Opinion

  Last week, when the US Federal Reserve raised interest rates, it was a sign for many investors that things were getting back to normal. For China, facing large-scale capital outflows and a declining currency, it was a sign of a serious problem. For the past decade, China has maintained a “soft peg” of the yuan, allowing it to rise …

  One of the least discussed challenges of the incoming Trump administration may also be among the most economically consequential: what to do with Fannie Mae and Freddie Mac, the government-controlled entities that own or guarantee about half of all U.S. home mortgages. Trump’s pick for Treasury Secretary, Steven Mnuchin, has said he wants to put housing finance back into …

  Japanese Prime Minister Shinzo Abe visited Hawaii’s Pearl Harbor yesterday. It is the site of surprise attack by Japanese that pulled America into World War II. The attack had been prepared in secret by Japan for months. But it was over within two hours. At least 2,300 Americans died on December 7, 1941, when more than 300 Japanese fighter …

  Some climate activists worry that Donald Trump’s presidential election will be the death knell for the global environment. That’s almost certainly untrue. Whatever Trump’s attitude toward climate science and energy policy, two big outside factors will be much more important — technological progress and policy in developing nations. First, the good news. Renewable energy technology is already unstoppable. No …

  While much attention has been focused on Japan’s big ailing companies and their prospects for survival, a few small developments show some promising signs for the country’s future. Kicking off a week in deals, Asahi Glass Co. said on December 20 it would buy CMC Biologics for 60 billion yen ($512 million), helping its move into contract drug manufacturing. …

  Fifty years ago, the US had the moon to itself. Starting in 1969, when the first of six Apollo missions touched down, it seemed likely that American astronauts would make a long-term home on the lunar surface. Instead, the US sent its last manned mission there in 1972, and won’t be returning any time soon. That’s a shame: The …

  It may be wishful thinking, but it’s just possible that Vladimir Putin has done us a great favour. He has alerted us to the true threat of cyberwarfare in a way that — again, just possibly — might prompt us to view it as a serious national danger and begin to take effective countermeasures. Of course, Americans are aware …

  Almost 12 months after they were forced to buy up stocks to put a floor under the market, China’s brokerages are in a bad place again. The anticipated trading rush after a link between the Hong Kong and Shenzhen stock exchanges opened Dec. 5 hasn’t eventuated and investors are punishing firms including Guotai Junan International Holdings Ltd. and Haitong …

  With a month to go before he assumes responsibility for the US military, President-elect Donald Trump is already demonstrating his aggravation over runaway costs. Recent tweets have targeted the high price of not just Air Force One, a relatively minor project, but also the new F-35 fighter, the largest defense contract in history. He’s also called for a lifetime …

  Ties between Taipei and Beijing were already frosty since China-sceptic Tsai Ing-wen took power in Taiwan in May. This marked the demise of eight years of cross-strait rapprochement. But Taiwanese leader’s unprecedented phone call to US President-elect Donald Trump further angered Beijing. Tsai’s call was the first between a Taiwanese and US leader since Washington switched recognition from Taipei …