In an apparent awkward moment at the Oval Office on Thursday stateside, U.S. President Donald Trump referenced Pearl Harbor in his first meeting with Japan’s Prime Minister Sanae Takaichi after her landslide electoral victory.
When asked by a Japanese reporter on why the U.S. did not inform allies such as Japan before carrying out the attacks against Iran on Feb. 28, the U.S. president said it was to maintain the element of surprise.
“Who knows better about surprise than Japan … Why didn’t you tell me about Pearl Harbor?”
Trump was referencing the surprise Japanese attack on the U.S. Pacific Fleet in 1941, which saw the deaths of over 2,400 personnel and drew the U.S. into World War II.
“Who knows better about surprise than Japan … Why didn’t you tell me about Pearl Harbor?”
Donald Trump U.S. President
Trump said that the surprise attack on Iran had helped the U.S., adding that it “knocked out 50% of what we anticipated” in the country within the first two days.
During the meeting, Trump praised Japan for “stepping up” to assist in efforts to secure the Strait of Hormuz, “unlike NATO.“
Before the meeting, Japan, as well as Britain, France, Germany, Italy and the Netherlands had released a joint statement expressing their readiness to “contribute to appropriate efforts to ensure safe passage through the Strait.”
Trump had called on Japan and other countries to help secure the Strait of Hormuz, but Takaichi had reportedly said Monday that there were no plans to dispatch naval vessels to escort boats in the Middle East.
Her office also said in a post on X that there was “no specific request from the United States to Japan for the dispatch of vessels.”
Japan’s prime minister on Tuesday said that the government was considering what could be done within the framework of the country’s law. Japan’s Self-Defense Forces are governed by its pacifist constitution, that renounces war and the threat or use of force for settling international disputes.
Trump had taken aim at NATO allies earlier this week, saying that the alliance was “making a very foolish mistake” by not getting involved in the war.
In response, German Defense Minister Boris Pistorius reportedly said on Monday that “This is not our war, we have not started it,” a stance that was also adopted by French President Emmanuel Macron.
Subsequently, Germany’s Chancellor Friedrich Merz said on Thursday that “we have declared that as long as the war continues, we will not participate in ensuring freedom of navigation in the Strait of Hormuz, for example, by military means,” according to Reuters.
After a disgraced exit from the top ranks of U.S. tech and media circles, an entrepreneur who had deep ties to convicted sex offender Jeffrey Epstein secured a second act in Japan with the help of powerful allies in the Japanese government.
Joichi Ito, the entrepreneur, resigned in 2019 from a prominent position at the Massachusetts Institute of Technology after revelations about his efforts to conceal millions of dollars he raised through connections to Epstein. He also quit a position at Harvard University and board seats at the MacArthur Foundation and The New York Times.
Six years later, in Japan, Ito is helping lead a government initiative championed by Prime Minister Sanae Takaichi and her inner circle. The project, a strategic priority for the government, has more than $400 million in public funding and seeks to team up with top U.S. and Japanese universities to create a startup hub in Tokyo.
Within the next few months, the Japanese government will decide whether to authorize the project, known as the Global Startup Campus Initiative, as a legal entity, the final step required for it to move ahead.
But Ito’s involvement caused universities including MIT, Harvard, Carnegie Mellon and Keio University in Japan to distance themselves from the initiative after being approached as potential partners, according to interviews with government and university officials, as well as internal documents and emails reviewed by the Times. The project has fallen behind its own timeline targets.
📊 More Epstein Files
And that was before the latest tranche of Epstein files released by the Justice Department shed new light on the depth of Ito’s ties to Epstein. These latest revelations are likely to further deter some potential partner organizations, said six government and university officials who spoke on the condition of anonymity to discuss their groups’ internal views.
Ito was a prolific correspondent with Epstein. A Times analysis shows that Ito and Epstein exchanged more than 4,000 emails through the years. The emails show that Ito was a frequent visitor to Epstein’s private Caribbean island, and the two were so close that Ito even joked about naming his daughter “Jeffrina.”
Prime Minister Sanae Takaichi and her inner circle are backing a tech initiative led by Joichi Ito. (Haiyun Jiang / The New York Times)
Ito did not respond to requests for comment. The university he heads in Japan declined to make him available for an interview. In previous statements made to local media, Ito has said he deeply regrets soliciting donations from Epstein. “I was never involved in, never heard him talk about, and never saw any evidence of the horrific acts that he was accused of,” Ito said in a statement in 2019.
A spokesperson for Japan’s Cabinet secretariat, which promotes the Global Startup Campus Initiative, said she recognized there were concerns about Ito. But the secretariat office decided to bring Ito on as an executive adviser, she said, “as we haven’t confirmed any wrongdoing by him and we believe he is highly knowledgeable.”
Ito, 59, was born in Kyoto and raised in suburban Detroit. After dropping out of Tufts University and the University of Chicago, he returned to Japan in the 1990s to start a string of early internet service providers.
A master networker, Ito maintained U.S. connections as a venture capitalist with early stakes in companies like Twitter. In 2011, he was tapped for a prestigious position leading MIT’s Media Lab, a sort of academic Skunk Works where designers and engineers build futuristic prototypes.
It was through these circles that Ito began associating with Epstein, who became a significant, concealed MIT donor. Starting in 2013 — roughly five years after Epstein was convicted in Florida of soliciting prostitution from a minor — Ito met frequently with Epstein, and the financier contributed funding on multiple occasions for Ito’s ventures.
After a 2019 article in The New Yorker described the measures that Ito took to conceal Epstein-directed donations made to his lab, Ito resigned from MIT. At the time, he said he had “screwed up” by accepting the money but that he had done so after a review by the university and consultation with his advisers.
Ito returned to Japan, taking a position at a little-known private university on the outskirts of Tokyo in 2021.
Fumio Kishida addresses the U.S. Congress in 2024, when he was prime minister. Kishida personally pitched the Global Startup Campus Initiative idea to then-U.S. President Joe Biden. (BLOOMBERG)
The next year, in 2022, Fumio Kishida, then the prime minister, introduced the Global Startup Campus Initiative. The plan was to build a research hub focused on technologies, including artificial intelligence and robotics. It was to be anchored by a partnership with MIT and sought to recruit researchers from U.S. universities to collaborate with Japanese entrepreneurs.
Kishida personally pitched the idea to then-President Joe Biden during a 2023 meeting in Hiroshima. A campus in central Tokyo was supposed to be completed by around 2028.
At its outset, Ito was not involved with the government group leading the project. But in early 2024, people involved in the initiative received a memo naming Ito as one of three leaders who would dictate the group’s strategies, along with two high-ranking Japanese government officials.
According to documents reviewed by the Times, the memo was sent by Akira Amari, a long-standing and influential figure within Japan’s Liberal Democratic Party, which has dominated Japanese politics for decades. At least four government and university officials said they were surprised at the time by the appointment of Ito, given his ties to Epstein.
Amari is close with the current prime minister, Takaichi, who has been known to call him “aniki,” or “big brother.” Takaichi has endorsed the initiative as one of her administration’s growth strategies. The prime minister and Amari’s offices did not respond to requests for comment.
In Japan, Ito’s role in the Global Startup Campus Initiative has gone mostly unnoticed. In 2025, a lawmaker, Satoshi Honjo, raised questions about the appointment during parliamentary sessions. He asked whether it was problematic for a person with ties to Epstein to, in effect, lead the initiative.
A high-ranking Takaichi administration official, Kiyoto Tsuji, then a Cabinet office vice minister, responded by saying Ito “has provided us with a variety of useful information and advice toward realizing the initiative.” And, he added, “he is merely acting as a part-time adviser.”
But documents suggest Ito plays a much bigger part. Government officials have told potential partner universities that he plays a “pivotal role” in the initiative, according to internal documents and correspondence. The documents show a framework for the project that is based solely on “ideas from Professor Joichi Ito.”
More than three years after the group’s launch, it publicly lists a few universities — the University of Tokyo, Imperial College London and the National University of Singapore — as “pilot activity” partner organizations. Others have expressed hesitation in associating with a group tied to Ito.
MIT, Harvard and Keio have each conveyed to Japanese officials that they would be reluctant to work with the initiative if Ito was involved, according to emails viewed by the Times and four individuals with direct knowledge of the interactions. At the start, MIT was supposed to be a cornerstone partner.
Last year, Martial Hebert, a dean at Carnegie Mellon’s School of Computer Science, wrote in an email to Japanese officials obtained by the Times, “We will not be part of any project that involves Joi.” A spokesperson for Carnegie Mellon confirmed that the school is not working with the Global Startup Campus Initiative but declined to comment on its reasoning.
In 2024, Richard K. Lester, then MIT’s vice provost for international activities, told Japan’s minister in charge of economic revitalization that many of the school’s faculty would “find it difficult to cooperate with the Global Startup Campus if Mr. Joichi Ito was to occupy a significant position,” according to internal minutes from the meeting.
Imperial College London, the University of Tokyo, MIT, Harvard, and Keio did not respond to requests for comment. The National University of Singapore said in a statement that it is working with the Global Startup Campus Initiative “under the purview of Japan’s Cabinet Office” and that it had no relationship with Ito.
Before Ito was appointed in early 2024, the Global Startup Campus Initiative was behind schedule.
Two people familiar with its operations said it further lost pace after Ito joined. The spokesperson for the Cabinet secretariat said Ito helped introduce new strategies for the project that have enabled the group to “progress rapidly.” The spokesperson said she could not comment on the progress of conversations with individual universities.
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Although the Global Startup Campus Initiative has already been allocated a budget of more than $400 million, it will need to be approved by parliament as a so-called operating corporation. The group had originally aimed to receive this approval last year. The decision on whether the initiative will be approved is now expected by July.
Some notable names publicly listed as the project’s “pilot activity” partner organizations include the Chan Zuckerberg Initiative, the philanthropy run by Meta’s CEO, Mark Zuckerberg, and his wife, Priscilla Chan; and Hakuhodo, a major Japanese advertising company.
In a statement, a spokesperson for the Chan Zuckerberg Initiative said it does not provide funding to the Global Startup Campus Initiative. Hakuhodo did not respond to a request for comment.
The latest Epstein files provide more detail about Ito’s money transfers with Epstein. In a May 2014 email exchange, Ito wrote to Epstein, “The slush fund, if it’s at MIT is easy. Should I send you the instructions?” Later that month, Ito confirmed receipt of the capital, writing, “I just got notice that $500K came into my slush fund account. Thanks!”
Honjo, the politician who questioned Ito’s appointment in parliament, said in an interview that it was “an established fact” that Ito had not properly disclosed Epstein-directed financial contributions to his MIT lab. “He can’t be called the right person for the job,” Honjo said.
The spokesperson for the Cabinet secretariat said the Global Startup Campus Initiative is moving into its next phase starting in the fiscal year that begins April 1. With regard to Ito, “we don’t believe there is a problem currently, but we will choose the appropriate people for the next fiscal year’s goals,” she said.
The recently released emails, as well as flight logs, detail at least five instances in 2013 and 2014 in which Ito planned to or did visit Epstein’s private island. In 2017, two years before he resigned from MIT, Ito wrote to Epstein saying he hoped his estate was OK after the devastation of Hurricane Irma. In a separate exchange, Epstein jokingly asked if “little Jeffrina,” Ito’s baby, had been born yet.
In Japan, the Epstein files have been treated mostly as a “domestic American issue,” said Chizuko Ueno, chief director of Women’s Action Network, a Japanese advocacy group. The Japanese establishment tends to ignore or bury contentious matters involving high-powered officials if there is no criminal conviction, she said.
Ueno is also a professor emeritus at the University of Tokyo, one of the institutions publicly associated with the initiative. Ueno said that Japan and the university had become less tolerant of individuals with histories of possible misconduct and that she believed the school and government officials would increasingly find they “can no longer ignore it; they have to do something.”
The United States quickly became a dominant power in snowboarding’s early years on the Olympic stage, shaping its stars and setting its standards. A redheaded California teenager was king, and the rest of the world spent years trying to catch up.
At these Milan Cortina Games, that balance has clearly shifted, with Japan emerging as the world’s deepest and most formidable snowboarding power, particularly on the men’s side. In the early days of this Olympic competition, Japan has captured gold in both the men’s and women’s big air competitions, including Kokomo Murase’s impressive victory Monday night. Japan now has three snowboarding medals in these Games, while the United States is still looking for its first podium visit at Livigno Snow Park.
The transition has been years in the making. When snowboarding debuted at the Olympics in 1998, Japan was not a factor, while the United States began to establish itself as the sport’s defining force. As the Olympic program expanded, adding new disciplines and attracting deeper international investment, more countries began to take snowboarding seriously. None has done so more thoroughly than Japan.
“All these Japanese guys, they’re just a little bit different than the rest of the field,” said Teddy Koo, the agent for several Japanese riders. “I don’t know what the hell happened, but they figured it out.”
At the center of that rise is Ayumu Hirano, one of the most accomplished snowboarders of his generation. Hirano won Olympic silver medals in the halfpipe as a teenager in 2014 and ’18 before breaking through with gold at the 2022 Beijing Games, where he landed a triple cork that redefined the event’s ceiling. Now 27, he enters these Games as a podium favorite in the halfpipe later this week despite battling recent injuries. His younger brother, Kaishu Hirano, is also among Japan’s leading riders, part of a generation shaped by Ayumu Hirano’s ascent.
Japan’s Ayumu Hirano is one of the most accomplished snowboarders of his generation. (Lindsey Wasson/AP)
His influence has extended well beyond Japan’s borders, and the American Jake Pates calls him a “a massive role model.” The 27-year-old Pates returned from retirement in 2024 and at Hirano’s invitation, he flew overseas and joined a training camp with Japanese riders.
“It was wild,” Pates said. “It was a lot of hard work. But they showed me what real dedication, real motivation looks like. They don’t want to settle for second place. They want to be the best. They want the gold medal. … I’ve never been surrounded by people that train like that, with that mindset. They live with that mindset. They sleep, eat and breathe winning.”
The results of that approach have been visible across disciplines here. Four Japanese women reached the women’s final, compared with zero Americans. Japan also sent four riders into the men’s final Saturday and still left little room to breathe. Gold and silver went to Kira Kimura and Ryoma Kimata, while the Japanese rider who led qualifying eventually finished last — a snapshot of a program so deep that success one night offers no guarantees the next.
To appreciate that depth, consider who did not make the trip to Italy. Shuichiro Shigeno, 20, is widely regarded as a halfpipe prodigy and finished third at last month’s X Games. He would be a star on most national teams. He did not qualify for these Olympics, edged out by a gridlock of Japanese talent that has turned national selection into one of the sport’s most unforgiving competitions.
“It’s very normal for us to go big,” Shigeno said in a recent interview. “You’re not going to make the team if you don’t go big.”
The shift did not happen overnight — and is much more pronounced on the men’s side. In 2010, the Americans dominated the men’s halfpipe podium. Four years later, the United States missed the podium entirely as Japan claimed silver and bronze. By 2018, the margins had narrowed to a photo finish, where Shaun White edged Ayumu Hirano. And in Beijing in 2022, Japan took gold while Americans finished just outside the medals — evidence of a balance that has changed.
For more than a decade, American snowboarding revolved around White, the three-time Olympic gold medalist. When that era ended, the United States struggled to find a clear successor — or the depth to absorb his absence.
Reira Iwabuchi was one of four Japanese women who made the final of the women’s snowboard big air competition. (Michael Reaves/Getty Images)
Japan’s rise has been systemic, reinforced by a training infrastructure that allows riders to progress faster than ever before. While they’re fiercely competitive, Japanese snowboarding is a team sport and the top riders often train together. The national team has invested heavily in air bag training, including a dry halfpipe that feeds directly into an air bag, allowing riders to attempt high-risk tricks hundreds of times before taking them to snow.
“By the time they get on snow, they could have done 100, 200, 500 reps on that air bag,” noted Adam Begg, the head snowboarding judge for the Milan Cortina Games.
The approach has reshaped the sport’s learning curve, enabling year-round training while reducing injury downtime. A failed attempt no longer means weeks on the sideline watching the field move on.
“The key is what we do in the offseason,” said Kimura, the men’s big air gold medalist.
The contrast has been unmistakable. Japan has arrived with more contenders than available spots, while the United States continues to search for depth and continuity in a sport it once defined.
“To get a gold medal at the Olympics has been my dream since I was very young,” Kimura said. “This dream has come true now. I’m going to keep practicing.”
Tokyo, Japan – In a stunning political resurrection that underscores the enduring appeal of strong leadership and nationalist fervor, Japanese Prime Minister Sanae Takaichi’s high-stakes gamble on a snap election has paid off handsomely. Her Liberal Democratic Party (LDP) not only reclaimed a commanding majority in the 465-seat lower house of parliament but achieved an unprecedented two-thirds supermajority on its own—a feat never before accomplished by the party, according to projections from public broadcaster NHK. This landslide victory positions Takaichi to pursue an ambitious agenda that aligns closely with American interests: bolstering defense spending, deepening U.S.-Japan ties, and revitalizing industrial policy to counter regional threats like China’s expansionism.
From an America First perspective, Takaichi’s triumph is a win for U.S. strategic priorities in the Indo-Pacific. A stronger, more assertive Japan means a reliable ally that shares the burden of deterring Beijing’s aggression—without dragging American troops into unnecessary conflicts. Her rapport with President Donald Trump, reminiscent of his bond with her mentor, the late Shinzo Abe, promises enhanced cooperation on trade, security, and supply chain resilience. As Trump himself posted on Truth Social, “The Prime Minister, Sanae Takaichi, has already proven to be a strong, powerful, and wise Leader, and one that truly loves her Country.” With a planned White House visit on March 19, this could translate to deals that benefit American workers, from joint tech investments to fairer trade terms.
Takaichi, 64, Japan’s first female prime minister who assumed office in October 2025, dissolved parliament after just three months, betting her career on public validation. She vowed to resign if her coalition lost its majority—a bold move amid the LDP’s recent scandals and electoral setbacks. In 2024 and 2025, the party hemorrhaged seats due to financial improprieties and public frustration over rising costs, forcing her predecessor, Shigeru Ishiba, to step down after a year. But Takaichi’s personal charisma—fueled by her motorcycle-riding, heavy metal drumming image—reversed the tide. NHK’s exit polls projected the LDP securing between 274 and 326 seats, with the coalition alongside the Japan Innovation Party (JIP) ranging from 302 to 366. This supermajority allows Takaichi to override the opposition-controlled upper house, paving the way for constitutional reforms long sought by conservatives.
Voters braved brutal winter conditions—sub-zero temperatures, heavy snowfall, and rare Tokyo flurries—to deliver this mandate. The transport ministry reported 37 train lines suspended, 58 ferry routes canceled, and 54 flights grounded, yet turnout reached about 21.6% by late afternoon, per the Nikkei. “People want their lives to be better and more comfortable,” Tokyo voter Ritsuko Ninomiya told the BBC. “We need a long-term solution rather than short-term fixes.” Younger demographics, drawn to Takaichi’s viral social media presence—including a drumming session with South Korean President Lee Jae Myung set to K-pop—propelled her success. “This election is more important for the younger generation,” said Daniel Hayama, emphasizing her appeal to those prioritizing national strength.
A voter at a polling station in Uonuma, Niigata prefecture. ( Manami Yamada/Reuters)
The opposition crumbled under the onslaught. The Centrist Reform Alliance, a hastily formed bloc including the LDP’s former partner Komeito and the Constitutional Democratic Party, was projected to retain only a quarter of its 167 seats. Co-secretary general Nakano Hiromasa conceded to NHK that the results demanded “humble and serious” reflection. Meanwhile, the ultranationalist Sanseito party, with its “Japanese first” platform, surged from two seats to as many as 14, signaling a rightward shift that could amplify Takaichi’s conservative base.
Economically, Takaichi campaigned on a 21 trillion yen ($140 billion) stimulus package to combat the cost-of-living crisis, pledging to suspend the 8% consumption tax on food for two years—a move costing 5 trillion yen annually. “We have consistently stressed the importance of responsible and proactive fiscal policy,” she told reporters as polls closed. Critics, including businesses, warn this could exacerbate Japan’s debt burden—already over twice its GDP, the highest among developed nations. Financial markets reacted with volatility, but supporters argue it’s essential to revive sluggish growth. In a post-election interview with NHK, Takaichi called for a cross-party forum to discuss tax cuts, noting broad support for reducing rates on essentials to zero or 5%.
On the international front, Takaichi’s victory empowers her to fortify alliances that serve American interests. Her November statement that Japan could militarily respond to a Chinese invasion of Taiwan—breaking from Tokyo’s traditional ambiguity—drew Beijing’s wrath: flight cancellations, seafood bans, and intensified patrols near Japanese waters. Yet, it resonated with voters and allies alike. Taiwan’s President Lai Ching-te congratulated her on X: “May your victory bring a more prosperous and secure future for Japan and its partners in the region.” U.S. Treasury Secretary Scott Bessent echoed this on Fox News: “When Japan is strong, the US is strong in Asia.”
An election official empties a ballot box at a counting station in Tokyo. (Xinhua/Shutterstock)
Takaichi’s agenda includes ramping up defense spending—already at 2% of GDP—and reviewing foreign land ownership rules to curb Chinese influence. She aims to tighten immigration, targeting non-payments of taxes and health insurance by foreigners—in a nation where immigrants comprise just 3% of the population. Critics accuse her of stoking division, but proponents see it as safeguarding Japanese sovereignty. With a supermajority, she could advance her long-term goal: revising Japan’s pacifist constitution to allow more proactive military roles, aligning with U.S. calls for burden-sharing in containing China.
Domestically, Takaichi maintains conservative views—opposing same-sex marriage and female imperial succession—while her “work, work, work” slogan earned catchphrase-of-the-year honors. Her unconventional persona has shattered glass ceilings, attracting voters tired of the male-dominated establishment.
This political stability coincides with Japan’s cultural boom. The film industry hit a record $1.79 billion box office in 2025, up 32% from 2024, driven by anime like “Demon Slayer: Kimetsu no Yaiba – Infinity Castle – Part 1” ($255 million) and the Oscar-nominated “Kokuho” ($127 million). The global anime market, valued at $25 billion, bolsters Japan’s soft power exports. As Country of Honor at the 2026 Cannes Film Market, Tokyo plans to promote animation and co-productions—opportunities that could yield U.S.-Japan collaborations in entertainment.
Analysts like Syracuse University’s Margarita Estévez-Abe suggest Takaichi now has breathing room until 2028 upper house elections to mend China ties. But Seiji Inada of FGS Global warns markets could punish fiscal largesse, pressuring the yen. For America, her win means a steadfast partner in the Pacific—investing in defense, aligning on trade, and countering Beijing—without overcommitting U.S. resources. It’s a model of smart alliances that put American interests first.
Japan and the United States convened their second high-level consultation committee meeting on Tuesday, signaling renewed momentum in deploying a landmark $550 billion Japanese investment pledge that anchors the allies’ hard-won trade agreement. The two-hour virtual session, co-chaired by Japanese Economy, Trade and Industry Minister Ryosei Akazawa, U.S. Commerce Secretary Howard Lutnick, and U.S. Energy Secretary Chris Wright, focused on expediting project selections, with officials pledging to announce the inaugural initiative “as soon as possible,” according to a statement from Japan’s Ministry of Economy, Trade and Industry (METI).
The gathering builds on the panel’s inaugural online meeting last week, where representatives from Japan’s foreign, trade, and finance ministries joined U.S. counterparts from the Commerce and Energy Departments to exchange views on potential investments. Energy projects emerged as early frontrunners, with sources familiar with the discussions indicating a handful under review for priority funding. Recommendations from the consultation committee will feed into an investment panel chaired by Lutnick, culminating in final approvals by President Donald Trump—a structure that underscores Washington’s directive role in allocating the funds.
This accelerated pace reflects mounting pressure to operationalize the pledge, formalized in a September memorandum of understanding (MOU) following July’s framework accord. The $550 billion commitment—upped from an initial $400 billion discussion at Trump’s insistence—secured Japan’s relief from steep U.S. tariffs, capping duties at 15% on automobiles and most goods after an earlier spike to 25%. Non-compliance risks penalty clauses, including tariff hikes, potentially unraveling the deal and exposing Tokyo to renewed trade friction.
Target sectors span strategic priorities: semiconductors, pharmaceuticals, critical minerals, metals, shipbuilding, energy, artificial intelligence, and quantum computing. Financing will flow through project-by-project commitments, leveraging institutions like the Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) for equity, loans, and guarantees. Investments must materialize by January 19, 2029—the end of Trump’s term—aligning with his administration’s push to revitalize U.S. industrial capacity and bolster supply chains amid global competition, particularly from China.
Market reactions have been muted but positive. The Nikkei 225 edged up 0.4% on Wednesday, buoyed by clarity on tariff stability, while U.S. futures showed modest gains in chip and energy stocks. Analysts at Nomura Securities project the fund could inject $100-150 billion annually into U.S. infrastructure, creating hundreds of thousands of jobs in swing states—a political windfall for Trump. However, skeptics note execution hurdles: Japan’s characterization of the pledge as facilitated private-sector flows contrasts with U.S. portrayals of direct government-directed capital, potentially complicating disbursements.
The process traces to Trump’s October visit to Tokyo, where an initial project shortlist was floated. Early contenders include LNG terminals, rare earth processing facilities, and semiconductor fabs—areas ripe for de-risking U.S. dependencies. “This isn’t charity; it’s mutual security,” Lutnick remarked in a recent CNBC interview, emphasizing profit-sharing tilted heavily toward America post-recoupment (90-10 split).
For Japan, already the largest foreign investor in the U.S. with over $800 billion in holdings, the pledge reinforces alliance ties while mitigating tariff pain on exporters like Toyota and Sony. Yet, domestic critics decry it as concessional, with opposition lawmakers questioning the fiscal burden amid Japan’s aging demographics and debt load.
As the committee eyes a third session next week and potential Trump sign-offs in early 2026, the initiative tests the Trump administration’s dealmaking prowess. Success could blueprint similar pacts with other trading partners; delays risk reigniting trans-Pacific tensions in an era of reshoring and economic nationalism.
Masashi Ozaki aka Jumbo is the most successful golfer ever on the Japan Golf Tour. He has 40 more wins than the next highest player. He was nicknamed Jumbo because of his power off the tee and his size (5’11” 198lbs)
Japanese golf icon Masashi “Jumbo” Ozaki, widely regarded as the greatest player in the nation’s history, passed away on Tuesday after a battle with sigmoid colon cancer. He was 78.
The Japan Golf Tour Organization (JGTO) confirmed the news on Wednesday, noting that Ozaki had been diagnosed with the disease approximately one year ago. A family funeral has been held privately, with plans for a public farewell event to be announced in the future.
Born on January 24, 1947, in Tokushima Prefecture, Ozaki initially pursued a career in professional baseball, pitching and playing outfield for the Nishitetsu Lions (later Seibu Lions) from 1965 to 1967. At age 23, he transitioned to golf, turning pro in 1970 and quickly establishing himself as a dominant force.
Nicknamed “Jumbo” for his imposing 181 cm, 90 kg frame and booming drives—evoking the Boeing 747 jumbo jet that debuted around the same time—Ozaki amassed an unparalleled record. He secured 94 victories on the Japan Golf Tour, the most in its history, along with additional wins for a career total exceeding 110 tournaments (sources vary slightly between 112 and 114). His triumphs included five Japan Open titles and six Japan PGA Championships.
Ozaki’s charisma shone through dramatic comebacks, including four victories where he erased eight-shot deficits. “What made him charismatic was the fact that he won four times in which he came back from eight shots behind,” the JGTO has noted on its website. “He pulled off some incredible shots a number of times.”
Internationally, Ozaki made his mark early, becoming the first Japanese golfer to finish in the top 10 at the Masters Tournament with an eighth-place result in 1973. He competed in 19 Masters, 13 U.S. Opens, and represented the International Team at the 1996 Presidents Cup. His best major finish outside Japan was a tie for sixth at the 1989 U.S. Open, and he reached a career-high world ranking of No. 5.
He claimed the Japan Golf Tour money title a record 12 times, including a streak of five consecutive seasons from 1994. At 55, he became the tour’s oldest winner by triumphing at the 2002 ANA Open.
In 2011, Ozaki was inducted into the World Golf Hall of Fame, joining Isao Aoki as the only Japanese men to receive the honor. “Ozaki is often thought to be to Japanese golf what Arnold Palmer is to American golf,” the Hall of Fame website states. “His success has spawned an entire generation of Japanese golf professionals, both male and female.”
Upon his induction, Ozaki reflected: “I am very happy, very honoured and appreciate everyone who has supported me since I turned pro in 1970. My only regret is not playing more outside of Japan, but I dedicated my life to Japanese golf and am extremely grateful the voters thought I was worthy of this honour.”
Ozaki came from a golfing family; his younger brothers Tateo (“Jet”) and Naomichi (“Joe”) also enjoyed successful professional careers, ranking among the tour’s all-time money leaders.
The golf world has mourned the loss of a pioneer whose power, personality, and perseverance elevated the sport’s popularity in Japan and inspired countless players worldwide.
In the shadow of Mount Fuji, where ancient traditions meet cutting-edge innovation, a quiet revolution is underway in Japan’s corporate landscape. Private equity heavyweights from Wall Street to Singapore are descending on the world’s fourth-largest economy, drawn by a potent cocktail of undervalued assets, rock-bottom borrowing costs, and a government-mandated push for shareholder value. What was once dismissed as a sclerotic market riddled with inefficient conglomerates is now the hottest ticket in global buyouts, with deal values surging and fundraising hitting decade highs.
The numbers tell a compelling story. According to Preqin Pro data, Japan-focused private equity funds raised a robust $8 billion in 2024, matching the previous year’s haul and dwarfing the $5 billion annual average over the prior decade. This capital stockpiling signals unbridled optimism: firms are amassing dry powder faster than they can deploy it, betting on a pipeline of bargains that could redefine returns in an era of elevated U.S. interest rates and frothy valuations elsewhere.
Historical trends underscore the momentum. From 2015 to 2024, aggregate capital raised for Japan-focused funds climbed steadily, peaking at $8.0 billion in both 2023 and 2024, with the number of funds closing each year hovering between 25 and 46. The 2024 vintage saw 41 funds close, raising $8.0 billion – a testament to investor appetite that has grown from a modest $1.6 billion across 27 funds in 2016. “The stockpiling of capital raised but not yet invested indicates that private equity sees more opportunities in Japan,” notes Hajime Koyanagi, general manager of the investment strategy department at Nihon M&A Center, a leading Japanese advisory firm.
On the investment front, the surge is even more pronounced. S&P Global Market Intelligence reports that private equity- and venture capital-backed investments in Japan ballooned 40.8% year-over-year to $17.90 billion in 2024, accounting for 15.6% of all such activity in the Asia-Pacific region – up from 10.6% in 2023. This marked the highest share for Japan in the period, with deal counts reaching 1,045 in 2024, following 978 in 2023. Year-to-date through October 2025, Deloitte data shows 192 deals already inked, on pace to eclipse last year’s total of 292.
Japan’s slice of APAC PE/VC pie has steadily expanded: from 4.1% in 2019 to 15.6% in 2024, per S&P Global. “Momentum is expected to continue in 2025, pushing private equity transaction value – and the competition among firms hunting deals – even higher this year,” Koyanagi predicts. Bain & Co.’s Azusa Owa, a Japan-based partner, echoes this: “Japan is fundamentally a very attractive market from a return perspective.” Between 2010 and 2024, Japanese PE deals delivered 2.4 times the invested capital in dollar terms – the highest globally, outpacing the U.S.’s 2.3x multiple, even accounting for yen depreciation.
Low-Hanging Fruit in a Yen-Fueled Bargain Basement
At the heart of the frenzy is a simple thesis: Japan’s 3,900-plus publicly listed companies are awash in cash but starved of ambition. Many operate as sprawling keiretsu-style conglomerates, hoarding underperforming units, shunning price hikes amid decades of deflationary scars, and carrying debt loads lighter than a feather – averaging just 20-30% debt-to-equity ratios, versus 50-60% in the U.S. For PE firms accustomed to leveraging deals with high-yield debt, this is catnip. Leveraged buyout financing in Japan runs a mere 3-4%, compared to 8-9% stateside, courtesy of the Bank of Japan’s ultra-loose policy.
“Japan seems like fresh territory to hunt for bargains, especially given the relatively weak yen,” observes Megumi Kiyozuka, president of Tokyo-based Sunrise Capital. Last year, Kiyozuka targeted $500 million for his latest fund but capped it there after global limited partners clamored to pour in up to $2 billion – before he’d even left Japan. It’s a far cry from 2013, when he crisscrossed the globe, pitching to 200 investors to scrape together $200 million from a pair of skeptics. “Years ago, people declined to invest in Japan because they said it was inefficient. Now everyone says they like Japan because it’s inefficient,” Kiyozuka quips. “It’s the same reason, but it can be used as a reason to decline or to invest.”
Corporate Japan, long insulated by cross-shareholdings and lifetime employment norms, is cracking open. The Tokyo Stock Exchange’s 2023 mandate – requiring firms trading below book value to disclose improvement plans – has lit a fire under laggards. A fresh government guideline urges boards to “seriously consider” takeover bids, while activist investors like Elliott Management and Oasis Management have amassed stakes in blue-chips from Toshiba to Nissan, demanding spin-offs and buybacks.
The result? A torrent of take-privates, carve-outs, and growth capital rounds. “There are dramatic changes in corporate Japan,” says Teppei Takanabe, co-head of investment banking at Goldman Sachs in Japan. “They have become sensitive to shareholder return, capital efficiency and reconstruction of their business portfolio.” Smaller family-run enterprises, grappling with a “succession crisis” among aging owners, are increasingly amenable to sales, per Satoshi Ishiguro, an executive director at Daiwa Corporate Advisory.
Gavin Geminder, global head of private equity at KPMG LLP, highlights the financing edge: “There’s no economy in Asia with the type of interest rate environment that Japan has, so borrowing money is obviously super-cheap.” Add in paths to value creation – like internationalizing tech-heavy portfolios or juicing razor-thin margins – and the allure intensifies. “Japanese corporates have incredible technology, but they have perhaps struggled to market it outside of Japan,” says Nick Wall, a Tokyo-based partner at Allen & Overy Shearman Sterling LLP. “Private equity definitely sees opportunities there.”
The big players are voting with their checkbooks. KKR & Co., which views Japan as its premier non-U.S. deployment market, kicked off 2024 with a bang: a $3.9 billion acquisition of a 33.57% stake in Fuji Soft Inc., the largest PE deal in Japan last year. The follow-on $2.6 billion bid to privatize the software developer ranked third. Eiji Yatagawa, KKR’s Japan private equity head, recalls a landmark 2017 play: snapping up Kokusai Electric from Hitachi for ¥257 billion ($1.7 billion), streamlining it into a semiconductor pure-play, and flipping it via IPO in 2023 at ¥424 billion – a tidy multiple.
Bain Capital tallied over $10 billion in Japanese deals in 2024 alone. Blackstone and Sweden’s EQT AB, in a summer sprint, each unveiled ~$3 billion take-privates of public firms within weeks. Hillhouse Investment Management and Rava Partners teamed for the $2.8 billion privatization of real estate developer SAMTY Holdings Co. Ltd., the year’s second-biggest splash. Warburg Pincus and Hillhouse are staffing up with Japan specialists and plotting brick-and-mortar expansions.
Domestic heavyweights aren’t sitting idle. Japan-based firms snagged two of 2024’s top 10 deals: a $388 million buyout of auto retailer BigMotor Co. (rebranded WECARS) and a $211.7 million pour into AI startup Sakana AI K.K. The full 2024 leaderboard, per S&P Global, reads like a who’s-who of cross-border ambition:
Sectors span consumer (e.g., Sakana AI), healthcare (Alfresa), industrials (BigMotor), real estate (SAMTY), and TMT (Fuji Soft). “More and more foreign funds are making inroads into Japan as they see more room for Japanese companies to improve extremely low productivity,” Koyanagi adds.
Not all is golden. The PE model draws fire for prioritizing short-term gains – asset stripping, cost-slashing – over long-term health. “It does make sense that in an economy like Japan – where companies have historically not been focused on maximizing profits – private equity can sometimes help sharpen that focus,” concedes Ludovic Phalippou, finance professor at Oxford’s Saïd Business School. Yet, “the pressure to increase returns can lead to cost-cutting or strategies that don’t necessarily improve outcomes for customers or employees. In either case, however, PE fund managers do well, because they charge extraordinary fees.”
Japan’s scorecard isn’t spotless. KKR’s 2019 Marelli Holdings merger – blending Japanese and Italian auto-parts assets – cratered amid COVID and EV disruptions, triggering Japanese rehabilitation proceedings and U.S. Chapter 11. The firm absorbed a $2 billion writedown before injecting $650 million to nurse it back. “That was definitely a very challenging situation,” Yatagawa admits. “We believe we did everything we could.”
Perception has shifted, too. Once branded “vultures,” PE suitors now enjoy red-carpet treatment, aided by succession woes and reform winds. But maturity brings thorns: Exit timelines are stretching, with just 44% of 2018-2020 deals sold or IPO’d within five years, versus 54% for 2015-2017 vintages (Bain data). “Deal opportunity and availability is evolving, however not as fast as money is raised,” Owa warns. “Some funds who raised money struggle to use it.” This mismatch risks bid-up valuations, spurring demand for mezzanine debt, per Takanabe.
Atsuhiko Sakamoto, Blackstone’s Japan PE chief, tempers the hype: “The boom is just expectations. Reality hasn’t caught up with the hype yet. I’m very excited about the next few years.” Wall of Allen & Overy, a Japan veteran since the ’90s, marvels at the thaw: “In the ’90s, one of the things you heard a lot from foreign investors is, ‘I’d love to invest in Japan but there aren’t any assets to buy.’ And that is changing.”
Barring geopolitical shocks, 2025 shapes up as a banner year. Geminder of KPMG forecasts “a record year for Japan,” fueled by cheap debt, activist tailwinds, and middle-market bounty. Ishiguro of Daiwa sees the aversion to PE fading: “Japan’s business community is overcoming a longstanding aversion to partnering with or selling to private equity.”
As Eiji Yatagawa of KKR puts it, “Japan is still in the very early stage of its private equity history. This industry evolution still has a long way to go.” For global titans, the Land of the Rising Sun is no longer a sideshow – it’s the main event, where inefficiency meets opportunity, and bargains await the bold.
In the high-stakes world of conservative media and political activism, few figures loomed as large as Charlie Kirk. At just 31 years old, the founder of Turning Point USA had built a multimillion-dollar empire blending podcasting, campus tours, and social media influence into a powerhouse that shaped Republican messaging and fundraising. His daily show, The Charlie Kirk Show, routinely topped charts on platforms like Spotify and Apple Podcasts, pulling in sponsorships from conservative donors and brands aligned with traditional values. Kirk’s reach extended far beyond U.S. borders, positioning him as a global ambassador for nationalism and Christianity—a brand that not only amplified his voice but also fueled a network of events and merchandise generating millions annually.
But Kirk’s meteoric rise came to a tragic end on Wednesday, September 10, 2025, when he was fatally shot during a speaking event at Utah Valley University in Orem, Utah. The incident, which authorities are investigating as a possible targeted attack amid rising tensions over gun violence and political rhetoric, has sent shockwaves through the conservative ecosystem. Kirk, a father of two, leaves behind a wife and a movement that relied heavily on his charisma and unfiltered commentary.
In the week leading up to his death, Kirk’s activities were a whirlwind of typical intensity: social media barrages, international travel, podcast recordings, and live events. Drawing from his vast online megaphone—boasting over 2.5 million followers on X (formerly Twitter) and similar numbers across Instagram and YouTube—he focused on hot-button issues like crime, immigration, and cultural revival. His messaging often intersected with business interests, railing against “woke” corporate policies and advocating for policies that appealed to small-business owners wary of regulatory overreach. Here’s a detailed timeline of how Kirk spent his final days, pieced together from social media archives, event organizers, podcast transcripts, and statements from associates.
Thursday, September 4: Tweets Ignite Debates on Policy and Security
Kirk’s week kicked off with a flurry of activity on X, where he wielded his platform like a precision tool to rally supporters and provoke opponents. On Thursday morning, he posted a series of tweets celebrating the testimony of Health and Human Services Secretary Robert F. Kennedy Jr. during a contentious Senate hearing. Republicans, including Sen. Rand Paul (R-Ky.), used the session to grill Kennedy on his overhaul of U.S. vaccine policies, which included scaling back mandates and emphasizing natural immunity—a move Kirk had long championed.
“RFK Jr. just dropped truth bombs in the Senate! Time to end the Big Pharma stranglehold,” Kirk tweeted at 9:17 a.m. ET, attaching a clip from C-SPAN footage of Kennedy’s remarks. He followed up with endorsements of proposed National Guard deployments to high-crime cities and immigration enforcement raids in Chicago, framing them as essential for “restoring law and order” amid what he called a “border crisis crippling American businesses.” Kirk’s posts garnered over 150,000 likes and retweets within hours, boosting engagement for his affiliate links to Turning Point USA merchandise.
Not stopping there, Kirk voiced support for a provocative idea floated by conservative lawmakers: renaming the Department of Defense the “Department of War.” “Why sugarcoat it? We’re in a war for America’s soul—and our economy,” he wrote, tying the concept to defense spending that he argued benefited military contractors and job creation in red states. These tweets, analyzed via X’s public API and archived by the Media Research Center, exemplified Kirk’s ability to blend policy critique with calls to action, often driving donations to his organization.
Sources close to Kirk, including a Turning Point USA spokesperson who spoke on condition of anonymity, confirmed that these posts were part of a broader strategy to capitalize on midterm election momentum. “Charlie saw social media as his business model—quick hits that translated to real revenue,” the spokesperson said.
Friday, September 5: Touchdown in Seoul and a Dive into Asian Conservatism
By Friday, Kirk had shifted gears to his first major speaking tour in Asia, a move that underscored the global expansion of his brand. His celebrity, honed through U.S. college circuits and Fox News appearances, had caught fire internationally, with invitations from nationalist groups seeking his blueprint for countering “progressive decay.”
Kirk landed in Seoul at 5 a.m. local time (3 p.m. Wednesday in Arizona, his home base), as confirmed by Dr. Ji-Hoon Kim, moderator of the Build Up Korea 2025 conference. Wasting no time, he headed straight to the Korean Demilitarized Zone (DMZ), the heavily fortified border with North Korea. Photos posted to his Instagram Stories showed Kirk at Observation Post Oule, gazing north with a caption: “This is what happens when you let totalitarianism win. America, take note.”
That afternoon, Kirk took the stage at the Build Up Korea conference, a gathering of 1,200 conservative activists hosted by the Korea Liberty Union. Drawing parallels between South Korea’s resilience and America’s challenges, he urged the crowd to embrace Christianity as a bulwark against secularism. “Live according to biblical principles—protect your families, your faith, and have lots and lots of babies,” he declared, echoing his frequent calls for pronatalist policies to combat declining birth rates. Event footage, reviewed by Business Insider, showed enthusiastic applause, with Kirk signing books and posing for selfies afterward.
As he strolled Seoul’s streets, Kirk live-tweeted about the city’s “spotless” vibe and absence of visible crime, contrasting it with U.S. urban centers. “No needles on the sidewalks, no smash-and-grabs. Strict laws work!” he posted. When critics on X pointed to South Korea’s stringent gun laws, Kirk fired back: “Laws aren’t just about guns—they’re about culture and accountability. We need that back home.” This exchange, which trended under #KirkInKorea, highlighted his knack for turning travel into viral content, potentially opening doors for Asian sponsorships in his media ventures.
Sunday, September 7: Tokyo Spotlight and a Nationalist Nod
Kirk’s Asian tour continued apace. On Sunday, he arrived in Tokyo for a keynote at a conference organized by the Sanseito party, a right-wing populist group that had evolved from fringe status to a force in Japanese politics. Sanseito, known for its anti-immigration stance and warnings of a “silent invasion of foreigners,” saw Kirk as an ideological ally.
Speaking to a packed hall of 800 attendees, Kirk praised Japan’s cultural preservation efforts and drew parallels to U.S. nationalism. “You’re fighting the same battles we are—globalism eroding sovereignty, elites pushing open borders that hurt workers and businesses,” he said, according to a translated transcript provided by Sanseito spokesperson Akira Tanaka. Back in the U.S. later that day, Kirk shared a video message on X: “Japan gets it—national pride isn’t hate, it’s survival.”
The event’s timing aligned with Sanseito’s push for stricter immigration amid Japan’s aging population and labor shortages, themes Kirk wove into his talk on economic nationalism. Analysts note that such international alliances could have bolstered Turning Point’s global fundraising, estimated at $50 million annually from donors worldwide.
Coinciding with U.S. time zones, an episode of The Charlie Kirk Show dropped on Sunday, titled “A Revival of Christian Men is Necessary.” Recorded at his Phoenix-area church with guest Steve Deace, another conservative podcaster, the 90-minute discussion lambasted evangelical churches for being “too woke” and warned of Islam’s “takeover” in the West. Deace later told The Daily Wire that the episode was taped “a few days prior,” capturing Kirk’s raw energy. It quickly amassed 500,000 downloads, underscoring the podcast’s role as a revenue driver through ads from faith-based financial services.
Monday, September 8: Crime Takes Center Stage in Media Blitz
Returning stateside, Kirk doubled down on crime, a narrative that had surged in conservative media amid 2025’s spike in urban violence statistics from the FBI. In Monday’s podcast episode, he dedicated over 30 minutes to advocating for harsher sentencing, calling for “more prisons, fewer excuses” to protect “law-abiding entrepreneurs from chaos.”
Social media amplified his focus on the murder of Iryna Zarutska, a 28-year-old Ukrainian refugee stabbed on a Charlotte light-rail train. Kirk highlighted the suspect’s Black race and prior convictions for robbery and breaking and entering, framing it as evidence of “failed soft-on-crime policies.” His posts sparked a feud with CNN’s Van Jones, who accused him of “racemongering and hatemongering” on air. Kirk retorted on X: “Facts aren’t hate—importing crime without borders hurts everyone, especially minority communities.” The clash, covered by Politico, boosted Kirk’s visibility, with his follower count jumping 10,000 overnight.
Tuesday–Wednesday, September 9–10: The Final Tour and Tragedy
Tuesday was prep for Kirk’s ambitious “The American Comeback” college tour, a 15-stop circuit designed to energize young voters and recruit for Turning Point—events that historically raised six figures per stop through ticket sales and donations. On Wednesday, he flew to Utah, texting Sen. Mike Lee (R-Utah) en route: “Heading your way—let’s make campuses great again,” per Lee’s office.
At 11:34 a.m. MT, Kirk’s last X post went live: a promo for his Utah Valley University appearance, featuring his signature “Prove Me Wrong” debate table. By 12:09 p.m., he was onstage, tossing branded hats to the crowd of 400 students and locals. Fifteen minutes in, amid Q&A on gun violence, shots rang out. Kirk was hit and pronounced dead at a nearby hospital.
The shooter, identified as 22-year-old UVU student Marcus Hale, was subdued by security; motives remain under investigation by the FBI, with early reports citing online radicalization. Tributes poured in from figures like Donald Trump Jr. and Elon Musk, who called Kirk “a warrior for truth.”
Kirk’s death raises questions for the conservative media business: Who fills the void? Turning Point USA, valued at over $100 million in assets, faces a leadership transition, but his blueprint—blending faith, nationalism, and anti-crime fervor—endures. As one insider put it, “Charlie didn’t just talk; he built an empire. His last days were business as usual—until they weren’t.”
Toyota Motor forecast a 21% profit decline for the current financial year on Thursday, as the strain from US President Donald Trump’s tariffs and an appreciating yen take some of the shine off strong demand for hybrid vehicles.
The world’s top-selling automaker expects operating income to total 3.8 trillion yen ($26 billion) in the year to March 2026, versus 4.8 trillion yen in the financial year that just ended. That was roughly in line with the 4.75 trillion yen average of 25 analysts surveyed by LSEG.
Toyota faces the risk of being hit by widespread fallout from Trump’s tariffs, not only from the impact on its US-bound exports but also because of the potential for a downturn in consumer sentiment in the US and elsewhere. Price rises can lead to a decline in consumer sentiment.
The lower profit for the coming year was due to the negative impact from a stronger yen, as well as higher material prices and the impact of tariffs, Toyota said in a presentation.
Like other global automakers doing business in the world’s top economy, Toyota could face high labor costs and be forced to spend more on investment, if it decides to expand its US production base further.
While Toyota has seen its vehicle sales in China fall less than other Japanese automakers, it has still struggled to halt a sales decline in the world’s biggest auto market amid heavy competition from Chinese brands.
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