Japan knocked off ~ ⛾:Kaffibolla

Japan lost its position as the world's largest creditor nation for the first time in 34 years, despite posting a record amount of overseas assets. Japan's net external assets reached ¥533.05 trillion ($3.7 trillion) at the end of 2024, rising about 13% from the previous year, according to data released by the Ministry of Finance. While the figure marked an all-time high, it was overtaken by Germany, whose net external assets totaled ¥569.7 trillion. China stayed in third place with net assets of ¥516.3 trillion. Japan began its streak at the top by overtaking Germany in 1991. Last year, the euro-yen rate rose about 5%, exaggerating the increase in German assets versus Japanese in yen terms. —Balázs Penz

What You Need to Know Today

HSBC has culled more than two dozen analysts in recent days as the bank deepens a restructuring of its investment banking businesses, according to people familiar with the matter. Those affected by the move include Steven Major, the Dubai-based global head of fixed income research, the people said, asking not to be identified discussing confidential information. Most of the cuts were in Europe, according to the people.

The HSBC headquarters in London. Photographer: Betty Laura Zapata/Bloomberg

The European Union said it agreed to accelerate negotiations with the US to avoid a transatlantic trade war, signaling a more amicable approach just days after President Donald Trump criticized the bloc for taking advantage of the US and slow-walking talks. Following the call, Trump extended the deadline to hit the EU with 50% tariffs by more than a month to July 9 to allow for more negotiations.

Japanese government bonds rallied on signs that the government may adjust issuance after people familiar with the matter said the finance ministry is in the process of canvassing for appropriate issuance amounts. Super-long bond yields dropped as the government is seeking to stabilize the market after a sale of 20-year debt last week got the weakest demand in more than a decade. Meanwhile, central bank Governor Kazuo Ueda indicated his intention to keep raising rates if the economy improves. But the prospect of higher debt-servicing costs is drawing calls to step up fiscal consolidation.

North Korea sharply criticized Trump's plan for a Golden Dome missile-defense system, a shield intended to counter threats from rivals including Pyongyang. A memorandum by the Foreign Minister in Pyongyang characterized the plan as "an outer space nuclear war scenario supporting the US strategy for uni-polar domination," the official Korean Central News Agency reported.

A television news screen showing footage of a North Korean missile launch in 2019. Photographer: Jung Yeon-Je/AFP

Cerberus is preparing a bid for the strategically important Port of Darwin, currently owned by Chinese company Landbridge, The Australian newspaper reported. The US private equity firm is readying a proposal to buy the 99-year lease at a price slightly above the A$506 million ($328 million) the Chinese company paid for it in 2015, the newspaper said late Monday. Landbridge is possibly open to offers around A$1 billion, The Australian cited an unidentified official as saying.

Thailand's second-richest person transferred ownership of two major listed companies to his five children as the octogenarian businessman pulls back from day-to-day management of his conglomerate. Charoen Sirivadhanabhakdi, who has a net worth of about $11.6 billion, controls an empire that includes Thai Beverage, Fraser and Neave and Frasers Property.

Charoen Sirivadhanabhakdi. Photographer: Dario Pignatelli

Dutch pension fund PME is issuing a blanket warning to US money managers, amid concerns America's investment industry is caving in to pressure from the Trump administration to abandon basic principles of stewardship. PME, with about $65 billion of assets under management, has already made clear it's reviewing a €5 billion mandate with BlackRock after the world's largest asset manager quit a key net zero coalition.

What You'll Need to Know Tomorrow

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Trade

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Economy

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Carmakers

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For Your Commute

A Tokyo penthouse developed by Swedish buyout firm EQT has sold for about ¥9.5 billion, shedding light on the cost of buying into the city's booming high-end property market. The four-bedroom apartment at Marq Omotesando One, a luxury low-rise development near the bustling shopping district of Harajuku, went for the highest on record in Japan by one measure. The Marq One penthouse stretches across the entire fourth floor of the property, with a spa room, three terraces and a private rooftop and pool. The condo is accessible via a private elevator from the garage, and amenities include a 24-hour concierge service with a valet.

Marq Omotesando One Source: EQT Group

⛾:Kaffibolla

Tuesday, May 27, 2025