In the unfolding drama of global trade tensions, Japan once again finds itself a target of US pressure. But unlike the 1980s, when the conflict centred on a rising US trade deficit fuelled by Japanese exports of cars and electronics, today’s stakes are far more complex.
Back then, the lines were clear and China remained largely outside the frame. Now, Japan finds itself caught precariously between two rivals, each demanding its loyalty.
Extreme volatility in Japanese equities in recent days has been driven by alternating waves of o