Tokyo stocks higher despite Trump announcement of 25% tariff on Japan
In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 170.90 points, or 0.43 percent, from Monday to 39,758.58. The broader Topix index was up 7.09 points, or 0.25 percent, at 2,818.81.
On the top-tier Prime Market, gainers were led by nonferrous metal, service and precision instrument issues.
At 9 a.m., the U.S. dollar fetched 145.87-88 yen compared with 146.02-12 yen in New York and 145.19-20 yen in Tokyo at 5 p.m. Monday.
The euro was quoted at $1.1736-1737 and 171.19-22 yen against $1.1703-1713 and 170.94-171.04 yen in New York and $1.1744-1745 and 170.52-56 yen in Tokyo late Monday afternoon.
Trump also indicated negotiations with Japan would continue, leaving open the possibility that the tariff rate could be reduced.
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The Diplomat
21 minutes ago
- The Diplomat
Silencing RFA Uyghur Echoes Past Mistakes
Forty-five years ago, the U.S. silenced Uyghur voices in the name of diplomacy. Today, they are being silenced in the name of austerity. In 1979, the United States shut down Uyghur-language radio broadcasts to appease the Chinese government ahead of Deng Xiaoping's visit to Washington. Forty-five years later, Uyghur voices are being silenced once again, this time in the name of budget cuts. In March, the Trump administration eliminated Radio Free Asia's Uyghur Service, the only source of uncensored Uyghur-language news in the world. Whether for diplomatic gain or domestic political theater, the result is the same: the silencing of our voices and the empowerment of Chinese state propaganda. The U.S. must not repeat this mistake. RFA Uyghur was the first outlet to confirm mass deaths in Chinese internment camps in 2017. When international journalists were blocked from reporting in our homeland, RFA Uyghur revealed that internment camps were still operating despite government claims to the contrary. Its closure is not just a blow to press freedom; it is the silencing of an entire people amid an ongoing genocide. Starting in the late 1960s, the Uyghur-language service of Radio Free Europe/Radio Liberty (RFE/RL) broadcasted 15 minutes a day into Central Asia and East Turkistan. The programming — uncensored news, history, culture, and politics — was a lifeline for Uyghurs desperate for truthful reporting. Just before Chinese leader Deng Xiaoping's historic visit to Washington in 1979, RFE/RL's Uyghur language service was abruptly closed. U.S. officials, eager to strengthen ties with China to counter the Soviet Union, proactively shut down Uyghur language programming to win favor with the Chinese government ahead of the important meeting. Just 15 minutes of independent Uyghur journalism was important enough to be factored into high-level diplomatic calculations. Later, we were told that the directive came from President Jimmy Carter's national security advisor, Zbigniew Brzezinski, a staunch anti-Soviet who viewed China as a key partner against Moscow. Erkin Alptekin, a senior staff member at RFE/RL's Uyghur service, wrote in a letter to The Washington Post that the U.S. government was 'trying to eradicate a presumed source of embarrassment to blossoming U.S.-Chinese relations.' In other words, Uyghurs were collateral damage in a global chess game. Under the leadership of Alptekin, Uyghurs advocated strongly to try to save RFE/RL's Uyghur service. Some in Congress listened and tried to right the wrong. In 1979, Rep. John M. Murphy introduced urging RFE/RL to resume Uyghur-language programming. The resolution did not pass, but it gave us a spark of momentum to keep fighting for independent Uyghur journalism. When I was hired as a journalist at RFE/RL in 1988, there was no Uyghur language programming; instead, I worked for RFE/RL's Tajik Service. Even so, the 1979 resolution inspired us to keep advocating for Uyghur language programming. We finally succeeded in 1998, when Radio Free Asia's Uyghur Service was founded. I'll never forget the first broadcast, when independent reporting in our language finally reached our homeland for the first time in nearly 20 years. Now, history is repeating itself. With the elimination of RFA's Uyghur Service, the Chinese government faces one less challenge to its disinformation campaigns. CCP-run newspapers openly celebrated the closure of RFA and VOA. Since March, Chinese state media have added 16 new Uyghur-language radio frequencies, flooding the airwaves with propaganda. Abroad, Beijing's influence expands through tourism-promotion, all-expense-paid tours for foreign vloggers, censorship on Beijing-controlled applications like TikTok, and transnational repression campaigns that go unchecked. We must learn from history instead of repeating our past mistakes. China is far more powerful now than it was when Uyghur language programming was first shut down in 1979. Allowing CCP propaganda to go unchallenged is even more dangerous this time. When the first Uyghur service was cut, China was opening its doors to the West, and allowing Uyghurs slightly more freedom. But now, China is waging a brutal genocide against our people. Uncensored Uyghur journalism is more important than ever before. Sacrificing RFA Uyghur Service at such a desperate time for our people creates a perception that the U.S. only supports fundamental freedom when convenient. Forty-five years ago, the U.S. silenced Uyghur voices in the name of diplomacy. Today, they are being silenced in the name of austerity. Either way, the result is the same: empowering the Chinese government's repression and abandoning a people struggling to survive genocide. The United States must reverse this dangerous decision and restore Radio Free Asia's Uyghur Service. The cost is modest. The stakes could not be higher. Let us not make the same mistake twice.
The Diplomat
21 minutes ago
- The Diplomat
To Be a Bridge Builder: Indonesia's Debut at the BRICS Summit
Jakarta understands the importance of maintaining cooperation with both China and the United States, as demonstrated by Prabowo's attendance at the BRICS Summit and his efforts to negotiate with the Trump administration. On July 6, Indonesian President Prabowo Subianto attended the BRICS Summit in Rio de Janeiro, Brazil. President Luiz Inácio Lula da Silva welcomed him during his opening speech and congratulated Indonesia on becoming a full member of the organization as of January 2025. Lula emphasized the significance of the summit by referring to BRICS as the heir to the Bandung Conference. In 1955, Indonesia hosted the Asian-African Conference in Bandung to promote independence and solidarity among 29 mostly newly independent and developing countries. Lula asserted that BRICS carries the 'Bandung Spirit' in its quest for a multipolar international order, especially amidst the ongoing collapse of multilateralism, which threatens the autonomy of developing countries as well as international climate commitments and fair trade. Furthermore, as the United States prepares to issue tariff letters to several countries, Prabowo's presence at the BRICS Summit signified Indonesia's aim to strengthen solidarity among the Global South in response to the United States' unilateral tariff measures. On April 2, President Donald Trump announced steep hikes in tariff rates for U.S. trading partners, including a 32 percent tariff on imports from Indonesia. In 2024, the U.S. was one of Indonesia's top trading partners, and Jakarta had a $16.8 billion trade surplus with Washington. Conversely, the U.S. faced a $17.9 billion deficit with Indonesia, making Indonesia the 15th-largest contributor to the U.S. trade imbalance. Trump soon after paused the looming tariffs for 90 days, a measure initially set to expire on July 9; with some administration officials stating in early July that the deadline had been pushed back to August 1. Indonesia, like many other states, attempted to pursue a better deal with the Trump administration, in part by agreeing to a trade pact worth $52.3 billion, which entails an increase in imports of U.S. fuels and investments in the U.S. energy and agricultural sectors, as stated by Chief Economic Minister Airlangga Hartarto. However, it remains uncertain if the negotiations will yield results, as Trump recently stated that he intended to send a 'take it or leave it' letter instead of engaging in 'complicated' negotiations. Indonesia's concern regarding Trump's unilateral tariffs aligns with the views of BRICS, which believe these actions could harm the global economy and undermine the authority and rules of the World Trade Organization (WTO). The Rio de Janeiro Declaration calls for reforming the WTO, stating it is the only multilateral institution with the necessary mandate, expertise, universal reach, and capacity to lead discussions on international trade, including the negotiation of new trade rules. The declaration also advocates for reforming the Bretton Woods institutions to better reflect the growing influence of developing countries in the global economy. By doing so, BRICS positions itself as a platform for multilateralism and a driving force for global governance reform — an initiative that Indonesia is eager to support. Unfortunately, Trump appears suspicious of BRICS. He has threatened to impose an additional 10 percent tariff on any country that aligns itself with what he considers the 'Anti-American policies' of BRICS. The aspirations of BRICS, such as global governance reform and financing in local currencies, are viewed as challenges to American hegemony. Indonesia recognizes the fierce rivalry among major powers and the desire of developing countries for autonomy. In many international fora, Prabowo continues to uphold Indonesia's long-standing policy of an independent and active foreign approach. Amid concerns from scholars about Indonesia leaning toward China, Jakarta understands the importance of maintaining cooperation with both China and the United States. No major power should be excluded from development efforts. Often, Jakarta aims to foster inclusivity in the region. At the 34th ASEAN Summit in 2019, Indonesia steered the ASEAN Outlook on the Indo-Pacific (AOIP), promoting a regional norm that welcomes contributions from any major power as opposed to the polar opposites of 'Asia for Asians' or concerted effort to encircle China. Indonesia has also actively sought U.S. involvement in developing its nickel industry, which is perceived to be largely influenced by China. Unfortunately, the U.S. has not seized this opportunity, leaving Indonesia with fewer options. Nevertheless, Indonesia remains steadfast in maintaining its impartial stance. During the BRICS Summit in Rio de Janeiro, Prabowo proposed that Indonesia act as a bridge builder between the Global South and the Global North. This strategy is designed to reduce tensions between developing and developed nations, as Indonesia aims to prevent BRICS from becoming an opposing force that further deepens the divide between these two groups of countries. A recent study published in Foreign Affairs Magazine showed that Indonesia is one of the most effective hedgers among the ASEAN countries. It received a score of 49 on the Anatomy of Choice Alignment Index, where a score of zero indicates complete alignment with China, and a score of 100 signifies full alignment with the United States. The index highlights Jakarta's diplomatic success in maintaining a balance among superpowers, lending credibility to Indonesia's envisioned role as a bridge builder. Indonesia is not sleepwalking into strategic alignment with China. Prabowo's proposal to act as a mediator should be seriously considered to ensure that BRICS contributes to a multipolar order.
Japan Times
39 minutes ago
- Japan Times
U.S. to send 'more weapons' to Ukraine, Trump says
U.S. President Donald Trump said Monday the United States will send additional weapons to Ukraine, after Russia claimed new gains in its grinding war against its neighbor. Trump's announcement followed Washington saying last week that it was halting some weapons shipments to Kyiv, leaving Ukrainian officials caught off guard and scrambling for clarity. A pause poses a potentially serious challenge for Kyiv, which is contending with some of Russia's largest missile and drone attacks of the more than 3-year-old war. "We're going to have to send more weapons — defensive weapons primarily," Trump told journalists at the White House. "They're getting hit very, very hard," he said of Ukraine, while adding that he was "not happy" with Russian President Vladimir Putin. In a statement, the U.S. Defense Department later said it would send additional defensive weapons to Ukraine at Trump's direction, to ensure the Ukrainians can defend themselves while efforts continue to secure a lasting peace. The Pentagon said its initiative to evaluate military shipments around the world stayed in effect. While stockpile numbers are classified, the weapons Ukraine needs most aren't urgently required elsewhere and there was no immediate need to deny the country weapons that were already on their way, observers said. On Friday, Trump had told reporters Ukraine would need Patriot missiles to defend itself, but he did not mention them again specifically on Monday. The Pentagon statement gave no details on the weapons to be shipped to Ukraine. Ukraine has been asking Washington to sell it more Patriot missiles and systems that it sees as key to defending its cities from intensifying Russian airstrikes. Germany said it was in talks on buying Patriot air defense systems for Ukraine to bridge the gap. Putin launched the full-scale invasion of Ukraine in 2022 and has shown little willingness to end the conflict despite pressure from Trump. The U.S. president's pledge to ship more arms to Ukraine came after Moscow said Monday that its forces captured its first village in Ukraine's central Dnipropetrovsk region after advancing toward it for months. Russia launched a fresh large-scale drone and missile barrage before the announcement, including on Ukraine's military recruitment centers. Kyiv also said it carried out a drone attack on a Russian ammunition factory in the Moscow region. Russia said its forces captured the village of Dachne in the Dnipropetrovsk region, an important industrial mining territory that has come under mounting Russian air attacks. Last month, Moscow said its forces had crossed the border into the Dnipropetrovsk region for the first time in its campaign. Russian forces appear to have made crossing the regional border a key strategic objective in recent months, and deeper advances there could pose logistical and economic problems for Ukraine. Kyiv has so far denied any Russian foothold in Dnipropetrovsk. Ukraine's military said earlier Monday its forces "repelled" attacks in Dnipropetrovsk, including "in the vicinity" of Dachne. Dnipropetrovsk is not one of the five Ukrainian regions — Donetsk, Kherson, Lugansk, Zaporizhzhia and Crimea — that Moscow has publicly claimed as Russian territory. Describing the situation in Dnipropetrovsk as "difficult" for Kyiv's forces, Ukrainian military expert Oleksiy Kopytko said Russia hopes to create some kind of buffer zone in the region. "Our troops are holding their ground quite steadily," he said. The White House said last week that it was halting some key weapons shipments to Ukraine that were promised under Trump's predecessor, Joe Biden, without providing details on which weapons programs were affected. It said the decision was taken after a review of U.S. defense needs and of its military assistance to foreign countries. Kyiv has long feared halts to U.S. aid after Trump returned to the White House in January, having criticized the tens of billions of dollars in support and weapons sent by Biden. Under the Biden administration, Washington committed to providing more than $65 billion in military assistance to Ukraine. Trump has announced no new military aid packages for Kyiv since taking office for the second time. The Republican president instead has pushed the two sides into peace talks, including in phone calls with Putin. The Russian leader has rejected pleas for a ceasefire and demanded that Ukraine cede more territory if it wants an end to the war. Ahead of Trump's remarks on Monday, Ukraine's President Volodymyr Zelenskyy said air defense remained the "top priority for protecting lives," and his country was counting on partners to "fully deliver on what we have agreed." Explosions were heard overnight to Tuesday in the southern Ukrainian city of Mykolaiv, Mayor Oleksandr Senkevych wrote on Telegram, adding that the "threat of drones" was ongoing. Mykolaiv regional Gov. Vitaliy Kim said a fire broke out in the city's outskirts due to shelling and a 51-year-old man was wounded.
