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Today's Summary

30-year yield of Japanese Government Bonds exploded by 30 basis points today and by 42 basis points over the past two days, to 3.91%, the highest since the bond was introduced in 1999. Japan has elected a populist leader and its not going to end well. Q3 numbers suggest quite a bit MORE vacant homes. NAR, which is always painstakingly optimistic, also made downcast comments about turn of events. The world loves everything Japanese, but Japan doesnt realize it, says John Sutter. Tokyo is the most-booked international flight destination. Honda leapfrogged Tesla and reclaimed its classic hold on the #2 spot. Living standards grew only 6.5% between 2007 and 2022. Japanese workers produced less per hour in 2019 than in 2007. Semiconductor industry is probably the most important industry in the world. Tourism is dispelling the previously common stereotype of Japan as a closed-off, xenophobic country. Tourism is forcing Japanese cities to become more user-friendly to foreigners. Japan should encourage independent creators in every artistic field, including cheap or free studios. Barry L. Ritholtz is the co-founder, chairman, and chief investment officer of Ritholz Wealth Management LLC. Todays Daily Discussion includes a look inside the largest effort to keep the reef alive. Tesla gearing up for its most expensive year on record. US quietly passes new rule to track millions on Social Security – will your trips be watched? This would screw expat retirees, many of whom cant afford to live in the US on social Security. A beloved local donut shop across the street from where Alex Pretti died turned into a Glam Doll Donuts. If world GDP declines for a decade+ all or supermajority of stock indices would decline in real return terms. Lyle McDonald has a diet based around protein, with no carbs, and very little fats, titled Rapid Fat Loss Fed holds key interest rate steady in a range between 3.5% and 3.75%. Gregory Bovino demotion is the clearest sign that the Trump administration is reconsidering its most aggressive tactics after the killing of 37-year-old Alex Pretti. ICE and CBP goons look like occupying soldiers, but from a military standpoint, the way they are behaving is both stupid and dangerous. More than 150 congressional Democrats have joined the bid to impeach Kristi Russell Russell says he is still positive on AI and how much more room to run we have. New rules for 401(k) ‘Catch-Up Contributions in 2026. New book How Progress Ends and The Technology Trap by Carl Benedikt Frey. Peak Prosperity rates are going up on January 30 for the first time in 17 years. There may be a misreading of Chinese interest in technology, writes Satyajit Das. The real problem with military spending isnt the national debt itself, says Michael H.H. The number of births in China fell by 17% in just the last year. The amount of money required to boost fertility to near replacement levels would be prohibitive. Big money is well-advised money, and it has apparently been advised to pile into the only Tier 0 monetary asset that has quietly been performing that role for thousands of years. IM Doc: I cannot stand the GOP – but, really, how am I supposed to behave with Dems? IM Doc says mutual hatred and disdain is a political tool to keep most of us divided. Balan and Acacia suggest at least three months fighting between Israel and Iran. At least 50,000 migrants with protected status work in health care. Iran-US conflict has passed the stage of negotiation and compromise, says Noah Smith. OECD expects India to be bigger than China by the end of the century. Measles cases are skyrocketing for a simple reason. The 160 Yen:USD level is deemed a “breaking point,” and the point of this whole exercise/ article. Canada will slash tariffs on Chinese-made electric vehicles as part of a trade deal with China. China has essentially the entire EV supply-chain in-country, and has attained massive scale.