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Japan Forward
14 hours ago
- Business
- Japan Forward
Trump World: Nice Guys Come Last, so Show Your Cards
When President Donald Trump unveiled his "reciprocal" tariffs in early April, he also invited foreign countries to offer deals that would offset the tariff damage. Japan was the first country to enter negotiations. So, there was an expectation that, being America's most important security ally in the key Indo-Pacific region, it would be treated with kid gloves and a deal would be reached fairly quickly. So far, though, little progress has been made, and "no deal" remains a real possibility. On the other hand, America's number one foe, China, was able to negotiate a significant reduction in United States tariffs in a matter of days. The reason: China has a near-monopoly on the mining and smelting of the rare earths crucial for high-tech industrial processes. The details of the China-US agreement are scarce. However, it remains the case that China can cut off the supply at any time it chooses. In the Machiavellian world of great power rivalries, Xi Jinping holds a high denomination card. He doesn't need to use it. Just brandishing it from time to time makes the point. United States Federal Reserve in Washington, DC (©Wikimedia Commons) Japan has a high-denomination card, too, but far from brandishing it, Tokyo pretends it doesn't exist. That is the $1 trillion USD of US bonds held by Japanese entities, by far the largest foreign ownership. The Trump administration is highly sensitive to action in the US bond market. Hence, the constant attacks on Federal Reserve Chairman Jerome Powell. Concerns about the level of American government debt long predate the current administration. However, Trump has consciously taken a significant risk in piling up tax breaks and spending commitments in his recent "big beautiful bill." (The one described by Elon Musk as a "disgusting abomination.") A bond market rebellion leading to higher interest rates could sink his presidency, as he must know. Before the negotiations got going, Finance Minister Katsunobu Kato made an off-the-cuff comment on Japanese TV about US bonds being a possible "card" that Japan could play. The very next day, he walked back his words, stating that Japan would never do such a thing. Presumably, he was "got at" by his officials who, naively, assumed that being cooperative would earn rewards. The episode was reminiscent of the fate of Prime Minister Ryutaro Hashimoto, one of Japan's bolder leaders. In the late 'nineties, he suggested that Japan should sell its already considerable holdings of US treasury bonds and buy gold instead. The result was a mini-tempest in global markets and a hasty denial by Hashimoto. Instead, the man who had the foresight to kickstart Japan's Big Bang in financial services was suckered again. His officials persuaded him to raise the consumption tax in the midst of a severe banking crisis, thus ending his premiership and, effectively, his political career. To his dying day, he bitterly regretted having accepted the advice of his officials. The message back then was that Japan should remain a tributary possession of the United States. Taxes on consumption were steadily increased. That continued, even under the premiership of Shinzo Abe, who did so much to overturn conventional wisdom in other areas. Japanese Finance Minister Katsunobu Kato (right) shakes hands with US Treasury Secretary Scott Bessent on April 24, 2025. (©Japan Ministry of Finance). Japan is the world's largest creditor nation. Yet, there was a constant doom-mongering chorus from the rating agencies and establishment economists. They moaned about the risks of Japan's internal debt ー which was owed by one set of Japanese to another set of Japanese. Japan has continued to run current account surpluses decade after decade. That has helped to enable American overconsumption through Japanese over-saving. No doubt, it seemed a safe and simple strategy. But the second coming of Donald Trump raises all sorts of new possibilities. Currency regimes have undergone two controlled upheavals in the last 55 years. First was President Nixon's scrapping of the gold standard in 1970. The second was the Plaza Accord to drive down the value of the US dollar against the yen and the West German mark in 1985. Interestingly, in real terms (taking account of accumulated inflation), the dollar is roughly as high as it was pre-Plaza, and the yen at the same level as it was in 1971. Are we about to experience a similar upheaval, designed to devalue the dollar? If so, it would be unlikely to be the result of a "G7" type powwow. Today's world is too chaotic for that. More likely, it would be a genuine shock, like the end of the gold standard. Already, some disturbing ideas have been floated. The proposal to coerce American allies into buying 100-year bonds at much below market interest rates is one example. Stephan Miran, Chair of the Council of Economic Advisors in the Trump administration, dreamed up that one. If inflation picked up, there could well be pressure on the Fed to keep interest rates below the level of consumer prices. As has been the case in Japan, the result would be a super-weak currency. In any of these scenarios, selling US government bonds would be a smart move. And in the current situation, nothing can be ruled out. At the very least, Japan needs to maximize its leverage by brandishing its cards and showing that it is not afraid to use them. Author: Peter Tasker Find other essays and analyses by the author on JAPAN Forward .
India.com
15 hours ago
- Politics
- India.com
Lightning like speed, power, destruction, White Swan wreaks havoc on enemies, it is called the 'emperor of the sky' due to..., developed by...
(Images: Wikimedia Commons) New Delhi: Russian President Vladimir Putin is yet to recover from the sense of defeat suffered by his military at the hands of Ukraine through Operation Spider's Web. That is why he is now deploying one killer weapon after another to protect his borders. A deadly supersonic bomber has now been added to Russia's weapons display, whose name makes even NATO countries sweat. Tu-160 bomber deployed at Anadyr airbase near Alaska, US Recently it was claimed that Russia has deployed its nuclear-capable Tu-160 supersonic bomber at Anadyr airbase near Alaska, far from the Ukrainian border. Ukrainian defense analysis website Defense Express claimed on June 4, based on satellite images of the European Space Agency, that Tu-160 has been seen at Anadyr airbase in Chukotka region. However, this has not been confirmed yet. Let us tell you that this bomber is called 'White Swan' in the Russian army, which in local parlance means destruction. White Swan unleashes destruction on enemy The Tu-160 is called 'White Swan' in Russia and 'Blackjack' in NATO. It is the world's heaviest and fastest supersonic bomber aircraft. It was built in the 1970s during the Soviet Union era. However, it has been updated for modern wars and is an important part of Russia's nuclear triad. Features of White Swan This bomber was designed in the 1970s in response to the American B-1 Lancer. Its length is 54 meters, while the wingspan goes up to 55.7 meters (at full extension). The engine of this bomber is 4 powerful NK-32 turbofans. Each one gives more than 25 tons of thrust. Its maximum speed is Mach 2.2 (2695 kmh) i.e. 2.2 times faster than sound. Its flying range is more than 12,300 km (without refueling). Its biggest feature is its variable geometry wings, which can change the angle according to the speed and distance of flight. It is a craft with heavy weapon capacity. It can be equipped with nuclear and conventional missiles. Ukraine on high alert The long range and heavy weapon capacity of the Tu-160 i.e. White Swan makes it perfect for Arctic patrols and operations near NATO borders. It is a symbol of Russia's military power. On Friday, 20 June 2025, Kiev's/Kyiv's air force claimed that Russia attacked with missiles and drones overnight using the Tu-160. In total, more than 400 drones, 6 ballistic missiles and 38 cruise missiles were fired. Operation Spider's Web angered Putin Ukraine's undercover Operation Spider's Web led to huge loss for Russian military. The FPV drones were smuggled into civilian trucks and transported to several airbases deep inside Russia and then carried out a surprise attack. The attack targeted Russia's Tu-95, Tu-22M3 and A-50 aircraft, which were valuable and scarce. The headquarter of this operation was located near a regional headquarter of Russia's domestic security agency FSB.
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First Post
3 days ago
- General
- First Post
History Today: When the Napoleon era ended with Battle of Waterloo loss
One of the greatest military strategists, Napoleon Bonaparte, fought and lost at the Battle of Waterloo on June 18, 1815. This marked the end of the Napoleonic era in European history. On this day in 1858, Rani Lakshmibai, the valiant Queen of Jhansi, died while fighting against British soldiers near Gwalior read more One of the most important battles in Europe was fought on June 18, 1815. The day saw French Emperor Napoleon Bonaparte lose to the Duke of Wellington in the Battle of Waterloo, thus, effectively bringing an end to the Napoleonic era in European history. If you are a history geek who loves to learn about important events from the past, Firstpost Explainers' ongoing series, History Today will be your one-stop destination to explore key events. STORY CONTINUES BELOW THIS AD In 1858, Queen of Jhansi Rani Lakshmibai died while battling British forces near Gwalior. She died a heroic death and is considered to be a pivotal figure during the Rebellion of 1857. Napoleon loses the Battle of Waterloo June 18 witnessed one of those wars that went on to change the history of Europe. Napoleon Bonaparte was defeated on this day in the Battle of Waterloo. This marked the end of his reign as Emperor of the French and the conclusion of the Napoleonic Wars. After escaping exile on the island of Elba, Napoleon returned to France in March 1815 and regained power, beginning the period known as the 'Hundred Days.' Determined to crush opposition swiftly, Napoleon led his army into present-day Belgium, where the Seventh Coalition forces, primarily British-led troops under the Duke of Wellington and Prussian troops commanded by Gebhard Leberecht von Blucher, had assembled. In this oil painting of the Battle of Waterloo, Duke of Wellington is seen ordering his forces. Wikimedia Commons Napoleon aimed to divide and conquer the coalition forces before they could unite. He initially achieved a victory against the Prussians at Ligny on June 16 and engaged the Anglo-Allied army at Quatre Bras. However, the main confrontation at Waterloo on June 18 proved to be his undoing. Napoleon delayed his attack until midday to allow the muddy ground to dry after heavy overnight rain, a decision that proved critical. This delay gave the Prussian forces, led by Marshal Gebhard von Blucher, precious time to regroup and march towards Waterloo. STORY CONTINUES BELOW THIS AD Throughout the day, Napoleon's forces launched repeated, fierce assaults against Wellington's well-fortified positions. Despite heavy casualties on both sides, Wellington's lines held. The timely arrival of Blucher's Prussian army in the late afternoon on the French right flank turned the tide decisively against Napoleon. The French army, exhausted and increasingly outnumbered, began to buckle under the combined pressure. A final, desperate charge by Napoleon's elite Imperial Guard was repulsed, leading to a complete rout of the French forces. Napoleon's defeat at Waterloo ended his dreams of an empire and forced him to abdicate for a second time. He was exiled to the remote island of Saint Helena in the South Atlantic, where he died in 1821. The victory at Waterloo ushered in a new era of peace and conservative order in Europe, led by the Congress of Vienna. Rani Lakshmibai dies She was considered to be one of the most valiant and heroic leaders of the Rebellion of 1857. On this day in 1858, Rani Lakshmibai died while fighting the British forces near Gwalior after they annexed her Kingdom of Jhansi under the controversial Doctrine of Lapse. Born as Manikarnika Tambe in 1828 in Varanasi, she was married to Maharaja Gangadhar Rao of Jhansi and later became the queen, or Rani, of the princely state. After her husband's death in 1853, the British East India Company refused to recognise her adopted son as heir and annexed Jhansi under the Doctrine of Lapse. This injustice deeply angered Lakshmibai, who vowed to fight for her kingdom's sovereignty. STORY CONTINUES BELOW THIS AD The Queen of Jhansi, Rani Lakshmibai. Wikimedia Commons When the 1857 revolt against British rule broke out, Rani Lakshmibai emerged as a leading force in the rebellion. She organised an army, trained soldiers, including women, and fiercely defended Jhansi when British troops besieged the city in March 1858. After a prolonged battle, she escaped in disguise and continued resistance. At Gwalior, she joined forces with other rebel leaders, including Tatya Tope, and together they managed to capture the formidable Gwalior Fort. However, the British soon launched a counter-attack. On June 17, 1858, a fierce engagement took place at Kotah-ki-Serai in Gwalior. Rani Lakshmibai, reportedly dressed as a male soldier and fighting on horseback, led her troops with exceptional bravery. She was mortally wounded during this intense combat, choosing death over capture by the British. The British praised her courage, with General Rose calling her 'the most dangerous of all Indian leaders.' Though the rebellion was ultimately suppressed, Rani Lakshmibai became a symbol of resistance, courage and patriotism. Her fearless stand against colonial rule continues to inspire generations and holds a revered place in India's freedom movement. STORY CONTINUES BELOW THIS AD This Day, That Year >> On this day in 2023, the experimental submersible Titan imploded during a dive into the wreck of the Titanic. >> The first American woman to fly into outer space, Sally Ride, was launched with four other astronauts aboard the space shuttle Challenger on this day in 1983. >> In 1979, the SALT (Strategic Arms Limitation Talks) II treaty was signed by US President Jimmy Carter and Soviet leader Leonid Brezhnev.
India Today
4 days ago
- General
- India Today
Jijabai Bhonsle, the woman behind Shivaji's dream of Swarajya
It was the year 1630, within the stone walls of Shivneri Fort near Junnar, Maharashtra, a child was born far from royal courts and political power. Jijabai gave birth to the soon-to-be first Chattrapati of Marathas. Shivaji's crying sound echoed in Shivneri Fort. At that moment, Jijabai was surrounded not by armies or nobles, but by a handful of trusted chieftains of Shahaji Bhonsle, Shivaji's role in raising Shivaji in the early years wasn't wrapped in grand declarations. While Shahaji served under Adil Shahi of Bizapur, it was Jijabai who remained behind, shaping Shivaji's world with stories and valour could be matched with Jawantabai of Mewar, whose persistence shaped the greatest of Maharanas, Maharana Pratap. And then there's the lesser-known side: historians and history books suggest that Shivaji's early exposure to the ideas of Swarajya didn't come from battlefield tales, but from philosophical debates at home, the words, the stories that he was hearing from lessons of leadership were instilled in Shivaji by Jijabai herself. It was she who taught Shivaji to remain close to the masses, which worked and Shivaji became popular at a very young age, bowed by the people in all corners of the jagirs (feudal land grant) granted to him by Shahji this mix -- a remote fort, a political mother, a child raised not just to rule, but to think -- that sets the early story of Shivaji OF MARATHASBorn in 1598 in the town of Sindkhed Raja, Jijabai entered a world often dictated by political unrest and clan of Lakhuji Jadhav, a Maratha noble serving the Nizamshahi, and Mhalasabai, Jijabai was married young to Shahaji marriage was politically strategic, but it meant long years of separation. With Shahaji engaged in military service under the Nizamshahi and later the Adilshahi sultanates, Jijabai was left to raise Shivaji Maharaj largely on her own. Jijabai, with Shivaji Maharaj standing alongside, and Tanaji kneeling in front (Image: Wikimedia Commons) When Shivaji was born at Shivneri Fort in 1630, the Deccan was already fractured by shifting alliances and growing imperial the age of six, Shivaji and Jijabai were sent to Pune, where Shahaji had appointed Dadoji Konddev to manage his a place of prominence to Marathas once thriving, had been devastated by Murar Jagdeo, a Maratha noble allied with the Nizam, in retaliation for Shahaji's shift to the Adilshahi. The town lay in ruins when Shivaji first saw did not see the place in ruins -- she saw the ground for rebuilding. She called on villagers to return, revived civic life, and had young Shivaji ceremonially plough the land with a golden was no mere ritual, but the quiet herald of Maratha self-assertion, a moment wherein young Shivaji first began to feel the stirrings of duty to connect with the soil beneath regent of the Pune jagir, Jijabai worked with Dadoji Konddev to restore not just order, but rebuilt temples such as Kasba Ganpati and Tambdi Jogeshwari, re-establishing the region's cultural and religious oversaw Shivaji's education, making sure he studied Sanskrit, Persian, and the duties of statecraft. AI-generated image He was trained in horse-riding and swordsmanship, but also raised on the stories of the Ramayana and Majumdar writes in Shivaji, "The courage that made Shivaji courageous and fearless came from Jijabai. She not only instilled the thoughts of Swarajya but at times became her mentor."Jijabai remained active beyond the palace -- riding on horseback, visiting fields, and meeting encouraged Shivaji to do the same. Many of his companions -- local Mavalas -- would later become the backbone of his early and purpose defined the way Jijabai raised Shivaji. She steered Shivaji away from luxury, and towards achieving Rajmata, she shaped not just Shivaji, but a vision -- one that would go on to challenge first the Adil Shahi and then Mughal empire. Treaty of Purandar was signed in 1665 which forced Shivaj to give up on several major forts (Image: Wikimedia COmmons) THE GURU MOTHER: RAJMATAOne of the earliest lessons Jijabai taught Shivaji was to respect women. It stayed with him. As a ruler, Shivaji brought in strict laws against anyone who harmed or insulted women, even those from the his early years, when Afzal Khan killed Shivaji's elder brother Sambhaji, Jijabai asked Shivaji to take a stand, and it was then Shivaji planned to kill Afzal Khan which he later Shivaji was away -- leading campaigns or handling political matters -- it was Jijabai who managed the affairs of the 1665, when Shivaji was forced to sign the Treaty of Purandar under pressure from Mirza Raja Jai Singh and Aurangzeb, Jijabai reminded him that it was not the told him to treat it as a temporary compromise and to stay focused on the bigger goal -- Swarajya.A year later, when Shivaji was called to Aurangzeb's court in Agra and no one knew if he would return, Jijabai took care of the political matters of the the death of Shivaji's wife Saibai, Jijabai took care of Sambhaji Maharaj and instilled him with the thoughts of Swarajya, repeating the role she had taken with his a grandmother to Sambhaji, Jijabai guided him with the same values she had given Shivaji -- strength, discipline. (Image: Wikimedia Commons) advertisementJijabai also supported Shivaji's efforts to bring change. She stood behind his land reforms, his push for social equality, and his decision to welcome back Hindus who had converted under Shahaji passed away in 1664, Jijabai chose not to follow the practice of Sati, which was still common at the June 6, 1674, Shivaji was crowned as Chhatrapati at Raigad. For Jijabai, it was the result of a lifetime of effort and days later, on June 18, the same year at Panchad, Maharashtra, she passed played a key role in ending the long-standing conflict between the Bhosales and the Jadhavs -- her husband's and her own a time when Maratha clans were often divided by ego and pride, Jijabai called for one of her most remembered conversations, she told her father, Lakhuji Jadhav: 'Marathas are fighting with each other for ego and greed. If they unite, the invaders will be defeated. It is a shame to work under foreign rulers -- you must stop.'Those words helped bring the two families -- the Jadhavs and the Bhonsles -- together and laid the foundation for future unity among the Marathas.
India Today
4 days ago
- Health
- India Today
The facemaker of World War 1: how Harold Gillies gave shattered soldiers a new self
Today, when we hear the words 'plastic surgery,' it often conjures images of celebrities fine-tuning their looks under bright Hollywood lights. But long before it was about aesthetic tweaks, it was about survival -- about restoring identity to those whose faces had been taken by war or fire or trenches of the First World War unleashed a kind of devastation few could have imagined. Men returned to Britain with their jaws blown off, noses missing, eyes sealed shut -- shells of their former at Cambridge Military Hospital in Aldershot, England, a young surgeon from New Zealand saw something others didn't. He looked beyond the torn skin and shattered bones and asked a different kind of question: what if surgery could bring not just flesh, but identity, back to life?FROM DUNEDIN DREAMER TO SURGICAL PIONEEROn June 17, 1882, Harold Delf Gillies was born into a world of rhetoric and renaissance. His father was a Member of Parliament in Dunedin, NewZealand, and his mother was related to the whimsical poet Edward Whanganui Collegiate, young Gillies excelled in medicine, but also cricket and golf. Those qualities would shape his later life: physical precision mixed with a creative England, he read medicine at Cambridge's Gonville and Caius, where he rowed in the 1904 Boat Race and played golf for England. Then came London and Hospital, where he trained in 1911, he'd married Kathleen Margaret Jackson, and shortly after, World War I broke out. Group photo at Queen Mary's Hospital in Sidcup in 1917, including Harold Gillies, William Kelsey Fry and Henry Tonks (1917) (Photo: Wikimedia Commons) A WAR SCULPTED A NEW VISIONHe arrived on the Western Front in 1915, a 32-year-old doctor with tools, questions, and a quiet kind of French surgeon Hippolyte Morestin, Harold Gillies watched as damaged jaws were covered using pieces of skin from other parts of the body. The sight moved him in London, he convinced the military to let him create a special ward at Aldershot, dedicated entirely to soldiers with facial he was bringing wounded men from the front lines to England -- not just to fix their wounds, but to help them rebuild their sense of first ward would grow. By 1917, the Queen's Hospital (later renamed Queen Mary's Hospital) opened in Sidcup, England, a place where medicine met Gillies assembled a team of surgeons, dentists, anaesthetists, and artists -- all working in harmony to develop new ways of healing. They used skin grafts layered like building blocks, and carefully shaped pieces of tissue to rebuild faces feature by SURGERY, REBUILDING FACESadvertisementThe most famous of Gillies' breakthroughs was something that, on paper, sounded bizarre: the 'tubed pedicle flap.'In an era before antibiotics, open wounds were a dangerous gamble. So Gillies came up with a solution -- shaping skin into tubes while keeping one end attached to the body, so it stayed living skin was slowly moved, bit by bit, across the face until it reached the damaged area. It looked strange, but it 8,000 soldiers were treated using this method at Sidcup. For many, it gave them something beyond survival -- it gave them their face back. Walter Yeo, the first person to receive plastic surgery, before (left) and after (right) skin flap surgery performed by Sir Harold Delf Gillies in 1917. The pictures of Walter's face before the surgery are blurry and hard to come by. In the tragic accident he was recorded as having lost both his upper and lower eyelids. The surgery was some of the first to use a skin flap from an unaffected area of the body and paved the way for a sudden rash of improvements in this field. (Photo: Wikimedia Commons) advertisementGillies planned every operation with care. He drew sketches on envelopes and scrap paper, built wax masks and plaster moulds to imagine how a face could be put back together.'Use your eyes first, dirty fingers later,' he would say. His surgery wasn't just skill -- it was craft.A CUP OF COLOUR AND A STREAK OF HUMOURHe wasn't always serious. Gillies liked mischief as much as medicine. He often lit up a Cuban cigar while testing colours in his spectrometer, a tool used for analysing chemical elements, claiming it helped him check lithium lines. It probably also amused the operating theatre, Gillies was a champion golfer, earning his Blue at Cambridge and competing in national tournaments -- even tweaking surgical tools to suit his golfer's grip. He was widely regarded in the early 1920s as one of the finest amateur golfers in England. Harold Gillies was one of the best amateur golfers in England (Photo: Wikimedia Commons) advertisementAnd then there was 'Dr Scroggie from South Africa' -- a persona he created for fun. Dressed in a fake beard and wig, Gillies once walked into his own home pretending to be a visiting doctor. He even fooled his colleagues roared with laughter when they realised the trick -- it was the kind of prank that became legend in his personal life had its own chapters. He married Kathleen Jackson and had children, but lost her in 1957. Later that year, he married Marjorie Clayton, his assistant and close companion for lived for people, progress, and humour -- sometimes all in one operating WAR: A NEW ERA IN SURGERYAfter 1918, Gillies sowed his seeds in civilian soil. His book Plastic Surgery of the Face (1920) became the cornerstone of modern surgery. He founded units around the world, training others like Archibald McIndoe and Rainsford in WWII, his influence helped build effective plastic surgery teams. In 1946 he performed one of the first female-to-male affirming surgeries (MichaelDillon) and in 1951 worked with gender pioneering RobertaCowell. Dr. Gillis, who operated on the Danish sailors injured in the geyser explosion (2nd from the left) (Photo: Wikimedia Commons) When asked why, he replied simply: 'If it gives real happiness, that is the most any medicine can give.'A DOCTOR'S LAST ACTGillies worked nearly to the end. He died on September 10, 1960, days after a stroke, still amid a life of purpose and left no fortune, but his real legacy lives on in faces once surgery may now conjure cosmetic bowls on screens. But Gillies reminded the world it was always about function, dignity, reclaiming used art to heal a person's soul as well as their skin. He proved science can be creative. And he offered hope where despair once reigned.
