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August 12, 2025
 

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DOLLAR

U.S. President Donald Trump’s aggressive economic policies during his second term — including sweeping tariffs — risk triggering long-term damage to U.S. competitiveness and trust in the dollar.
COMMENTARY / World
Aug 6, 2025
The true costs of Trump’s economic agenda
President Donald Trump’s efforts to bring back manufacturing jobs have yielded little progress so far and are jeopardizing U.S. competitiveness.
Prime Minister Shigeru Ishiba, also president of the ruling Liberal Democratic Party, speaks to reporters at the party's headquarters in Tokyo on Monday. The party’s loss in the July 20 Upper House election has become the defining factor for the yen.
BUSINESS / Markets
Jul 30, 2025
Yen option traders brace for more weakness ahead of BOJ decision
Analysts warn that Prime Minister Shigeru Ishiba may resort to populist spending to shore up support for his weakened coalition.
With tariffs at an 80-year high and the U.S. dollar behaving unpredictably, the Fed should hold off on cutting rates until there’s clear evidence that inflation remains under control.
COMMENTARY / World
Jul 27, 2025
The Fed needs to tread carefully with this strange dollar
Given that range of possibilities, it’s prudent to wait for the data to tell the story, exactly as Fed Chair Jerome Powell is currently planning.
Trading volumes in dollar-yen call options, which gain in value if the yen depreciates against the dollar, more than doubled those of put options on July 11.
BUSINESS / Markets
Jul 14, 2025
Yen traders revamp option bets ahead of Japan election
Expectations that the election outcome may pave the way for additional fiscal stimulus have already started to drive long-term Japanese yields higher.
The yen-dollar exchange rate is displayed outside a securities firm in Tokyo on Tuesday.
BUSINESS / Economy
Jul 10, 2025
Japan unlikely to face U.S. pressure to strengthen yen, ex-top FX diplomat says
Masatsugu Asakawa was deeply involved in Japan's trade and currency negotiations with the U.S. when he was vice finance minister for international affairs.
The Government Pension Investment Fund suffered a loss in the January-March quarter as a global trade war due to higher U.S. tariffs hurt equities and the outlook for interest-rate cuts dragged down the dollar against the yen.
BUSINESS / Companies
Jul 4, 2025
GPIF logs $61 billion loss as weak dollar hits overseas assets
The pension fund incurred losses on all four of its asset classes in the January-March period, the first time this has occurred since July-September 2022.
Softbank Corp. is offering $1 billion of dollar bonds in the unit’s first U.S. high-grade deal.
BUSINESS / Companies
Jul 1, 2025
SoftBank unit set to raise $1 billion from its first dollar bond
SoftBank Corp.’s five- and 10-year notes are set to respectively price 0.9 and 1.10 percentage points above Treasuries.
China is preparing to counter the rising threat of U.S.-backed digital dollars by leveraging its powerful e-commerce firms and Hong Kong’s crypto-friendly financial system to promote stablecoins tied to local currencies.
COMMENTARY / World
Jun 30, 2025
China is more than ready for U.S. stablecoins
E-commerce prowess and Hong Kong’s financial chops can ward off the threat from digital dollars.
The U.S. dollar was back at multiyear lows against a basket of other major currencies on Thursday, erasing a brief respite provided by safe-haven flows related to Middle East tensions earlier in the week.
BUSINESS / Economy
Jun 27, 2025
No love for the dollar as markets fret about Fed independence
Respect for independent institutions such as central banks has long been viewed as a key attraction of major economies, helping anchor economic stability.
A teller sorts U.S. banknotes inside the cashier's booth at a foreign exchange bureau in downtown Nairobi in 2024.
BUSINESS / Markets
Jun 24, 2025
Under shadow of Trump warning, Africa pioneers non-dollar payment systems
The move by Africa to create payments systems that do not rely on the greenback mirrors a push by China to develop financial systems independent of Western institutions.
Jeremy Allaire, chief executive officer of Circle Internet Financial (center) celebrates during the company's initial public offering on the floor of the New York Stock Exchange on June 5.
COMMENTARY / World
Jun 18, 2025
A digital dollar is a trade war weapon, and Europe may be a primary target
Stablecoins could serve to entrench the existing tech and monetary order dominated by the U.S., as 95% of them are dollar-denominated. The euro commands less than 1%.
Despite doubts and talk of alternatives in Asia and beyond, the dollar remains dominant because there are no viable rivals and it continues to serve as the world’s key safe asset.
COMMENTARY / World
Jun 3, 2025
The problem with Asia's ‘sell America’ moment
The region’s currencies are enjoying a healthy rally. History warns against anti-dollar triumphalism.
Brazilian real and a U.S. dollar notes are seen in this illustration taken on Dec. 18, 2024
BUSINESS / Markets
May 20, 2025
Dollar set for more weakness as 'Brand USA' falls further out of favor
Investors see the currency losing more of its luster as the greenback comes back to earth from lofty valuations.
Finance Minister Katsunobu Kato has said he will seek an opportunity for currency talks with his U.S. counterpart Scott Bessent this week.
BUSINESS / Markets
May 19, 2025
Hedge funds reload long yen trades ahead of Kato-Bessent meeting
Finance Minister Katsunobu Kato said he will seek an opportunity for currency talks with his U.S. counterpart, Scott Bessent, this week.
South Korean 50,000 won banknotes are prepared at the Bank of Korea headquarters ahead of the Lunar New Year in Seoul on Jan. 14.
BUSINESS / Markets
May 12, 2025
Seeking emerging currency bargains, investors take fresh look at Asia
Asian currencies are finding their cheapness has become an asset as traders seek to capitalize on the dollar’s eroding premium status.
Since U.S. President Donald Trump's return to the White House, the greenback is down more than 9% against a basket of major currencies as investors pull back from owning U.S. assets.
BUSINESS / Markets
May 8, 2025
Ukraine considers shift from dollar to euro amid geopolitical realignments
"This work is complex and requires high-quality, versatile preparation," Central Bank Gov. Andriy Pyshnyi said.
The U.S. dollar struggled to make headway as an unprecedented two-day surge in its Taiwanese counterpart spilled over to other regional peers.
BUSINESS / Markets
May 6, 2025
Dollar under pressure as Asian counterparts charge higher
The Taiwan dollar on Monday surged to a three-year high of 29.59 per dollar, having leapt 8% in two days.
The U.S. dollar weakened further on Monday against most major currencies, as pressure from U.S. President Donald Trump's tariffs continued.
BUSINESS / Markets
May 6, 2025
Dollar’s fall in Asia stuns investors and spreads across globe
U.S. President Donald Trump’s aggressive trade talk has rattled macro markets, undermining the dollar’s traditional haven role in times of stress.
A worker counts U.S. dollar banknotes at a currency exchange office in Jakarta, Indonesia, in 2022.
BUSINESS / Markets
May 5, 2025
Dollar’s decline is fueling dislocations across Asian currencies
The volatility shows how an exodus from the world’s reserve currency can ripple through financial markets.
Donald Trump’s trade war and the dollar’s volatility are prompting Asia’s wealthy to reassess where they park their money, with Hong Kong and Singapore competing for capital as the U.S. loses its appeal as a financial haven.
COMMENTARY / World
May 2, 2025
Trump’s trade war shakes dollar’s haven status and opens door for Asian financial hubs
Trump’s trade policies, even if substantially reversed, have sent a loud message to the Asian affluent classes.
Toyoko Kids: The lonely street children of Tokyo
Many young people who feel neglected at home flock to the Toyoko area to find a community where they can fit in.
Japan unveils new overtourism countermeasures
The majority of tourists in Japan tend to stay in Tokyo, Osaka or Kyoto, resulting in overcrowding in popular tourist spots and a strain on transportation systems.
South Korea couple beat same-sex barriers to parenthood
South Korean lesbian couple Kim Kyu-jin (left) and her wife, Kim Sae-yeon, pose with a "pregnant woman" badge during an interview in Seoul last month.
Rising sex tourism exposes loopholes in Japan's anti-prostitution law
While financial misfortunes during the COVID-19 pandemic may have driven some women to work the streets, others simply want more money to spend — or want to pay off their debts — at host clubs.
Opportunities await the bold in the Year of the Wood Dragon
2024 marks the Year of the Dragon in the Chinese zodiac, with the year predicted to be a good time for fresh starts.
Osaka Expo highlights the challenge of holding events in Japan's scorching summer
People huddle near a large fan blowing icy-cold mist at the Osaka Expo on July 12. Amid Japan's relentless summer heat, organizes have put myriad measures in place in order to keep guests safe.
At Himawari Shokudo 2, Italian food with a Japanese soul
At Himawari Shokudo 2, chef Hozumi Tanaka serves Italian-inspired fare with a focus on Toyama produce, such as this appetizer of lightly blanched "hotaru ika" (firefly squid) served atop mixed wild plants and a crepe prepared from "yamato-imo" yam.
Cheer with caution: Expert advises sports fans have game plan for extreme heat
A Cardinals fan fans himself during the seventh inning of a game against the Pirates in St. Louis, Missouri, in June 2022.
Australia's warship selection signals Japanese defense industry's arrival
The Maritime Self-Defense Force's Mogami-class frigate. Australia's selection of an upgraded version of the Mogami-class warship for its next frigate class could prove to be a watershed moment for Japan’s defense industry.
Japan's inheritance tax is high, unforgiving and sometimes avoidable
The National Tax Agency at the Ministry of Finance, Kasumigaseki, Tokyo. Japanese tax authorities can bill foreign residents in Japan for assets inherited globally.

Podcast

One of the many entrances to the Kabukicho neighborhood in Tokyo’s Shinjuku Ward.
Kabukicho: Tokyo’s ‘stadium of desire’

Longform

Koichi Tagawa’s diary entry from Aug. 9, 1945, describes the day of the atomic bombing of Nagasaki.
The horrors of Nagasaki, in first person
By Naoko Abe

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