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Japan's economic strategy has inadvertently created a Japanese century in global finance, driven by the yen's role as a cheap and reliable funding currency. The Bank of Japan's loose monetary policy has suppressed yields on public debt, effectively creating a publicly subsidized funding pipeline for bankers.By borrowing cheaply in yen and investing in higher-return assets, such as US equities, global investors have profited tens of billions of dollars from the 'yen carry trade'. This trade surged after the pandemic, with speculators betting $435bn in the two years to 2024 out of the estimated $1.7tn worth of yen supplied.Despite Japan's first rate hike since 2007 in March 2024, the carry trade remains popular. However, a persistent fear exists that the BoJ may aggressively raise rates, risking a global financial shock. A stronger yen would increase the cost of repaying yen-denominated debts, and heavily leveraged hedge funds could face significant losses.Japan's economic success has created an external dependency on the carry trade to manage internal crises. The country's reflationist prime minister, Sanae Takaichi, is committed to fiscal expansion, which may continue to stabilize the private sector but not necessarily drive growth.Economic analysis suggests that Japan's growth constraints are rooted in its macroeconomic prices, including profit, exchange rate, interest, wages, and inflation. While Japan has seen recent real wage growth, wages have historically been flat or falling, and the country's firms lack a reliably competitive exchange rate and viable profit rate to drive demand and reform.

Several Premier League clubs are struggling to find new shirt sponsors ahead of next season, with nine clubs yet to secure front-of-shirt commercial deals and 12 having not signed contracts. The imminent ban on shirt advertising from gambling companies is having a significant impact on clubs' commercial returns, with the collective loss of income from shirt deals potentially as high as £80m next season.Gambling operators, particularly those serving Asian markets, have been willing to pay more than other companies to sponsor Premier League clubs. However, the removal of gambling firms from the market has led to intense competition among clubs at lower prices. Of the 10 top-flight clubs with gambling sponsors this season, only Bournemouth have announced a replacement, with the club's stadium sponsor Vitality moving on to the shirt in a cut-price deal.Brentford are close to announcing that their existing training kit sponsor, the job search website Indeed, will be on their shirt next season, while Everton and Fulham appear set to buck the trend as they are in advanced negotiations with the foreign exchange trader CMC markets. However, seven clubs with gambling companies' backing remain in the market, including Chelsea and Newcastle, who are still seeking new sponsors.The ban on gambling sponsorships has exacerbated the divide between the big six clubs and the rest of the Premier League in terms of the sponsors they can attract. Arsenal, Liverpool, Manchester City, and Manchester United are locked into long-term deals worth between £50m and £60m a year, while Leeds and Brighton have long-term contracts with Red Bull and American Express respectively.

Donald Trump’s demand that Iran reopen the Strait of Hormuz has an immediate impact on U.S. gasoline prices, but analysts warn that a prolonged conflict will push energy costs higher across the globe, far beyond the fuel pump. Systemic increases in power prices and disrupted supply chains are set to compress margins for industries worldwide; in the United States, the effect could be especially damaging to the fragile economics of the AI boom. Oil‑importing nations in the Global South are already feeling the strain: Egypt has imposed curfews, Indonesia is trialling work‑from‑home Fridays, and the Philippines has declared a national energy emergency. While the United States, as a major oil exporter, can partially insulate itself, the country cannot escape the global rise in energy costs. Experts predict that price pressure will linger for months even if the strait reopens within days. Companies are revisiting cash‑flow forecasts, and the AI sector—characterised by energy‑intensive model training and debt‑laden expansion—faces a particularly acute risk. OpenAI chief Sam Altman attempted to downplay environmental concerns, likening the energy required to train an AI model to the cumulative food intake over a human’s 20‑year development. The Bank of England’s Financial Policy Committee warned that rising energy costs could depress AI share prices, noting that investors were already uneasy about the sector’s heavy reliance on debt financing and uncertain return prospects before the war began. "The conflict could increase these concerns, particularly given the energy‑intensive nature of the supply chain for key components and the operation of datacentres," the committee said. World Trade Organization chief economist Robert Staiger echoed this view, cautioning that a prolonged period of high energy prices could "crimp" AI investment. He highlighted that AI‑related goods accounted for 70% of U.S. investment growth in the first three‑quarters of last year. A forensic note from US law firm Quinn Emanuel revealed that the AI sector generated roughly $60 billion in revenue last year while committing $400 billion to capital expenditure. The financing structure mirrors the 2008 crisis, with off‑balance‑sheet special purpose vehicles and asset‑backed securities playing a central role. Leading "hyperscalers" and infrastructure providers such as CoreWeave are borrowing enormous sums to build out datacentres, although some analysts argue that many projects lag behind their lofty promises. Much of this borrowing comes from private‑credit lenders, making total liabilities opaque and challenging for regulators—an issue the Bank of England has repeatedly flagged. Complex financing arrangements see datacentres owned by special purpose vehicles, debt pooled and sold to pension funds, and other layered structures that obscure true exposure. Quinn Emanuel estimates that $120 billion of datacentre debt has been moved off‑balance sheets in the past two years. The firm warns that distress at any single node could cascade through the tightly interconnected AI ecosystem. Extended higher energy costs, combined with volatile interest rates and weaker consumer demand—both likely fallout from the Middle East war—could trigger that distress. The fundamental question remains: can the AI sector generate sufficient revenue to justify its sky‑high valuations? Even modest energy price hikes may force a market rethink, with potential spill‑over effects across U.S. markets and beyond. As the article concludes, the economic fallout may be yet another unintended consequence of Trump’s aggressive stance on Iran, unleashing forces beyond his control.

Brighton pulled off a major upset in the Women's FA Cup quarterfinals, defeating Arsenal 2-0 at Borehamwood. The win extended Arsenal's wait for their first Women's FA Cup title in over a decade. Fran Kirby, a former Chelsea forward, played a crucial role in the victory, providing two assists.Madison Haley opened the scoring shortly after halftime with a superb finish into the top corner, and Caitlin Hayes sealed the win with a header from a deep Kirby corner. Arsenal, who had recently knocked out Chelsea in the Champions League, looked disjointed and below their best.In another match, Liverpool secured a semifinal spot with a scrappy 115th-minute goal from substitute Zara Shaw against Charlton Athletic. Shaw's goal came after a scramble in the box, marking her return to competitive action after a 12-month knee injury.Liverpool manager Gareth Taylor praised Shaw's determination, saying, 'What a story, Zara Shaw, eh? The way people speak about her at the club, it couldn’t have happened to a better person.'Charlton's head coach, Karen Hills, expressed pride in her team's performance, stating, 'I’m so proud of the group. The way they performed today, they were outstanding.'

The conventional view of procrastination is that it's a negative habit, linked to anxiety, diminished self-esteem, and depression. However, what if we could harness it to our advantage? By exploring medieval philosophy, particularly the concept of acedia, or sloth, we can uncover a more positive approach to procrastination. Medieval theologians didn't view sloth as laziness, but rather as a complex mix of boredom, depression, anxiety, and despair. This state can leave us feeling rudderless, unable to make progress towards our goals. However, by accepting and engaging with our procrastination, we can transform it into a catalyst for growth. Dante Alighieri and Bernard of Clairvaux offered valuable insights into navigating procrastination. Dante described the 'wrong' approach as sleepwalking towards disaster, where boredom anaesthetizes our minds, making us vulnerable to manipulation. In contrast, the 'right' approach involves embracing procrastination as a chance for self-discovery. Bernard of Clairvaux likened living a good life to running a marathon over rough terrain. We can't expect to maintain a constant pace; there will be days of apathy and boredom. On such days, we should stay awake and alert, engaging our brains to find value in even the most trivial distractions. By adopting this mindset, we can turn procrastination into a portal to self-discovery. As medieval poems like Parzival and The Pearl demonstrate, heroes often stumble upon profound revelations through distraction and wandering. Similarly, we can find unexpected gold in the midst of procrastination, leading to a deeper understanding of ourselves. So, the next time you find yourself procrastinating, consider embracing it as a chapter break, a chance to recharge and refocus. Remember that accepting procrastination can be essential to emotional growth, allowing us to return to our tasks with renewed energy and perspective.

Mexico’s art world is in uproar after an agreement with Banco Santander to export a landmark segment of the Gelman collection to Spain. The collection, hailed as one of the most significant assemblages of 20th‑century Mexican art, features masterpieces by Frida Kahlo, Diego Rivera, Rufino Tamayo, José Clemente Orozco, María Izquierdo and David Alfaro Siqueiros. Approximately 400 cultural professionals have signed an open letter demanding clarity from the Mexican government about the fate of the works, especially those by Kahlo that the state has designated as an "artistic monument". Historian Francisco Berzunza warned that Kahlo is "the most important artist in the history of our country" and that her works should remain accessible in Mexico. The disputed batch comprises 160 paintings, sketches and photographs originally owned by collectors Jacques and Natasha Gelman and purchased by the Zambrano family in 2023. Under the Santander deal, the pieces—currently on public display in Mexico for the first time in two decades—are slated to travel to Spain this summer to become a centerpiece of the new Faro Santander cultural centre. Santander’s announcement promised to handle "conservation, research and exhibition" of the collection, yet it omitted the duration of the Spanish stay. The bank’s director, Daniel Vega Pérez de Arlucea, later told El País that the legislation governing the works is "flexible" and that the collection would enjoy a "permanent presence" at the centre, intensifying concerns. Mexican officials have attempted to reassure the public. President Claudia Sheinbaum stated, "Our desire is for the collection to remain in Mexico," while Culture Minister Claudia Curiel de Icaza emphasized that the export is only temporary and that the artworks are expected to return by 2028. Santander also issued a statement insisting the deal does not constitute a sale or permanent removal. Nevertheless, critics argue the contract is ambiguous. The agreement, viewed by the Guardian, allows Faro Santander to retain control of the collection at any point between June 2026 and 30 September 2030, with the possibility of extensions by mutual consent. Such language fuels fears that the pieces could become effectively permanent fixtures abroad. Legal experts note that Mexican law protects works declared national artistic monuments, mandating that they may leave the country only temporarily and that the National Institute of Fine Arts and Literature (Inbal) is responsible for their repatriation. With Inbal owning just four of Kahlo’s roughly 150 pieces, many fear the deal undermines the protective framework. Berzunza summed up the stakes: "If the works were not to return, a fundamental part of this artist’s body of work – and her history – would be lost. These pieces are essential to telling her story and to understanding our identity as Mexicans."

The Sydney Kings secured their sixth NBL championship after a dramatic 113‑101 overtime victory over the Adelaide 36ers in the decisive fifth game of the series.In front of a record‑breaking crowd of 18,589 spectators at the Sydney venue on Easter Sunday, Kings guard Kendric Davis delivered a stellar performance, tallying 35 points and 14 assists, which earned him the series MVP honor.Adelaide’s star guard Bryce Cotton matched Davis with 35 points, fueling a fierce duel that defined the series and kept the 36ers within striking distance until the final minutes.The 36ers entered the last quarter of regulation holding a seven‑point lead and appeared poised to capture their first title since 2002. However, Davis sank a crucial basket with 30 seconds left, and Tim Soares’s tip‑in forced a 95‑95 tie with six seconds remaining, sending the game into overtime.During the extra period, Davis set the tone by stealing the ball early and adding seven more points, while 36ers forward Nick Rakocevic fouled out after a contested play. The Kings built a decisive 13‑point advantage, highlighted by Makuach Maluach’s emphatic dunk in the final minute.The triumph also marks the first championship for the Kings since legendary coach Brian Goorjian returned to revitalize the club last season, fulfilling expectations after a season highlighted by a record‑breaking 44‑point Game 1 win.For Adelaide, the loss ends a heart‑breaking campaign that saw the 36ers rally from a heavy Game 1 defeat to level the series twice, only to fall short of ending their 24‑year title drought.

Cambodia has taken a significant step in its fight against cybercrime by approving a new law targeting scam centers accused of defrauding foreigners of billions of dollars. The law, which aims to enhance the country's 'cleaning operation' against these illicit operations, imposes punishments of two to five years in prison and fines of up to $125,000 for those convicted of online scams.The legislation, which will now go to Cambodia's king for a final signature, also outlines penalties for money laundering, gathering victims' data, or recruiting scammers. Ringleaders of scam centers that engage in human trafficking, detentions, and torture will face prison sentences of up to 20 years and fines of up to $500,000.The passage of the law comes amid widespread condemnation from rights groups and sanctions by governments around the world, with Cambodia accused of being a hotbed of cyberscams. The US Department of State has previously stated that 'official complicity, including at senior levels, inhibited effective law enforcement action against trafficking crimes' in Cambodia, which has denied these allegations.The new law is seen as a significant effort by Cambodia to combat the rise of online fraud, romance, and cryptocurrency scams. Several countries have enacted anti-cyberscam laws to address this issue, with con artists in Singapore facing 24 strokes of the cane in serious cases.Justice Minister Keut Rith emphasized that the law is 'strict like the fishing net' and aims to ensure that online scams do not return to Cambodia. The law is expected to send a strong message to cyberscammers that Cambodia is not a place to conduct scams, and it will serve the interests of the Cambodian nation and people.

NASA has unveiled the first photographs taken from inside the Artemis II Orion spacecraft, where a crew of four astronauts is currently circling the Moon. The images, released on Friday, were captured by mission commander Reid Wiseman through the capsule’s window, revealing a cloud‑shrouded Earth rising beyond the spacecraft. A second shot displays the full globe, complete with shimmering oceans and a faint green aurora, emphasizing the planet’s fragility from deep space. At mid‑morning on Friday, the crew was approximately 100,000 miles (160,000 km) from Earth and had another 160,000 miles (258,000 km) to travel before reaching the Moon, a milestone expected on Monday. The team—three Americans and one Canadian—will orbit the Moon in the Orion capsule before looping back to Earth without landing. The spacecraft entered its lunar trajectory after firing its main engine on Thursday night. Mission specialist Christina Koch, the first woman to travel around the Moon, told ABC News, "I knew that is what we would see, but nothing prepares you for the breathtaking view of our home planet lit up by day and the Moon’s glow at night." She added that the crew is eager to experience similar vistas of the Moon and the eventual return home. The mission is now on its third day of a planned ten‑day flight. On day six, the Orion will make its closest approach to the lunar surface, passing 4,000‑6,000 miles (6,450‑9,650 km) above the Moon. After circling the far side—the first human deep‑space journey of this magnitude in over five decades—the crew will use lunar gravity to set a course back to Earth, with a splashdown slated for April 11 at 00:06 GMT (8:06 p.m. ET on April 10) in the Pacific Ocean off San Diego. Astronaut Victor Glover reflected on the emotional impact of seeing Earth from space, saying, "From up here, you look amazing. Homo sapiens is all of us—no matter where you’re from or what you look like. We’re all one people." He called the mission a true "moonshot" that demonstrates what humanity can achieve when differences are set aside. The released images not only showcase the technical success of Artemis II but also serve as a powerful reminder of our shared planetary identity as the crew prepares for the historic lunar flyby.