US President Donald Trump praised Japan's 'tremendous support' for the war against Iran during a White House meeting with Japanese Prime Minister Sanae Takaichi. Trump said Tokyo was 'stepping up to the plate' and suggested it was 'appropriate' for Japan to help protect the Strait of Hormuz, through which most of its oil imports transit. He claimed not to need Japan's help but framed the support as beneficial.

The Oval Office meeting came after Trump urged Tokyo to send warships to the Gulf, causing Japanese officials to worry about public pressure. Trump's comments about Japan's support for the Iran war contrasted with his criticism of NATO allies. The president also made an awkward reference to Japan's 1941 attack on Pearl Harbor when asked why the US didn't warn allies about its strike on Iran, saying 'Who knows better about surprises than Japan?'

Beyond the Trump-Takaichi meeting, the newsletter covers China's efforts to restrict 'low-quality' IPOs in Hong Kong, bipartisan US pressure on the SEC to limit Chinese companies' access to American capital markets, and Thailand's new prime minister. The report also notes Bank of America's withdrawal of a recommendation to bet against European companies exposed to private credit, citing 'factual inaccuracies' after an FT report revealed its analysis was flawed.