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Reduced Military Exercises with South Korea Puts the Pacific Alliance System on Notice

These decisions to cut or cancel military training exercises affects one of America’s most consequential alliances in Asia, and if the President’s order marks a permanent reduction in security cooperation, it heralds a shift in regional primacy.Read more...

The To-Do Note That Triggered a Yen Rescue

A photographer captured a handwritten to-do list on Secretary Bessent’s desk stating, “Buy Japanese Yen (JPY) $5-10 bil”—fueling market speculation. This rare intervention may not be the last action against “disorderly yen movement,” signaling the importance of Japanese economic stability and orderly yen markets to U.S. national security objectives in Asia. Read more...