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Hopes for a Santa Claus rally on Wall Street fell Friday as tech stocks slid lower, while a weaker yen lifted Japanese equities.US indices slumped to end the holiday week, with the tech-heavy Nasdaq Composite losing 1.5 percent.Shares in Tesla were closed around 5.0 percent lower, while those in AI chipmaker Nvidia shed around 2.0 percent.Wall Street stocks have historically performed well around the year-end holidays in what is popularly known as a Santa Claus rally.A Christmas Eve jump in equities got the Santa rally off to a flying start and indices barely budged in Thursday trading.Briefing.com analyst Patrick O’Hare also pointed to an increase in 10-year US Treasury bond yields to around 4.6 percent, which he noted is a rise of nearly 0.9 percentage points since the US Federal Reserve made its first recent interest rate cut in September.”The Fed doesn’t hold sway over longer-dated maturities like it does over shorter-dated securities, so the bump in rates at the back end of the curve is being watched with an anxious eye as a possible harbinger of a pickup in inflation and/or the budget deficit,” O’Hare said.Wall Street stocks took a knock earlier this month when the Fed indicated it would likely cut interest rates less than it had previously expected to.That was in part because of uncertainty tied to President-elect Donald Trump’s vow to raise import tariffs, which could boost inflation that is already proving sticky.In Asia, Japan’s Nikkei index closed up nearly two percent, with the yen’s recent weakness proving a boon for major exporters. The yen hit 158.08 per US dollar on Thursday evening — its lowest in almost six months — following comments made by Bank of Japan Governor Kazuo Ueda that failed to give a clear signal on a possible interest rate increase next month.Recent data has showed Japan’s inflation rose for a second month in December, while industrial production declined less than expected in November and retail sales came in higher than estimated last month.Japan’s government also on Friday approved a record budget for the next fiscal year, ramping up spending on social welfare for its ageing population and on defense to tackle regional threats.In Seoul, the stock market closed down one percent after the won plunged to a nearly 16-year low of 1,487.03 against the dollar on Friday morning.South Korea is struggling to emerge from political turbulence in the wake of President Yoon Suk Yeol’s martial law declaration this month, which prompted his impeachment.Acting President Han Duck-soo was also impeached Friday in a vote that prompted governing party lawmakers to protest with angry chants and raised fists.South Korea’s business outlook for January fell in the Bank of Korea’s composite sentiment index, the biggest month-on-month slide since April 2020, according to data based on almost 3,300 firms released Friday.In Europe, Frankfurt’s DAX index rose after German President Frank-Walter Steinmeier dissolved parliament on Friday and confirmed the expected date for the early general election, emphasizing the need for “political stability” in Europe’s largest economy.- Key figures around 2115 GMT -New York – Dow: DOWN 0.8 percent at 42,992.21 (close)New York – S&P 500: DOWN 1.1 percent at 5,970.84 (close)New York – Nasdaq Composite: DOWN 1.5 percent at 19,722.03 (close)London – FTSE 100: UP 0.2 percent at 8,149.78 (close)Paris – CAC 40: UP 1.0 percent at 7,355.37 (close)Frankfurt – DAX: UP 0.7 percent at 19,984.32 (close)Tokyo – Nikkei 225: UP 1.8 percent at 40,281.16 points (close)Seoul – Kospi: DOWN 1.0 percent at 2,404.77 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 20,116.93 (close)Shanghai – Composite: UP 0.1 percent at 3,400.14 (close)Euro/dollar: UP at $1.0429 from $1.0424 on ThursdayPound/dollar: UP at $1.2579 from $1.2526Dollar/yen: DOWN at 157.89 yen from 158.00 yenEuro/pound: DOWN at 82.87 pence from 83.19 penceWest Texas Intermediate: UP 1.4 percent at $70.60 per barrelBrent North Sea Crude: UP 1.2 percent at $74.17 per barrelburs-rl/rlp/bys/sms

Montenegro said Friday it will extradite to the United States the South Korean cryptocurrency specialist Do Kwon, who is also wanted by Seoul for the multi-billion-dollar bankruptcy of his company, Terraform Labs.His lawyers denounced the decision as illegal and contrary to European conventions on extradition.For months, Seoul and Washington have been seeking the South Korean’s extradition for his suspected role in a fraud linked to his company’s failure, which wiped out about $40 billion of investors’ money and shook global crypto markets.Justice Minister Bojan Bozovic “issued a decision approving the extradition of the accused, Kwon Do Hyung, to the United States of America,” the justice ministry said, referring to him by his full name.The decision followed a year and a half of court rulings and subsequent reversals regarding his extradition.”It was concluded that the majority of the criteria prescribed by law favour the extradition request” from the United States, the ministry added in a statement.The crypto tycoon was arrested in March 2023 at the airport in Podgorica, the Montenegrin capital, while preparing to board a flight to Dubai, in possession of a fake Costa Rican passport.Before his arrest, he had been on the run for months, fleeing South Korea and later Singapore, before his company went bankrupt in 2022.- ‘Stablecoin’ collapse -After a series of rulings by the Montenegrin courts, approving and then cancelling extradition requests, the country’s Constitutional Court lifted the final hurdle on Tuesday.It said in a ruling that previous proceedings “ensured the appellant’s right to a fair trial and did not raise concerns about a possible violation of the right to family life”.The court also said that Kwon, during the hearing, “personally consented to expedited extradition to both the Republic of South Korea and the United States”.Kwon’s Montenegrin lawyers, Marija Radulovic and Goran Rodic, said in a statement to AFP that they had not been provided with the ministry’s full decision.They called that “a drastic violation of Do Kwon’s fundamental human rights, namely the right to defence and the right to appeal”.Montenegro had already deported Kwon’s business partner — identified only by his initials J.C.H. — to South Korea in early February.Terraform Labs created a cryptocurrency called TerraUSD that was marketed as a “stablecoin”, a token that is pegged to stable assets such as the US dollar to prevent drastic fluctuations.Do Kwon successfully marketed them as the next big thing in crypto, attracting billions in investments and global hype.Media reports in South Korea described him as a “genius”.But despite billions in investments, TerraUSD and its sister token Luna went into a death spiral in May 2022.Experts said Kwon had set up a glorified Ponzi scheme, in which many investors lost their life savings.He left South Korea before the crash and spent months on the run.In January, Terraform Labs officially sought bankruptcy protection in the United States.The bankruptcy filing would allow Terraform “to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and US litigation involving the Securities and Exchange Commission”, the company said in a statement.It said it also intended to “meet all financial obligations to employees and vendors”.Cryptocurrencies have come under increasing scrutiny from regulators after a string of controversies in recent years, including the high-profile collapse of the exchange FTX.

Montenegro will extradite to the United States South Korean cryptocurrency specialist Do Kwon, who is also wanted by Seoul for the multi-billion-dollar bankruptcy of his company, Terraform Labs, the Montenegrin Justice Ministry announced on Friday.For months, Seoul and Washington have been seeking the South Korean’s extradition for his suspected role in a fraud linked to his company’s failure, which wiped out about $40 billion of investors’ money and shook global crypto markets.”The Minister of Justice, Bojan Bozovic, issued a decision approving the extradition of the accused, Kwon Do Hyung, to the United States of America,” the Ministry of Justice announced, following a year and a half of dizzying court rulings and subsequent reversals regarding his extradition.”It was concluded that the majority of the criteria prescribed by law favour the extradition request from the competent authorities of the United States of America,” the Ministry added in a statement.The crypto tycoon was arrested in March 2023 at the airport in Podgorica, the Montenegrin capital, while preparing to board a flight to Dubai, in possession of a fake Costa Rican passport.Before his arrest, he had been on the run for months, fleeing South Korea and later Singapore, before his company went bankrupt in 2022.After a series of rulings by the Montenegrin courts, approving and then cancelling extradition requests, the country’s Constitutional Court lifted the final hurdle on Tuesday.”The Constitutional Court concluded that the procedure preceding the constitutional review was conducted in a manner that ensured the appellant’s right to a fair trial and did not raise concerns about a possible violation of the right to family life,” states the decision published on the Constitutional Court’s website on December 24th.The court also emphasized that Kwon, during the hearing, “personally consented to expedited extradition to both the Republic of South Korea and the United States.”Montenegro has already deported Kwon’s business partner — identified only by his initials J.C.H. — to South Korea in early February.Terraform Labs created a cryptocurrency called TerraUSD that was marketed as a “stablecoin”, a token that is pegged to stable assets such as the US dollar to prevent drastic fluctuations.Do Kwon successfully marketed them as the next big thing in crypto, attracting billions in investments and global hype.Media reports in South Korea described him as a “genius”.But despite billions in investments, TerraUSD and its sister token Luna went into a death spiral in May 2022.Experts said Kwon had set up a glorified Ponzi scheme, in which many investors lost their life savings.He left South Korea before the crash and spent months on the run.In January, Terraform Labs officially sought bankruptcy protection in the United States.The bankruptcy filing would allow Terraform “to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and US litigation involving the Securities and Exchange Commission”, the company said in a statement.It said it also intended to “meet all financial obligations to employees and vendors”.Cryptocurrencies have come under increasing scrutiny from regulators after a string of controversies in recent years, including the high-profile collapse of the exchange FTX.

A weaker yen lifted Japanese equities on Friday, while Wall Street’s major indices slid in quiet holiday trading. Seoul was an outlier in Asia with shares plunging as South Korea’s political crisis deepened with a second presidential impeachment vote.US indices slid lower at the start of trading, with the Dow shedding 0.6 percent.”Holiday lethargy is to blame indirectly, yet a more direct weight is the modest weakness among the mega-cap stocks,” said Briefing.com analyst Patrick O’Hare.He also pointed to an increase in 10-year US Treasury bond yields to around 4.6 percent, which he noted is an increase of nearly 0.9 percentage points since the US Federal Reserve made its first interest rate cut in September.”The Fed doesn’t hold sway over longer-dated maturities like it does over shorter-dated securities, so the bump in rates at the back end of the curve is being watched with an anxious eye as a possible harbinger of a pickup in inflation and/or the budget deficit,” O’Hare said.Wall Street stocks took a knock earlier this month when the Fed indicated it would likely cut interest rates less than it had previously expected to, in part because of uncertainty tied to the stated intention of incoming president Donald Trump to raise tariffs, which could boost inflation that is already proving sticky.In Asia, Japan’s Nikkei index closed up nearly two percent, with the yen’s recent weakness proving a boon for major exporters. The yen hit 158.08 per US dollar on Thursday evening — its lowest in almost six months — following comments made by Bank of Japan Governor Kazuo Ueda that failed to give a clear signal on a possible interest rate increase next month.The BoJ left borrowing costs unchanged last week and warned of uncertainty over the economic policies of US president-elect Donald Trump.”Today, the yen looks stronger on the back of a freshly released set of stronger-than-expected data,” said Ipek Ozkardeskaya, analyst at Swissquote Bank.Recent data has showed Japan’s inflation rose for a second month in December, while industrial production declined less than expected in November and retail sales came in higher than estimated last month.Japan’s government also on Friday approved a record budget for the next fiscal year, ramping up spending on social welfare for its ageing population and on defence to tackle regional threats.In Seoul, the stock market closed down one percent after the won plunged to a nearly 16-year low of 1,487.03 against the dollar on Friday morning.South Korea is struggling to emerge from political turbulence in the wake of President Yoon Suk Yeol’s martial law declaration this month, which prompted his impeachment.Acting President Han Duck-soo was also impeached Friday in a vote that prompted governing party lawmakers to protest with angry chants and raised fists.South Korea’s business outlook for January fell in the Bank of Korea’s composite sentiment index, the biggest month-on-month slide since April 2020, according to data based on almost 3,300 firms released Friday.In Europe, Frankfurt’s DAX index rose after German President Frank-Walter Steinmeier dissolved parliament on Friday and confirmed the expected date for the early general election, emphasising the need for “political stability” in Europe’s largest economy.- Key figures around 1430 GMT -New York – Dow: DOWN 0.6 percent at 43,076.65New York – S&P 500: DOWN 0.6 percent at 5,999.29New York – Nasdaq Composite: DOWN 0.7 percent at 19,871.28London – FTSE 100: DOWN 0.1 percent at 8,129.61Paris – CAC 40: UP 0.5 percent at 7,322.01Frankfurt – DAX: UP 0.4 percent at 19,937.72Tokyo – Nikkei 225: UP 1.8 percent at 40,281.16 points (close)Seoul – Kospi: DOWN 1.0 percent at 2,404.77 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 20,116.93 (close)Shanghai – Composite: UP 0.1 percent at 3,400.14 (close)Euro/dollar: UP at $1.0431 from $1.0424 on ThursdayPound/dollar: UP at $1.2560 from $1.2526Dollar/yen: DOWN at 157.75 yen from 158.00 yenEuro/pound: DOWN at 83.05 pence from 83.19 penceWest Texas Intermediate: UP 1.1 percent at $70.41 per barrelBrent North Sea Crude: UP 1.0 percent at $73.60 per barrelburs-rl/js

Global stocks mostly rose on Friday, as European markets returned from the Christmas break tracking Asia gains after a weaker yen lifted Japanese equities.Seoul was an outlier in Asia with shares plunging as South Korea’s political crisis deepened with a second impeachment vote.In Europe, Frankfurt’s DAX index rose after German President Frank-Walter Steinmeier dissolved parliament on Friday and confirmed the expected date for the early general election, emphasising the need for “political stability” in Europe’s largest economy.London was flat and Paris gained.Japan’s Nikkei index closed up nearly two percent, with the yen’s recent weakness proving a boon for major exporters. The yen hit 158.08 per US dollar on Thursday evening — its lowest in almost six months — following comments made by Bank of Japan Governor Kazuo Ueda that failed to give a clear signal on a possible interest rate hike next month.The BoJ left borrowing costs unchanged last week and warned of uncertainty over the economic policies of US president-elect Donald Trump.”Today, the yen looks stronger on the back of a freshly released set of stronger-than-expected data,” said Ipek Ozkardeskaya, analyst at Swissquote Bank.Recent data has showed Japan’s inflation rose for a second month in December, while industrial production declined less than expected in November and retail sales came in higher than estimated last month.Japan’s government also on Friday approved a record budget for the next fiscal year, ramping up sending on social welfare for its ageing population and defence to tackle regional threats.In Seoul, the stock market closed down one percent after the won plunged to a near-16-year low of 1,487.03 against the US dollar on Friday morning.South Korea is struggling to emerge from political turbulence in the wake of President Yoon Suk Yeol’s martial law declaration this month, which prompted his impeachment.Acting President Han Duck-soo was also impeached Friday in a vote that prompted ruling party lawmakers to protest with angry chants and raised fists.South Korea’s business outlook for January fell in the Bank of Korea’s composite sentiment index, the biggest month-on-month slide since April 2020, according to data based on almost 3,300 firms released Friday.Elsewhere Asia, Shanghai and Hong Kong edged up.- Key figures around 1100 GMT -London – FTSE 100: FLAT at 8,138.29Paris – CAC 40: UP 0.6 percent at 7,328.79 Frankfurt – DAX: UP 0.4 percent at 19,932.52Tokyo – Nikkei 225: UP 1.8 percent at 40,281.16 points (close)Seoul – Kospi: DOWN 1.0 percent at 2,404.77 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 20,116.93 (close)Shanghai – Composite: UP 0.1 percent at 3,400.14 (close)New York – Dow: UP 0.1 percent at 43,325.80 (close)Euro/dollar: UP at $1.0427 from $1.0424 on ThursdayPound/dollar: UP at $1.2536 from $1.2526Dollar/yen: DOWN at 157.72 yen from 158.00 yenEuro/pound: DOWN at 83.15 pence from 83.19 penceWest Texas Intermediate: UP 0.9 percent at $70.23 per barrelBrent North Sea Crude: UP 0.8 percent at $73.86 per barrel

Osamu Suzuki, who grew small-car specialist Suzuki Motor into an international brand with huge successes in India, died Wednesday at age 94 after bouts with cancer, the company said Friday.Under the charismatic businessman’s four-decade leadership through 2021, the firm’s sales grew more than 10-fold.Born on January 30, 1930, in the central Japanese region of Gifu, he married into the firm’s founding family and later became its president in 1978.Calling himself an “old man at a small business,” he focused on building light-weight “kei” vehicles, many of which became big hits for their fuel efficiency and easy-to-handle quality.He also actively sought international partners and opportunities overseas to expand his business.The carmaker once tied up with General Motors and Volkswagen and also forged a capital alliance with Toyota in 2019.He expanded in India, where the company’s subsidiary now occupies the top market position.When he retired as the firm’s chairman in 2021, the company’s sales stood at 3.18 trillion yen ($20 billion). When he took over the company in 1978, the firm’s sales stood at 323 billion yen, according to the Nikkei Shimbun business daily.

Asian markets mostly rose on Friday, with Japanese shares gaining on a weaker yen, although Seoul shares plunged as South Korea’s political crisis deepened with a second impeachment vote.Japan’s Nikkei index closed up 1.8 percent, with the yen’s recent weakness proving a boon for major exporters. The yen hit 158.08 per US dollar on Thursday evening — its lowest in almost six months — before rebounding somewhat on Friday.In Seoul, the market closed down by 1.02 percent after the won plunged to a 16-year low of 1,480.20 per US dollar on Friday morning.South Korea is struggling to emerge from political turbulence in the wake of President Yoon Suk Yeol’s martial law declaration this month, which prompted his impeachment.Acting President Han Duck-soo was also impeached Friday in a vote that prompted ruling party lawmakers to protest with angry chants and raised fists.South Korea’s business outlook for January fell 7.3 points to 82.4 in the Bank of Korea’s composite sentiment index, marking the biggest month-on-month slide since April 2020, according to data released Friday. The survey of almost 3,300 firms was conducted between December 11 and 18.In Japan, the yen was “marginally stronger” on Friday, Bloomberg reported, after data showed inflation in Tokyo rose for a second month in December.Other positive figures from Japan showed industrial production declined less than expected in November, while retail sales came in higher than estimated last month.With the country’s unemployment rate holding at 2.5 percent in November — low by international standards but slightly above Japan’s pre-Covid 19 pandemic average — Moody’s Analytics said on Friday that the data confirmed their view that “employment conditions are wobbly”.Investor attention is now focused “on whether the Nikkei average will expand its rise to recover to the 40,000 points range by the end of the year”, said Kosuke Oka, an analyst at Monex Securities.Bank of Japan Governor Kazuo Ueda bewildered observers last week by suggesting a prolonged pause in the institution’s monetary policy tightening, in the face of domestic and international economic uncertainties, which had sent the Japanese currency tumbling.Ueda said on Wednesday rates would be “adjusted” if the situation continued to improve on the economic and price fronts, leaving investors without a clear signal on a possible interest rate hike and contributing to the yen’s slide.”With the calendar year winding down and little in the way of tier-one economic data, the market is content mainly to drift until something shakes it from its slumber — likely a late-year squeeze or perhaps a Trump-driven shift in global economic sentiment,” said Stephen Innes from SPI Asset Management, ahead of US President-elect Donald Trump retaking the White House in January.In Asia, Shanghai, Mumbai, Malaysia, Taipei, Singapore, Sydney and Bangkok were all in the green. Hong Kong was flat, while Manila was down.London was down while Frankfurt and Paris were both up in early European trade.- Key figures around 0800 GMT -Tokyo – Nikkei 225: UP 1.8 percent at 40,281.16 pointsHang Seng: UP 0.1 percent at 20,116.93Shanghai – Composite: UP 0.1 percent at 3,400.14Euro/dollar: UP at $1.0419 from $1.0409Pound/dollar: UP at $1.2532 from $1.2521Dollar/yen: UP at 157.80 yen from 157.59 yenEuro/pound: FLAT at 83.14 pence from 83.14 penceWest Texas Intermediate: UP at $69.80 per barrelBrent North Sea Crude: UP at $73.40 per barrelNew York – Dow: UP 0.1 percent at 43,325.80 (close)

The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico’s luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW.According to industry experts, Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price.It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized, as in other parts of the world.According to the Mexican Association of Automotive Distributors (AMDA), the high-end segment of the market registered a sales drop of 8.1 percent from January to November.Audi’s sales slumped by 21.9 percent, while BMW, which includes the Mini brand, saw no growth in Latin America’s second-largest economy, home to 129 million people.Mercedes-Benz suffered a 9.8 percent decline, according to the state-run statistics institute INEGI.In contrast, Motornation, which sells the BAIC, JMC and Changan brands in Mexico, saw an 8.8 percent increase in sales in the first 11 months of this year, while those of Jetour rose 131 percent, it said.Chinese firms now control 9.3 percent of the Mexican market, according to the AMDA.They have brought stiff competition to the pickup truck segment, with many of the features of high-end models offered by premium brands, the association’s president Guillermo Rosales told AFP.Traditionally, the premium segment included sedan-type vehicles with luxury engines and top-of-the-range features.However, over the past decade consumer preferences have shifted toward utility vehicles such as pickup trucks, minivans and SUVs.Asian brands also benefited from an exemption from import tariffs on electric vehicles that was in effect in Mexico from 2020 until October 1.- ‘Simple arithmetic’ -As in other Latin American countries, Mexicans are becoming more used to seeing Chinese brands on the streets that were unknown to them until about five years ago.Miguel Reyes, a 71-year-old retiree, said that choosing a Chinese car over others was “simple arithmetic.””I needed a car that had the necessary technology, such as steering assist, to make driving safer,” Reyes said.As well as the design and comfort, the “competitive” price was another factor, said Reyes, who paid around 550,000 pesos — roughly $27,000 dollars.A similar model from a traditional brand would have cost him between $40,000 and $50,000, he said.According to Gerardo Gomez, an expert at the data and analytics company J.D. Power, there are around 30 Chinese brands in Mexico, with vehicles ranging from compacts to luxury cars. “They can offer you anything at any point in the range.”BYD offers an electric pickup truck for more than a million pesos ($50,000) but also a compact car for $17,000.Zeekr, a premium electric brand, sells luxury models for around $40,000.- Trump tensions – Chinese cars’ growing presence in Mexico, which is itself a major exporter of vehicles, comes at a time when China is a source of contention between the United States, Mexico and Canada, partners in a regional free trade agreement.During his campaign, US President-elect Donald Trump suggested that China was building car factories in Mexico to sell vehicles in the United States.Canadian officials have accused Mexico of being a springboard for Chinese products in the region — a claim denied by Mexican authorities.Trump has also threatened to impose 25 percent tariffs on both Mexico and Canada unless they stop flows of migrants and drugs.According to Mexican President Claudia Sheinbaum, only seven percent of the components of cars manufactured in the Latin American country are Chinese.”There’s no evidence from anywhere that proves that Mexico is being used as a springboard” for Chinese products, said Diego Marroquin, a trade policy specialist at the Wilson Center in the United States.”It’s a political narrative that comes from the United States and now from Canada.”Sheinbaum said last month that she would propose to the United States and Canada a Chinese import substitution plan, noting that in the case of Mexico alone, the trade deficit with the Asian giant amounted to $80 billion.

Japan’s government on Friday approved a record budget for the next fiscal year, ramping up spending on social welfare, as the population ages, and defence to tackle regional threats.The 115.5 trillion yen ($730 billion) budget for the year from April 2025, greenlighted by the Cabinet, includes 8.7 trillion yen in defence spending.It also includes social security spending of around 38.3 trillion yen — up from 37.7 trillion the previous year.The defence ministry said in a briefing document that Japan was facing its “toughest and most complex security environment” since World War II, repeating a warning from Prime Minister Shigeru Ishiba.Japan has a pacifist post-war constitution, which limits its military capacity to ostensibly defensive measures.But it updated key security and defence policies in 2022, explicitly outlining the challenge posed by China, and committed to double its defence spending to the NATO standard of two percent of GDP by 2027.The 8.7 trillion yen approved Friday will help pay for measures to help attract recruits to Japan’s Self-Defense Forces, and to improve relations between the US and Japanese militaries with locals in Okinawa.It will also go towards a system to collect satellite information on ballistic missiles, such as those fired by North Korea, and the movement of vessels in waters around Japan, including territories disputed with China.”Strengthening our defence capabilities is something we’re actively working on,” Ishiba said at an event organised by the Yomiuri newspaper on Thursday.”Now matter how great our military tanks or vehicles are, it’s pointless if we don’t have enough people to move them,” said the prime minister, who has pledged to fix a shortage of new troops.Another challenge facing the country is its ageing population caused by chronically low birth rates and a cautious approach to immigration.Japan is one of the world’s oldest societies, and this year the proportion of its people aged 65 or over reached a record 29.3 percent.The draft budget needs to be approved by the parliament, and the ruling Liberal Democratic Party and its smaller coalition partner Komeito will need cooperation from opposition parties, having lost their majority in an October snap election.Ishiba has stayed on as prime minister despite leading the coalition to its worst general election result in 15 years.A vote to elect parliament’s upper house will be held in summer 2025.

Wall Street stocks were little changed on Thursday while Asian equities rose in thin Boxing Day trade, extending their “Santa Claus Rally” with several bourses still shut for the holiday.Japan’s Nikkei index closed up 1.1 percent, boosted by comments from the Bank of Japan governor and share price gains for top-selling automaker Toyota.China’s plans for massive bond issuances in 2025 also bolstered investor sentiment.”Even though many in the region are still shaking off a bit of a holiday hangover, with several markets closed for Boxing Day, Asian stocks opened higher, riding a favorable wave from China’s financial bond juggernaut,” said Stephen Innes from SPI Asset Management.In New York, major indices veered in and out of positive territory in a sleepy post-Christmas session. The broad-based S&P 500 finished down less than 0.1 percent.Large technology companies that have led the market in much of 2024 mostly took a breather. These included Netflix, Tesla and Amazon, all of which declined.”What’s interesting today is that we’re seeing small stocks bounce back a little bit,” said Steve Sosnick of Interactive Brokers, noting that the Russell 2000 index put on 0.9 percent.Holiday consumer data showed a 3.8-percent increase in US retail spending from November 1 to December 24, according to a Mastercard SpendingPulse review of a key period for retailers.London Stockton, an analyst at Ned Davis Research, noted that the “Santa Claus rally could still be alive, with strong seasonality into the end of the year.”Stock markets have traditionally fared well in the last five trading days of the year and the first two in the new year, a trend known as the “Santa Claus rally.” Among a number of possible reasons advanced by experts include the festive holiday mood and purchasing ahead of the end of the tax year.Innes said remarks from Bank of Japan governor Kazuo Ueda in which he refrained from signaling a potential interest rate hike next month also “influenced bullish regional sentiments.”Japanese market heavyweight Toyota ended nearly six percent higher after reports in the Nikkei business daily said it aimed to double its return on equity — a key measure of a company’s financial performance.Key figures around 2130 GMT -New York – Dow: UP 0.1 percent at 43,325.80 (close)New York – S&P 500: DOWN less than 0.1 percent at 6,037.59 (close)New York – Nasdaq: DOWN 0.1 percent at 20,020.36 (close)Tokyo – Nikkei 225: UP 1.1 percent at 39,568.06 points (close)Hang Seng: UP 1.1 percent at 20,098.29 points (Tuesday close)Shanghai – Composite: UP 0.1 percent at 3,398.08 points (close)Euro/dollar: UP at $1.0424 from $1.0414 on TuesdayPound/dollar: DOWN at $1.2526 from $1.2538Dollar/yen: UP at 158.00 yen from 157.06 yenEuro/pound: UP at 83.19 pence from 83.05 penceWest Texas Intermediate: DOWN 0.7 percent at $69.62 per barrelBrent North Sea Crude: DOWN 0.4 percent at $73.26 per barrel