Japan bank shares hammered as tariffs ignite fears about global growth
The Tokyo index of banking stocks (.IBNKS.T), opens new tab was down 10% at 0537 GMT. Shares of Mitsubishi UFJ Financial Group (8306.T), opens new tab, Japan's biggest bank by assets, fell 10%.
The hit to banking stocks in Tokyo, some of the world's largest lenders by assets, was a grim reminder of the global impact of Trump's protectionist policies and the shakiness of Japan's own exit from deflation.
After years of stop-start growth and frozen wages, Japan last year finally appeared to break through its long malaise, as prices - and wages - began to rise. In a hugely symbolic move, the central bank raised interest rates for the first time in almost two decades.
Whether that growth path can continue, analysts have said, depends to a large extent on what happens next in the United States. The world's largest economy is the main market for Japanese automakers, the country's economic engine, as well as other industries.
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Daily Mail
44 minutes ago
- Daily Mail
Trump backlash as rich Americans flee the States and bid for new life... in a Scottish castle
Wealthy Americans fleeing the US after the election of Donald Trump are driving a boom in sales of Scottish castles. In the six months since the most controversial and divisive president in modern history took office, top-end estate agents have witnessed a huge surge in interest for the country's oldest and most dramatic properties. And although buying a castle has long been the ultimate fantasy of many home-owners, prices are now soaring to a historic high – partly because of an exodus of millionaires from the States. So while many castles over the centuries have witnessed and withstood countless battles, skirmishes and attacks, these days they are more likely to find themselves at the centre of a bidding war. One recent sale went to a closing date with no fewer than three rich Americans all offering far in excess of the initial asking price. Cameron Ewer, head of residential property for Savills estate agency explained a spike in interest from the US was pushing prices higher. He said: 'There are definitely more international buyers in the marketplace. In the immediate aftermath of Donald Trump 's election, the number of American inquiries through our website went absolutely through the roof – and has now settled to a far higher-than-normal level. 'Not everyone is a Trump supporter, and those that aren't are keen to leave the country: there's definitely an element of that in discussions we've had with buyers.' Last month tax lawyers and immigration advisers told US broadcaster CNN they had seen a 'stampede' of Americans emigrating since the start of Mr Trump's presidency. One couple told the channel: 'We're getting away from the chaos … I feel like the America as we knew it growing up is slipping away pretty fast.' Meanwhile, more than 1,900 US residents applied for a British passport during the first quarter of 2025, the most since the Home Office began keeping records in 2004. Politics aside, Mr Ewer said there were also other factors behind the surge in interest in Scotland's castles. He said: 'Scottish castles have always had international appeal. There's a romance surrounding them – and there's always a smattering on the market. But there are definitely more for sale right now. One factor may be the increasing costs of running a castle – which isn't cheap. Another factor is simply that the market in Scotland is pretty buoyant across the board, and with more stock coming to the market generally, there's a feeling that this is a good time to be selling prize assets in Scotland.' He explained: 'The overarching reason for the uptick in interest is value: the quality of the properties, the culture, the heritage behind them that buyers can afford in Scotland is head and shoulders above what can be found in other places in the UK, Europe or elsewhere.' And with a flurry of castles newly offered to the market, even properties worth millions are being quickly snapped up. In just the past few weeks, three magnificent piles have gone 'under offer' – including Plane Castle in Stirlingshire (a manor house near Bannockburn with a 14th-century tower which was marketed for offers over £1.2 million); Keillour Castle (a turreted country house in Perthshire, offers over £1.8 million) and Cramond Tower (a restored mediaeval tower house outside Edinburgh, offers over £850,000). Glenborrodale Castle, a sprawling 16-bedroom sandstone castle in the West Highlands also sold this year – for more than £200,000 above the asking price – having been put on the market for offers over £2.35 million. Scotland has around 1,500 castles – ranging from mediaeval strongholds with towers and keeps, to fortified mansions, and even 18th century estate houses whose battlements are purely decorative. Many are ruins, while others have been converted into commercial ventures such as luxury hotels and wedding venues. Hundreds more, however, remain as private homes – and are eagerly sought after when they go up for sale, sometimes after decades or even centuries in the ownership of the same family. Estate agents believe the general level of interest in castles from property lovers on both sides of the Atlantic has been boosted by TV's The Traitors – hosted in the UK by Claudia Winkleman and by Alan Cumming in the American version – which was set amid the baronial splendour of Ardross Castle north of Inverness. Mr Ewer said increased demand was boosting the prices for castles. He said: 'Prices this year are at a height – both in terms of asking prices and also in terms of the final prices being achieved. Castles are a special type of property, and the values don't always follow trends in the general housing market. 'People don't say, 'I've got a budget of two million, I'm going to buy a Scottish castle.' They typically need far deeper pockets than that, to be able to ensure they can afford the maintenance and running costs. These aren't buyers with specific budgets. If you find the right buyer, they'll pay whatever it takes.' Earlier this month American actress Christina Hendricks hinted she was looking to buy a castle. After spending time in Scotland filming two series of period drama The Buccaneers – which features as locations Culzean Castle in Ayrshire, Hopetoun House, near South Queensferry, and Drumlanrig Castle in Dumfriesshire – the 50-year-old confessed in an interview: 'I am so in love with Scotland... I'm all about the historical stuff. I mean when we shoot at these estates and these castles... this is mind blowing to me.' Above, to help the actress – and any other would-be purchasers – track down a dream castle in Scotland, the Mail on Sunday reveals some of the most amazing examples currently on the market. Picturesque ruins Over the centuries, many ancient castles have fallen into disrepair. And although the damage may be beyond the reach of even the most ambitious restorer, the remains can still make a picturesque centrepiece for a larger estate. The ruins of Castle Cary in Creetown, Dumfries and Galloway, are currently on the market for offers over £9.5 million. The price tag may seem high for a derelict building but the estate also includes a holiday park business with swimming pool, and pub and restaurant. On the Isle of Skye, the ruins of Armadale Castle, the historic seat of the MacDonalds of Sleat, (above) is on sale at offers over £995,000. The Clan Donald Lands Trust said it had taken the 'difficult' decision to sell the square Tudor-Gothic mock-castle dating back to 1815 – and the adjoining 20,000-acre estate – because of financial challenges. Castle with Mod Cons Although Pirwindy Keep near Largo in Fife looks and sounds like a historic stronghold, it was actually built in 1998. To all intents and purposes it really is a 'modern' castle. The six-bed property – offers over £1.9 million – was designed as a replica of a fortified turreted keep. The main three-storey tower has an imposing stone façade and a protruding balcony which offers great views over the Firth of Forth to Edinburgh's Arthur's Seat – ideal as a lookout in case the house ever needs to take on a defensive role against marauding invaders! Historical dungeons! For some, a castle's true worth can only be measured in the number of centuries it has been standing – and in the tally of original features such as mediaeval battlements, dungeons, moats and arrow-slit windows. Earlshall Castle in Leuchars, Fife, still retains its 16th century musket loops for repelling invaders. With an asking price of £8 million, the house – which was visited by Mary, Queen of Scots and King James VI – also boasts a Great Hall and a 50ft gallery decorated with the coats of arms of European royalty and Scottish nobles. Cakemuir Castle in Tynehead, Midlothian, (above) also dates back to the 1500s and has distinctive crenellated walls and spiral staircases, plus a stone plaque commemorating the occasion Mary, Queen of Scots in 1567 sheltered there, as she fled Borthwick Castle disguised as a page boy. The eight-bedroom restored tower house is available for offers over £2.9 million. The original tower house features a projecting turnpikestair, gun loops and a parapet for guards. A pavilion contains a dining room opening to the lawned garden through three sets of French doors. The property also has a wine cellar. A £300,000 bargain Believed to be the cheapest castle currently on the market in Scotland, Little Tarrel Castle is for sale, offers over £299,000. The B-listed fortalice – a small fortified house – was built in 1559 by Alexander Ross who became chief of Clan Ross and Laird of Balnagown after his father was murdered. Determined not to meet the same fate, Alexander began attacking rivals, kidnapping neighbours, stealing church lands and defying the government. After decades of delinquent behaviour, he was brought to book and forced to hand his title to his son. The castle was fully restored in the 1980s but retains many original features, including arched stone fireplace, timber beams, thick wooden latched doors and shutters, as well as the original shot hole, gun loops and arrow slits.
The Guardian
3 hours ago
- The Guardian
‘Blatant misinformation': Social Security Administration email praising Trump's tax bill blasted as a ‘lie'
An email sent by the US Social Security Administration (SSA) that claims Donald Trump's major new spending bill has eliminated taxes on benefits for most recipients is misleading, critics have said. The reconciliation bill – which the president called the 'one big, beautiful bill' before signing it on Friday after Republicans in Congress passed it – includes provisions that will strip people of their health insurance, cut food assistance for the poor, kill off clean energy development and raise the national debt by trillions of dollars. But the bill also 'eliminates federal income taxes on social security benefits for most beneficiaries, providing relief to individuals and couples', the previously apolitical SSA stated in an email circulated on Thursday. Frank Bisignano, the commissioner of the agency, said in a statement that nearly 90% of social security beneficiaries will no longer pay federal income taxes on their benefits. 'This is a historic step forward for America's seniors,' Bisignano said. 'By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump's promise to protect social security and helps ensure that seniors can better enjoy the retirement they've earned.' However, the spending bill does not actually eliminate federal taxes on social security due to the rule constraints of passing a bill this way – through the reconciliation process, to avoid a Democratic filibuster. Instead, the legislation provides a temporary tax deduction of up to $6,000 for people aged 65 and older, and $12,000 for married seniors. These benefits will start to phase out for those with incomes of more than $75,000 and married couples of more than $150,000 a year. Previous SSA officials said that the Trump administration's framing of the bill was misleading. 'People are like, 'Is this real? Is this a scam?' Because it's not what they signed up for,' Kathleen Romig, a former senior adviser at the SSA during the Biden administration, told CNN. 'It doesn't sound like normal government communications, official communications. It sounds like – you know – partisan.' Jeff Nesbit, who served as a top SSA official under Republican and Democratic presidents, posted on X: 'The agency has never issued such a blatant political statement. The fact that Trump and his minion running SSA has done this is unconscionable.' New Jersey congressman Frank Pallone, the top Democrat on the House's energy and commerce committee, wrote on X that 'every word' of the SSA's email on Thursday 'is a lie'. 'This big, ugly bill doesn't change that,' Pallone wrote. 'It's disturbing to see Trump hijack a public institution to push blatant misinformation.'
The Guardian
3 hours ago
- The Guardian
If the US president threatens to take away freedoms, are we no longer free?
Threats of retribution from Donald Trump are hardly a novelty, but even by his standards, the US president's warnings of wrathful vengeance in recent days have represented a dramatic escalation. In the past week, Trump has threatened deportation, loss of US citizenship or arrest against, respectively, the world's richest person, the prospective future mayor of New York and Joe Biden's former homeland security secretary. The head-spinning catalogue of warnings may have been aimed at distracting from the increasing unpopularity, according to opinion surveys, of Trump's agenda, some analysts say. But they also served as further alarm bells for the state of US democracy five-and-a-half months into a presidency that has seen a relentless assault on constitutional norms, institutions and freedom of speech. On Tuesday, Trump turned his sights on none other than Elon Musk, the tech billionaire who, before a recent spectacular fallout, had been his closest ally in ramming through a radical agenda of upending and remaking the US government. But when the Tesla and SpaceX founder vowed to form a new party if Congress passed Trump's signature 'one big beautiful bill' into law, Trump swung into the retribution mode that is now familiar to his Democratic opponents. 'Without subsidies, Elon would probably have to close up shop and head back home to South Africa,' Trump posted on his Truth Social platform, menacing both the billions of dollars in federal subsidies received by Musk's companies, and – it seemed – his US citizenship, which the entrepreneur received in 2002 but which supporters like Steve Bannon have questioned. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.' Trump twisted the knife further the following morning talking to reporters before boarding a flight to Florida. 'We might have to put Doge on Elon,' he said, referring to the unofficial 'department of government efficiency' that has gutted several government agencies and which Musk spearheaded before stepping back from his ad hoc role in late May. 'Doge is the monster that might have to go back and eat Elon. Wouldn't that be terrible.' Musk's many critics may have found sympathy hard to come by given his earlier job-slashing endeavors on Trump's behalf and the $275m he spent last year in helping to elect him. But the wider political implications are worrying, say US democracy campaigners. 'Trump is making clear that if he can do that to the world's richest man, he could certainly do it to you,' said Ian Bassin, co-founder and executive director of Protect Democracy. 'It's important, if we believe in the rule of law, that we believe in it whether it is being weaponized against someone that we have sympathy for or someone that we have lost sympathy for.' Musk was not the only target of Trump's capricious vengeance. He also threatened to investigate the US citizenship of Zohran Mamdani, the Democrats' prospective candidate for mayor of New York who triumphed in a multicandidate primary election, and publicly called on officials to explore the possibility of arresting Alejandro Mayorkas, the former head of homeland security in the Biden administration. Both scenarios were raised during a highly stage-managed visit to 'Alligator Alcatraz', a forbidding new facility built to house undocumented people rounded up as part of Trump's flagship mass-deportation policy. After gleefully conjuring images of imprisoned immigrants being forced to flee from alligators and snakes presumed to reside in the neighbouring marshlands, Trump seized on obliging questions from friendly journalists working for rightwing fringe outlets that have been accredited by the administration for White House news events, often at the expense of established media. 'Why hasn't he been arrested yet?' asked Julio Rosas from Blaze Media, referring to Mayorkas, who was widely vilified – and subsequently impeached – by Republicans who blamed him for a record number of immigrant crossings at the southern US border. 'Was he given a pardon, Mayorkas?' Trump replied. On being told no, he continued: 'I'll take a look at that one because what he did is beyond incompetence … Somebody told Mayorkas to do that and he followed orders, but that doesn't necessarily hold him harmless.' Asked by Benny Johnson, a rightwing social media influencer, for his message to 'communist' Mamdani – a self-proclaimed democratic socialist – over his pledge not to cooperate with Immigration and Customs Enforcement (Ice) roundups of undocumented people if he is elected mayor, Trump said: 'Then we will have to arrest him. We don't need a communist in this country. I'm going to be watching over him very carefully on behalf of the nation.' He also falsely suggested that Mamdani, 33 – who became a naturalized US citizen in 2018 after emigrating from Uganda with his ethnic Indian parents when he was a child – was in the country 'illegally', an assertion stemming from a demand by a Republican representative for a justice department investigation into his citizenship application. The representative, Andy Ogles of Tennessee, alleged that Mamdani, who has vocally campaigned for Palestinian rights, gained it through 'willful misrepresentation or concealment of material support for terrorism'. The threat to Mamdani echoed a threat Trump's border 'czar' Tom Homan made to arrest Gavin Newsom, the California governor, last month amid a row over Trump's deployment of national guard forces in Los Angeles to confront demonstrators protesting against Ice's arrests of immigrants. Omar Noureldin, senior vice-president with Common Cause, a pro-democracy watchdog, said the animus against Mamdani, who is Muslim, was partly fueled by Islamophobia and racism. 'Part of the rhetoric we've heard around Mamdani, whether from the president or other political leaders, goes toward his religion, his national origin, race, ethnicity,' he said. 'Mamdani has called himself a democratic socialist. There are others, including Bernie Sanders, who call themselves that, but folks aren't questioning whether or not Bernie Sanders should be a citizen.' Retribution promised to be a theme of Trump's second presidency even before he returned to the Oval Office in January. On the campaign trail last year, he branded some political opponents – including Adam Schiff, a California Democrat, and Nancy Pelosi, the former speaker of the House of Representatives – as 'the enemy within'. Since his inauguration in January, he has made petty acts of revenge against both Democrats and Republicans who have crossed him. Biden; Kamala Harris, the former vice-president and last year's defeated Democratic presidential nominee; and Hillary Clinton, Trump's 2016 opponent, have all had their security clearances revoked. Secret Service protection details have been removed from Mike Pompeo and John Bolton, who served in Trump's first administration, despite both being the subject of death threats from Iran because of the 2020 assassination of Qassem Suleimani, a senior Revolutionary Guards commander. Similar fates have befallen Anthony Fauci, the infectious diseases specialist who angered Trump over his handling of the coronavirus pandemic, as well as Biden's adult children, Hunter and Ashley. Trump has also targeted law firms whose lawyers previously acted against him, prompting some to strike deals that will see them perform pro bono services for the administration. For now, widely anticipated acts of retribution against figures like Gen Mark Milley, the former chair of the joint chiefs of staff of the armed forces – whom Trump previously suggested deserved to be executed for 'treason' and who expressed fears of being recalled to active duty and then court-martialed – have not materialised. 'I [and] people in my world expected that Trump would come up with investigations of any number of people, whether they were involved in the Russia investigation way back when, or the election investigation, or the January 6 insurrection, but by and large he hasn't done that,' said one veteran Washington insider, who requested anonymity, citing his proximity to people previously identified as potential Trump targets. 'There are all kinds of lists floating around … with names of people that might be under investigation, but you'll never know you're under investigation until police turn up on your doorstep – and these people are just getting on with their lives.' Yet pro-democracy campaigners say Trump's latest threats should be taken seriously – especially after several recent detentions of several elected Democratic officials at protests near immigration jails or courts. In the most notorious episode, Alex Padilla, a senator from California, was forced to the floor and handcuffed after trying to question Kristi Noem, the homeland security secretary, at a press conference. 'When the president of the United States, the most powerful person in the world, threatens to arrest you, that's as serious as it gets,' said Bassin, a former White House counsel in Barack Obama's administration. 'Whether the DoJ [Department of Justice] opens an investigation or seeks an indictment, either tomorrow, next year or never is beside the point. The threat itself is the attack on our freedoms, because it's designed to make us all fear that if any one of us opposes or even just criticises the president, we risk being prosecuted.' While some doubt the legal basis of Trump's threats to Musk, Mayorkas and Mamdani, Noureldin cautioned that they should be taken literally. 'Trump is verbose and grandiose, but I think he also backs up his promises with action,' he said. 'When the president of the United States says something, we have to take it as serious and literal. I wouldn't be surprised if at the justice department, there is a group of folks who are trying to figure out a way to [open prosecutions].' But the bigger danger was to the time-honored American notion of freedom, Bassin warned. 'One definition of freedom is that you are able to speak your mind, associate with who you want, lead the life that you choose to lead, and that so long as you conduct yourself in accordance with the law, the government will not retaliate against you or punish you for doing those things,' he said. 'When the president of the United States makes clear that actually that is not the case, that if you say things he doesn't like, you will be singled out, and the full force of the state could be brought down on your head, then you're no longer free. 'And if he's making clear that that's true for people who have the resources of Elon Musk or the political capital of a Mayorkas or a Mamdani, imagine what it means for people who lack those positions or resources.'
