Japan’s Financial Services Agency (FSA) is conducting voluntary interviews with the company that issued SANAE TOKEN on the Solana blockchain on 25 February 2026. The token was created by an organization called NoBorder DAO as part of a “Japan is Back” campaign, using the name and image of Prime Minister Sanae Takaichi without her consent. On 2 March, Takaichi said in a post on X that has more than 63 million views: “I have nothing to do with this token, and my office has not received a single yen.”

After Takaichi’s public denial, SANAE TOKEN plunged 58% — from a market cap of $27.7 million at its peak on 25 February to $62,000 by 4 March. Token liquidity fell to $25,000. The token-sale structure raised further questions: 65% of the tokens were reserved for project operators.

The FSA is now poised to open a criminal investigation: preliminary data suggest the token operator did not hold a cryptocurrency exchange licence. Under Japan’s Payment Services Act, issuing and selling crypto assets without FSA registration can carry up to five years’ imprisonment or a fine of up to ¥5 million.

OpenAI is discussing a contract to deploy its AI technologies on NATO’s unclassified networks without access to classified information, Reuters and the Wall Street Journal report, citing sources. Talks began shortly after a deal with the Pentagon, under which the company’s technology would be rolled out within the US Department of Defence’s secure network. OpenAI CEO Sam Altman mentioned the possibility of operating in special NATO networks at a closed-door meeting, but a spokesperson clarified that the discussions concern only unclassified systems.

The Pentagon deal was reached after Trump’s administration terminated cooperation with Anthropic over disagreements: the company refused to provide AI for mass domestic surveillance and autonomous weapons without human oversight. Negotiations broke down, and the US government cancelled $200 million in contracts.

OpenAI has confirmed its systems will not be used for domestic surveillance of US citizens or for intelligence work like that of the NSA. All in all, the company is expanding partnerships with NATO and US defense agencies, imposing ethical limits on military uses of its AI. 

A survey conducted by the European Investment Bank from April to July 2025, encompassing about 13,000 companies, revealed that European businesses are effectively managing the heightened US tariffs, while the fragmentation of regulatory frameworks within the EU presents significant barriers to trade. In July 2025, the United States and the European Union reached a framework agreement, establishing a 15% import tariff on most goods from the bloc, half the initially threatened level but higher than the zero tariff Brussels had anticipated.

The impact of tariffs has largely been absorbed by American importers, and the burden on European exporters remains manageable, according to the report. EU companies have achieved a level of artificial intelligence adoption comparable to their American counterparts, positively impacting productivity. In contrast, US companies have shown greater concern over rising tariffs than their European colleagues.

Sixty-two percent of European companies reported facing barriers when exporting goods to other EU countries due to discrepancies in national legislation among the 27 member states. According to the IMF, these internal barriers are equivalent to a 44% tariff on goods and a 110% tariff on services. Eliminating fragmentation could increase the ratio of companies' investments to assets by 10%, especially concerning intangible assets.

UK Chancellor Rachel Reeves said on Tuesday that the Office for Budget Responsibility (OBR) has lowered its forecast for UK economic growth in 2026 from 1.4% to 1.1%. The revision was carried out in two stages: the November forecast of 1.4% was first adjusted to 1.3% and then to the current level.

The OBR left its growth projections for subsequent years unchanged: 1.6% in 2027 and 2028, and 1.5% in 2029 and 2030. Reeves stressed that average annual growth over the forecast period remained broadly unchanged: the watchdog has simply reallocated the timing of GDP growth, slower in 2026 and faster in 2027–2028.

The announcement was made as part of a biannual fiscal update that Rachel Reeves presented to Parliament. The previous 1.4% forecast was published in November 2025, when the chancellor set out her second annual budget.

US President Donald Trump told German Chancellor Friedrich Merz on March 3 that the terms of ongoing trade agreements could be tightened. Trump reckons that foreign trade partners want to keep the deals, but Washington is going to tweak them somewhat upward. If they all want to stay in the deal, the US could do that pretty easily.

The remark came after the US Supreme Court ruled on February 20 that the tariffs introduced by Trump were unconstitutional. In a 6–3 vote, the judges concluded that the IEEPA (International Emergency Economic Powers Act) does not grant the president authority to impose tariffs. In response, Trump announced the same day a new 10% global tariff under Section 122 of the Trade Act of 1974. The next day, he voiced the intention to raise it to 15%.

The European Commission has determined that the new global tariff is being added on top of already valid duties, pushing total levies above 15% for some goods and violating the trade agreement with the EU. Interestingly, Kyle Shostak, director at Navigator Principal Investors, noted that Donald Trump has sufficient legal tools to continue his tariff policy regardless of the Supreme Court’s decisions. 

On March 3, US President Donald Trump instructed Treasury Secretary Scott Bessent to "terminate all relations" with Spain following Madrid's refusal to open the Rota and Morón bases for strikes against Iran. "We're going to cut off all trade with Spain. We don't want anything to do with Spain," Trump stated during a meeting with German Chancellor Friedrich Merz at the White House.

Spain has prohibited the use of its bases, citing a bilateral agreement with the United States that requires operations to comply with international law and have the support of the United Nations. "The bases of Spanish sovereignty will not be used for anything that is not within the agreement with the United States or for anything that does not fit within the charter of the United Nations," Spanish Foreign Minister Jose Manuel Albares stated. After that, the US withdrew 15 aircraft from Spanish facilities.

Bessent confirmed that he would direct the USTR and the Department of Commerce to initiate investigations aimed at imposing sanctions against Spain. Trump referenced a Supreme Court ruling, stating that it "fully affirmed" his right to impose a trade embargo under the International Emergency Economic Powers Act (IEEPA), despite the court limiting the application of this law for global tariffs.

The KOSPI index plunged more than 12% on 4 March 2026. It opened the Asian session on 3 March, 2026, at 6,165.15 and closed sharply lower at 5,090.79 on 4 March, 2026. The two-day drop exceeded 18% and marked the sharpest fall in the index’s history, Bloomberg reports.

The slump was triggered by Iran’s closure of the Strait of Hormuz and the following spike in oil prices. South Korea is the world’s eighth‑largest oil consumer and a major buyer of petroleum products transiting the strait. Forced liquidations on margin accelerated the losses: the KOSPI and KOSDAQ trading was halted twice for 20 minutes after circuit breakers were triggered at an 8% plunge.

Over two days, the market wiped out $625 billion of market capitalization, mostly due to collapses in Samsung Electronics, SK Hynix, and Hyundai Motor. “The moves are too extreme, forecasting is almost impossible — analysis doesn’t help,” An Hyeon‑jin, CEO of Billionfold Asset Management, commented on the market situation.  

During a ceremony honoring US service members, President Donald Trump boasted about the White House renovation, pausing to praise the gold curtains. At the event in the main hall, the president said the building would take on a new look after the refurbishment and become “the most beautiful ballroom in the world.”

The leader of state stressed that the drapes installed during his first term “look good” and do not need to be replaced. He said leaving them in place saves money on the doors because “it won’t get any better.” Trump added that he has always preferred the gold color and that the interior changes reflect his vision of comfort and luxury.

Political expert Ivan Bocharov assessed the current situation in the Middle East as more serious than the Twelve‑Day War of 2025. The Middle East specialist envisions two main scenarios entailed by the US‑Iran conflict, which he says is escalating global tensions.

As of February 24, 2026, the South Korean stock market reached a capitalization of $3.76 trillion, ranking ninth in the world. It surpassed the markets of France ($3.69 trillion) and Germany ($3.25 trillion), having increased by $2.23 trillion since the start of 2025.

The benchmark KOSPI index added 44% during this period, showcasing the best performance among global exchanges. This growth was attributed to investor interest in companies specializing in artificial intelligence, semiconductors, and robotics. By contrast, the French CAC 40 gained only 4% due to limited attention toward the European tech sector.

According to the World Bank, South Korea ranked 12th in the world in terms of GDP in 2024, trailing behind France, which ranked 7th. During his election campaign, President Lee Jae Myung promised to address the "Korean discount" and raise the KOSPI to 5,000 points. In early February, the South Korean market displaced Germany from the top ten by market capitalization.

The Chinese Foreign Ministry has accused the United States and Israel of undermining international energy security amid the escalating conflict with Iran. Ministry spokesperson Mao Ning called for an immediate ceasefire, emphasizing the responsibility of those involved in attacking the country for maintaining stable energy supplies essential for the global economy, as reported by TASS.

The Chinese diplomat urged for secure navigation in the Strait of Hormuz and the prevention of further negative impacts on the world economy. Since Monday, oil and gas prices have been rising sharply. According to local media reports, Iran has threatened to halt the passage of any vessels through the strait, which it considers its territorial waters.

US military officials deny the existence of an effective blockade of the Strait of Hormuz, pointing to China's dependence on Iranian supplies. Estimates suggest that Beijing's share of oil supplies through the strait is around 38%, compared to 90% for all Asian countries combined.

Президент США Дональд Трамп на встрече с канцлером ФРГ Фридрихом Мерцем 3 марта заявил, что условия действующих торговых соглашений могут быть ужесточены. По его словам, зарубежные партнёры хотят сохранить соглашения: «Мы собираемся несколько скорректировать их в сторону повышения, но они хотят остаться в соглашении, поэтому, вероятно, мы могли бы сделать это очень просто».

Заявление прозвучало после того, как Верховный суд США 20 февраля признал введённые Трампом тарифы неконституционными — шесть судей против трёх постановили, что закон IEEPA не наделяет президента правом вводить пошлины. В ответ Трамп в тот же день объявил о новом глобальном тарифе в 10% на основе Section 122 Закона о торговле 1974 года, а на следующий день пообещал поднять его до 15%.

Европейская комиссия установила, что новый глобальный тариф суммируется с уже действующими пошлинами, что для ряда товаров создаёт нагрузку выше 15% и нарушает торговое соглашение с ЕС. Кайл Шостак, директор Navigator Principal Investors, отметил, что у Трампа достаточно правовых инструментов для продолжения тарифной политики вне зависимости от решений Верховного суда.

Japan’s manufacturing sector posted its best result in 45 months in February. According to S&P Global, the manufacturing PMI jumped to 53.0 from 51.5 in January, marking the highest reading since May 2022. The key drivers were a sharp rise in output and a surge in new orders, the pace of which was the strongest in four years.

Japanese manufacturers owe their most powerful increase in overseas orders since June 2021 to high demand from Europe and Asia. Against this backdrop, firms have been ramping up hiring: employment in the sector rose for the 15th consecutive month, with hiring standing at a four-year high. However, the positive momentum is uneven: producers of investment and intermediate goods are enjoying a boom, while the consumer goods sector remains stagnant.

The pickup in activity has forced businesses to increase commodity purchases, but supply chains are struggling to cope. Suppliers report labour shortages and component shortfalls, which are prolonging delivery deadlines. Cost pressures persist: commodity and transport prices are rising, driven in part by the weak yen, although input cost inflation has eased somewhat from the January peak.

Business sentiment in Tokyo has rebounded to its strongest level since mid-2024. Industrial giants pin their hopes for further growth on a recovery in global demand and on expected policies from Sanae Takaichi’s administration. Despite confidence about the outlook, companies remain cautious, opting to trim inventories of finished goods amid unstable supplies. 

The era of easy profits from artificial intelligence technology is coming to an end. Analysts at BofA Global Research are warning about the "dual nature" of AI: while the market values potential earnings, the risk of obsolescence for entire sectors remains overlooked. The bank forecasts a 15% decline in the European Stoxx 600 index by the second quarter of 2026.

According to BofA, the primary risk lies in the excessive optimism of investors. Current global stock prices are factoring in annual profit growth of 17% over the next five years. However, reality may be more modest: competition will compel companies to spend billions on AI just to maintain their current market share. Such capital expenditures will inevitably impact the profitability of businesses in insurance, asset management, and traditional software sectors.

There is also a gap in performance expectations. Market valuations are based on an expected efficiency growth rate of around 3% in the US, while the CBO's official forecasts project only 0.1% for the next decade. If AI fails to deliver the promised profit surge, investors may confront a significant asset revaluation.

Shifting favorites: from chips to food

BofA has officially downgraded the semiconductor sector rating to "Underweight" (below market). Analysts believe that the deal to acquire AI infrastructure is overheated in the context of high electricity and DRAM memory costs. Rather than investing in the overpriced tech sector, the bank suggests seeking safety in more mundane assets. The new favorites are:

Food and beverages;

Telecommunications;

Chemicals.

Despite the overall pessimism, the bank maintains an "Overweight" rating for software producers. BofA experts believe that companies with unique data deeply integrated into their clients' business processes will be able to leverage AI as a defensive barrier rather than a threat to their existence.

Brokerage firm Bernstein has sharply raised its long-term gold price forecast. Analysts now expect the precious metal to hit $4,800 per ounce as early as 2026, climbing to $6,100 by 2030. The revised outlook is based on a new analytical model incorporating net demand from central banks, ETF inflows, and the US rate-cutting cycle.

Analyst Bob Brackett notes that institutional demand remains a fundamental market driver. Despite some slowdown in 2025, regulator purchases significantly exceed levels from three years ago. According to surveys, 95% of central banks plan to increase their gold reserves over the next year, while 73% of respondents expect the dollar's share in global reserves to decline within five years. ETF demand is viewed as a pro-cyclical force capable of amplifying price rallies as capital inflows accelerate.

The macroeconomic environment also supports the bullish scenario. Markets are pricing in two to three Fed rate cuts in 2026. Historical data shows that the value of gold increases by an average of 6.53% in the year following policy easing. Thus, two potential interest rate cuts could deliver returns around 13%. Additional structural growth factors include the chronic US budget deficit and global reserve diversification.

Among key risks, Bernstein highlights the possibility of higher real rates and a sharp reduction in government sector purchases. Alongside the price forecast, the firm upgraded gold miner Newmont Goldcorp (NEM) to "Outperform" with a price target of $157. The company's EBITDA outlook was raised 26% to $21.9 billion amid expectations of a precious metal rally.

American startup OpenAI has raised a record $110 billion in a new funding round. Bloomberg estimated that the company’s pre‑money valuation was $730 billion and rose to $840 billion after the deal closed. The round is one of the largest in tech history, cementing OpenAI’s status as the world’s most valuable AI developer.

Lead investors included Amazon, Nvidia, and SoftBank. Amazon committed a record-breaking $50 billion in venture capital, while Nvidia and SoftBank each contributed $30 billion. OpenAI plans to use the proceeds to expand computing capacity, develop infrastructure, and accelerate research amid intensifying competition in the generative-AI market.

The deal’s terms suppose deep integration with the investors’ ecosystems. OpenAI is committed to spending an additional $100 billion over eight years on Amazon Web Services (AWS) cloud services. This complements a November agreement worth $38 billion over seven years. In particular, the startup will begin broad deployment of Amazon’s Trainium AI chips.

Bloomberg analysts emphasize that the transaction is a classic example of cross-financing, where infrastructure and chip suppliers invest in startups that then return the funds as payments for services and equipment. That model carries systemic risks: major players could suffer substantial losses if AI commercialization fails to match the billions invested. 

Overall, global debt swelled by $29 trillion in 2025, reaching a record $348.3 trillion. The main driver of the increase was persistent government budget deficits in the largest economies, rather than private sector borrowing, according to the Institute of International Finance (IIF).

Sovereign debt grew by more than $10 trillion, with three-quarters of that rise coming from the US, China, and the euro area. Government debt stood at $106.7 trillion at the year's end. Debt of non‑financial corporations rose to $100.6 trillion, and household debt increased to $64.6 trillion. Total debt in developed markets grew to $231.7 trillion, while emerging markets’ debt reached a record $116.6 trillion.

Despite the absolute increase, the global debt-to-GDP ratio fell to 308% thanks to developments in advanced economies. In emerging markets, by contrast, that ratio hit a record 235%. Analysts expect global debt to rise further in 2026 if large budget deficits persist and capital expenditures continue to be financed with borrowing.

This year, emerging markets face refinancing needs on a record $9 trillion of obligations, while developed countries must meet bond and loan repayments exceeding $20 trillion. 

China has issued a stern warning that it will take "all necessary measures" if Washington uses the 2020 deal investigation to impose new tariffs. The statement came after US Trade Representative Jamieson Greer confirmed that the agreement is undergoing a continued compliance review.

China’s Ministry of Commerce emphasized that Beijing has fulfilled its commitments under the Phase One deal, including protection of intellectual property and market openings, despite the pandemic. The agency placed the blame for undermining the implementation of the deal on the United States, pointing to tightening export controls and restrictions on bilateral investments. If the investigation serves as a pretext for new tariffs, China will decisively defend its interests.

This exchange of statements comes just weeks before Donald Trump’s visit to Beijing. Previously, the US Supreme Court struck down sweeping emergency tariffs. However, the administration continues to seek the imposition of tariffs through the Section 301 mechanism. The Chinese side urged for an objective assessment of the deal and resolution of disagreements through consultation, rather than shifting responsibility.