Stock Market Rebound in Japan and Asia-Pacific

Japan's stocks rebounded sharply after a significant drop, with the Nikkei 225 up 10.23% and the Topix up 9.3%. Other markets in Asia-Pacific also saw gains. The Bank of Japan had raised rates causing the yen to strengthen. Markets globally were spooked by fears of a U.S. recession. Japan's June household spending fell, but real wages grew. The Reserve Bank of Australia kept its cash rate steady at 4.35%.

Tensions in the Asia-Pacific Region

China's defense minister addresses tensions in the Asia-Pacific region, emphasizing the importance of military-to-military communications with the U.S. while accusing Washington of causing friction with its support for Taiwan and the Philippines.

US-Japan Security Alliance Upgrade

The United States and Japan are set to announce a historic upgrade to their security alliance, highlighting Japan's role in countering China in the Asia-Pacific. The visit includes a state dinner and discussions on military and technological partnerships.