyo; 03-3387-0888; ; open 6 p.m-11 p.m.; closed Tues. and Wed
