Update (Wednesday):

U.S. District Judge Aileen Cannon sentenced Ryan Routh to life in prison for attempting to assassinate President Trump during the 2024 presidential election cycle, according to AP News.

Federal prosecutors said Routh spent months planning the attack, showed willingness to kill anyone who interfered, and expressed zero remorse during the trial. They asked the judge to impose a life sentence on Routh to “send a message that seeking to assassinate a Presidential candidate will result in the most severe punishment.”

Prosecutors said that Routh “plotted painstakingly to kill President Trump, and took significant steps toward making that happen, culminating on September 15, 2024 at the Trump International Golf Club in West Palm Beach, when he sat in a sniper hide that he had carefully constructed, chambered a round in the military-grade SKS rifle that he possessed illegally, and pointed it toward President Trump and his protective detail.”

Routh’s assassination plot of the president was only thwarted, prosecutors said, “by a Secret Service agent who noticed and disrupted Routh before Routh could fire a shot.”

Judge Cannon previously rejected Routh’s motion for her recusal when he was charged in the fall of 2024.

“Mr. Trump is the current Republican candidate for President in next month’s election,” Routh’s lawyers wrote to Cannon in October 2024.

“On the campaign trail, he has repeatedly praised Your Honor for her rulings in his case. As the alleged victim here, he has a significant stake in the outcome of this case too. Were he to become President in the future, he would have authority to nominate Your Honor to a federal judgeship on a higher court were a vacancy to arise,” they wrote.

Routh, who represented himself during the trial, was assigned a court-appointed attorney ahead of the sentencing hearing.

During closing arguments, Routh told the court in a rambling statement that no crime occurred because he never fired a shot.

After two hours of deliberation, the jury found him guilty on all five counts, including federal gun charges and assaulting a Secret Service agent.

A psychiatric evaluation concluded Routh was competent enough to stand trial.

*  *    * 

Authored by Jackson Richman via The Epoch Times,

A federal judge is set to sentence Ryan Routh on Feb. 4 for attempting to assassinate President Donald Trump. Prosecutors are seeking a life sentence while the defense is arguing for leniency.

The sentencing hearing is scheduled just months after Routh, 59, attempted to stab himself in U.S. District Judge Aileen Cannon’s courtroom following a guilty verdict on multiple counts. Federal prosecutors said in a court filing that a life sentence was appropriate given what they described as months of deliberate planning and a clear intent to kill.

“He took steps over the course of months to assassinate a major presidential candidate, demonstrated the will to kill anybody in the way, and has since expressed neither regret nor remorse to his victims,” prosecutors wrote in a sentencing memorandum.

Defense attorneys objected to prosecutors’ attempt to enhance the sentencing by alleging Routh’s actions involved a terrorism element. Routh’s actions did not meet the legal definition of terrorism, the defense said.

During the trial, Routh attempted to portray himself as gentle and nonviolent, a characterization prosecutors sharply disputed, arguing that his planning showed clear intent to kill Trump.

The prosecution argued in a memo that Routh, “for all his protestations of peacefulness, is a dangerous man, at least when it comes to individuals who stand in his way.”

Dr. Heather Holmes wrote a report for the defense, which is unavailable to the public, that Routh suffers from Narcissistic Personality Disorder and Bipolar II. However, prosecutors argued that these diagnoses do not provide a basis to claim incompetence, insanity, or diminished capacity. Additionally, the disorders are not corroborated by the defendant’s prior medical or psychiatric records, they said.

The report should not be a justification for sentencing Routh to anything less than life in prison, the prosecution added.

The defense submitted character letters to Cannon.

One was from Darya Trotsenko, a citizen of Ukraine, where Routh served during the Eastern European country’s war with Russia.

She wrote that Routh “possessed a remarkable openness and kindness that drew people to him, and he was deeply respected and liked by everyone.”

Trotsenko also wrote that Routh’s “actions in Ukraine demonstrated a peaceful and constructive character.”

“I believe in justice, but I also believe in compassion and in judging a person by their whole life. Ryan has already shown, through his actions, that he is an asset to his community, not a threat,” she added.

Additionally, Trotsenko said that Routh should eventually be released from prison to be with his family and a contributing member of society.

Routh was convicted of attempted assassination of a major presidential candidate, possessing a firearm in furtherance of a crime of violence, assaulting a federal officer, being a felon in possession of a firearm and ammunition, and possession of a firearm with an obliterated serial number.

Routh targeted Trump on Sept. 15, 2024, while the then-Republican presidential nominee was golfing at Trump International Golf Club in West Palm Beach, Florida. The attack occurred just months after a separate assassination attempt against Trump at a campaign rally in Butler, Pennsylvania.

Trial evidence showed that Routh concealed himself outside the golf course perimeter, aiming an AK-style rifle through a hole in the fence. He was spotted by then-U.S. Secret Service Special Agent Robert Fercano, who was patrolling one hole ahead of Trump. At the time, Trump was golfing with longtime friend Steve Witkoff, now the U.S. special envoy to the Middle East.

Fearing for his own safety and that of the former president, Fercano fired a shot at Routh, who fled the scene and drove away. Routh was arrested shortly after on a nearby highway.

During the trial, a witness testified that he contacted law enforcement after Routh dropped off a box at his home in April, following a visit to the area near the golf course. Inside the box was a handwritten letter from Routh that read, in part, “Dear World, This was the assassination attempt on Donald Trump but I am so sorry I failed you. I tried my best and gave it all the gumption I could muster. It is up to you now to finish the job.”

The letter also offered $150,000 to anyone who could kill Trump.

Investigators searching Routh’s vehicle recovered multiple cell phones, a list of international flights scheduled for the afternoon and evening of the attack, and directions to Miami International Airport.

Cell phone records showed that between Aug. 18 and Sept. 15, Routh’s devices repeatedly connected to cell towers near Trump International Golf Club and Mar-a-Lago, Trump’s estate.

Our Dec. 23 note, “Why the Price of Uranium Is About to Soar,” was published just days before uranium futures surged 25% to above $100 per pound. Prices have since corrected about 10% to around $91 per pound, but the broader thesis remains intact: up and to the right.

As we first outlined to readers since December 2020 (read here), uranium has emerged as the next gold. In an era of data centers and a rush to power up America with new nuclear reactors and to build next-generation grids capable of supporting explosive data-center growth and broader electrification trends, the world faces a massive uranium supply deficit that is only set to worsen by the end of the decade.

Drawing on Goldman’s Global Reactor Tracker, we provide readers with the latest developments, data points, and progress across North America, Europe, and Asia that only reinforce our bullish thesis on Cameco Corp and peers. We expect this to remain a solid bet on the industry this decade. Just remember, the CCJ call was made in December 2020 at around $11 per share.

Analysts led by Brian Lee have done all the hard work in capturing a snapshot of the uranium industry.

Here are the most critical developments happening across the space:

North America

1/16/26 – United States – NASA and the DOE have renewed their commitment through an MoU to develop a fission power source for the Moon and future Mars missions. This initiative, driven by an Executive Order, prioritizes deploying a lunar surface reactor by 2030 to provide safe, efficient, and continuous electrical power for sustained lunar missions, independent of sunlight or temperature. This aligns with NASA’s 2025 Integrated Lunar Power Strategy, which considers nuclear fission as a primary power generation technology.

1/29/2026 – Canada – Saskatchewan’s government and SaskPower are evaluating large nuclear reactor technologies alongside existing SMR plans. This dual strategy aims for energy security and future electricity demand, utilizing Saskatchewan’s uranium. GE Hitachi’s BWRX-300 SMR is planned for mid-2030s deployment near Estevan, while Westinghouse’s AP1000 and AP300 SMRs are also being explored. Large reactors could take 15-20 years to become operational.

1/29/2026 – Canada – Westinghouse and Tetra Tech Canada are collaborating to deploy Westinghouse’s AP1000 and AP300 reactors in Ontario. This partnership supports Ontario’s exploration of new nuclear generation at the Wesleyville site, where Ontario Power Generation (OPG) is evaluating various reactor technologies. The AP300 SMR aims for design certification by 2027 and operation by 2033.

Europe

1/19/26 – Slovakia- Slovakia and the USA have signed an Intergovernmental Agreement to advance Slovakia’s nuclear power program. This includes a new 1,200 MWe unit, possibly a Westinghouse reactor, at the Bohunice Nuclear Power Plant, targeting 2040-2041 operation. This follows a feasibility study supporting SMRs in Slovakia by 2035.

1/23/2026 – Denmark – Denmark is studying new nuclear technologies, including SMRs, to assess their potential and risks. This aims to inform a possible lifting of its 1985 nuclear power ban, driven by energy security and growing SMR interest. The analysis, covering economic viability and regulatory needs, is due Q2 2026 and is supported by a Nuclear Power Alliance.

Asia and other

1/2/2026 – South Korea – South Korea’s Nuclear Safety and Security Commission has issued an operating license for Saeul Nuclear Power Plant unit 3, an APR1400 reactor, with commercial operation targeted for January after fuel loading and testing. This unit, featuring enhanced safety measures and contributing 1.7% of Korea’s total power, marks a significant step following the reversal of the country’s nuclear phase-out policy.

1/2/2026 – Russia – The first VVER-TOI power unit at Russia’s Kursk II nuclear power plant was connected to the grid on Dec 31, reaching an initial capacity of 240MW, with a full capacity of 1,250MW. This new unit, is part of a project to replace the older RBMK-1000 reactors at the existing Kursk plant, with all four new units targeted for operation by 2034 (here).

1/5/2026 – China – Unit 2 of China’s Zhangzhou nuclear power plant, a Hualong One reactor, has entered commercial operation, completing the first phase of the project and bringing China Nuclear Power Corporation’s total operating units to 27. This plant, once fully completed with six units, is expected to provide over 60 billion kilowatt-hours of clean energy annually, significantly contributing to China’s energy structure and “dual carbon” goal (here).

1/6/2026 – Russia – Russia’s Bilibino Nuclear Power Plant permanently shut down its last unit on December 30 after 51 years, replaced by the 70 MW Akademik Lomonosov floating nuclear power plant. This marks Rosenergoatom’s first complete plant shutdown, with unique decommissioning challenges in the Arctic, aiming for full rehabilitation by 2055 (here).

1/15/2026 – Russia – Russia has approved a five-year life extension for Leningrad-4, an RBMK-1000 reactor, allowing it to operate for a total of 50 years until 2031 after comprehensive modernization and safety checks. This extension ensures continued electricity supply for northwest Russia and the production of medical isotopes, complementing the ongoing replacement of older RBMK units with new VVER-1200 reactors at the site.

1/16/2026 – China – China has commenced construction on Unit 1 of the Xuwei nuclear power project, a “world’s first dual-coupling demonstration” combining Hualong One PWRs with a high-temperature gas-cooled reactor to provide both electricity and industrial heating. This innovative project is projected to annually supply 32.5 million tonnes of industrial steam and over 11.5 billion kWh of electricity, significantly reducing coal consumption and carbon emissions.

1/19/2026 – Japan – Tepco postponed the scheduled January 20 restart of unit 6 at its Kashiwazaki-Kariwa nuclear power plant. The delay occurred after a safety alarm failed to sound during a control rod withdrawal test on January 17. Tepco identified and corrected an error in the alarm’s settings by January 18, confirming its proper function. This Advanced Boiling Water Reactor had been offline since the Fukushima Daiichi accident (here).

1/19/2026 – Russia – Rosatom Director expects four foreign nuclear units to start in 2026: Bangladesh (Rooppur), Turkey (Akkuyu), and two in China. Rosatom exceeded 2025 goals despite sanctions, advancing Hungary’s Paks II and Turkey’s Akkuyu projects. He discussed yuan financing, 100-year unit operation, advanced nuclear tech, and the Northern Sea Route. Zaporizhzhia NPP Unit 1 was licensed in 2025, with generation conditional.

1/26/2026 – South Korea – South Korea confirmed plans for two new large nuclear reactors and 700 MW of SMR capacity by 2038, as part of its 11th Basic Plan. The strategy prioritizes nuclear and renewables to reduce carbon emissions, projecting increased electricity demand and a rise in carbon-free energy to 70% by 2038. KHNP will launch a bidding process for host cities by 2027, targeting reactor completion by 2037-2038.

1/26/2026 – Argentina – Argentina’s CNEA plans to reactivate its Neuquén Heavy Water Industrial Plant (PIAP), mothballed since 2017. Once the world’s largest facility, it will undergo maintenance and refurbishment to restart production, aiming for revenue generation and exports. A May 2025 MoU with Candu Energy supports the restart and long-term heavy water acquisition, with Argentina’s plants needing 485 tonnes and surplus available for export.

1/19/2026 – Russia – Russia’s Roscosmos has contracted NPO Lavochkin to develop a lunar nuclear power station by 2036, requiring three missions (2033-2035). This station will power Russia’s lunar program and the International Lunar Research Station (ILRS), a joint Russia-China initiative also involving Rosatom and the Kurchatov Institute.

SMR announcement tracker

1/6/2026 – Bulgaria – Blue Bird Energy and Synthos Green Energy formed a joint venture to deploy up to six GE Vernova Hitachi Nuclear Energy BWRX-300 small modular reactors (SMRs) in Bulgaria, aiming to provide affordable, reliable energy. This expands Synthos Green Energy’s European SMR strategy, which includes plans for 24 BWRX-300 units in Poland.

1/8/2026 – United States – Terrestrial Energy and Oklo have signed agreements with the US Department of Energy for pilot projects under the Advanced Reactor Pilot Program. Terrestrial Energy will develop a pilot Integral Molten Salt Reactor (IMSR) to expedite commercialization of its 4th generation technology, while Oklo will build a radioisotope pilot plant for medical and research isotopes. These agreements, leveraging Other Transaction Authority, aim to fast-track advanced reactor innovation and achieve criticality by July 2026.

1/8/2026 – China – China’s ACP100 (Linglong One) SMR at the Changjiang site successfully completed its non-nuclear turbine test run on December 23. This 125 MWe SMR, developed by CNNC, is the world’s first commercial land-based SMR to reach this milestone, verifying its conventional island systems. Commercial operation is targeted for the first half of 2026.

1/12/2026 – United States – Ameresco and NANO Nuclear signed an MoU to deploy NANO’s KRONOS, ZEUS, and LOKI microreactors on US federal and commercial sites, with Ameresco leading EPC. DS Danseok also signed an MoU for NANO microreactors in South Korea. This builds on Ameresco’s prior IMSR collaboration.

1/16/2026 – Slovakia – A Project Phoenix study confirmed Slovakia’s suitability for SMR deployment, with four sites (Bohunice, Mochovce, Vojany, US Steel Košice) meeting baseline criteria. The next steps involve developing a regulatory framework, detailed site investigations, and public consultation. SMRs could be operational by 2035, enhancing energy security and decarbonization.

1/16/2026 – Uzbekistan – Uzbekistan and Rosatom are progressing on a nuclear power plant project, with first concrete for the SMR anticipated “well before December” 2026, targeting spring pouring. The project initially involved six RITM-200N SMRs (330 MW total), with the first unit critical by late 2029. The plan later expanded to include two large VVER-1000 units and two 55 MW RITM-200N SMRs. Excavation for the first SMR is underway in the Jizzakh region.

1/29/2026 – United States – NextEra Energy plans up to 6 GWe of SMR capacity, primarily for data centers. They are evaluating SMR manufacturers and have identified 6 GW of co-location opportunities at existing or new sites. The Duane Arnold plant will restart by 2029, supported by a Google power purchase agreement. This is part of NextEra’s “15 by 35” strategy, aiming for 15-30 GW for data centers by 2035.

Global reactor critical updates

In the month of January, there have been few changes to new reactor construction starts, grid connections, shutdowns, or restarts.

Global reactor construction tracker

The epicenter of the world’s nuclear reactor buildouts is China.

Global reactors under construction.

China.

Latest on spot uranium prices:

Spot momentum continues into the new year. Uranium pricing has shown continued strength in the new year, up +21% over the month of January, with spot climbing over $100/lb for the first time in almost two years. Spot market activity was robust with a total of 90 transactions involving 9mn/lbs of uranium. Pricing momentum intensified in the last week of January as Sprott raised funds and accumulated ~2.5mn lbs of uranium. The spot price currently sits at ~$91/lb compared to $82/lb in December.

Term pricing moderate. Term pricing increased in January by $2 to $88/lb, marking its highest level since May 2008. However, term market activity was moderate throughout the month, with one utility finalizing an off-market selection for uranium deliveries starting in 2029. A new utility also entered the market seeking approximately 1.2 million pounds of uranium for delivery in the same year. Additionally, non-U.S. utilities were actively evaluating offers for longer-term uranium and EUP requests.

KAP guidance update. On 2/2/26, KAP provided its 4Q25 operations and trading update, which included 2026 production guidance. The company’s 2025 production of 25,839 tonnes uranium (tU) (67.2mn lbs) was in line with guidance of 25,000-26,500 tU. Additionally, KAP provided 2026 guidance of 27,500-29,000 tU (71.5-75.4mn lbs), signaling growth of 9% yoy that is driven by the planned ramp of its JV Budenovskoye, which is fully reserved under offtakes from 2024-2026. Importantly, the midpoint of 2026 guidance is ~5% below its subsoil use contract annual production of 29,697 tU, which was lowered by ~10% from 32,777 tU in August 2025. Additionally, the guidance is dependent on the availability of sulfuric acid, which was a key factor that weighed on production in 2025. We note that KAP could potentially lower its production another ~15% and be within the confines of the +/- 20% threshold provided in its Competent Person’s Report.

Color on nuclear stocks:

Nuclear stocks have seen mixed performance over the past three months, with our nuclear coverage averaging a -13% return over the period compared to the S&P which returned 3%. Performance was collectively positive across uranium-levered names (CCJ/UEC), likely in large part owing to the recent rally in spot uranium pricing, while SMR technology players have traded significantly off. With respect to investor positioning, UEC was the only stock in our coverage which saw an increase in short interest, as the stock continues to rally, up 26%/35% over the past 3mo/12mo. Across the remainder of our coverage, short interest decreased across both CCJ and OKLO while SMR saw the largest decrease in short interest.

Cameco

Professional subscribers can read much more from Goldman here at our new Marketdesk.ai portal

Authored by Michael Lebowitz via RealInvestmentAdvice.com,

“Japan Bond Meltdown Sends Yields to Record High on Fiscal Fears,” read a January 2026 Bloomberg article. Headlines like this, and many others, warn that Japan’s abrupt interest rate increase is an omen of dire trouble. While that may be the case, given decades of economic woes, declining demographics, and extreme levels of outstanding debt, we have an alternative view.

Might the recent sharp rise in Japanese yields simply reflect the normalization of its economy, inflation, and interest rates following decades of stagnation and very aggressive monetary and fiscal policies?

Whether you follow Japan or not, its situation is incredibly important for investors because it is a major provider of global liquidity. Instead of being overly dramatic about the slim chance of a near-term Japanese crisis, we prefer to focus on how Japan normalizes policy after years of artificially suppressed interest rates and how it will impact the yen carry trade.

Japan’s Lost Decades

To help appreciate Japan’s current situation and why some pundits claim that Japan is near the end of its fiscal line, we share the links to prior articles: Japan’s Lost Decades & Are We on Japan’s Path Of Stagnation? The following quotes from the articles summarize Japan’s plight.

Japan’s prolonged stagnation traces back to the collapse of one of the largest asset bubbles in history in the late 1980s. As we explain, enormous real estate and stock market valuations imploded, leaving banks burdened with bad loans and unable to lend effectively. For example: “from 1956 to 1986 land prices in Japan increased by 5000% even though consumer prices only doubled in that time,” and its Nikkei stock index P/E was close to 70 at its peak.

The government chose to support failing banks and extend the economic pain over decades through massive government spending and near-zero interest rate policies rather than take a short-term, deeper contraction.

 They elected the latter, saving their banks and relying on massive government spending to insulate the economy.

This response contributed to a fragile financial system with “zombie” banks, suppressed lending, and a private sector unable to drive robust growth, leading to deflationary pressures and very low economic growth for decades.

Demographics and structural factors have compounded the issue. Japan’s population has been aging and declining, with low birth rates and minimal immigration dampening labor force growth and consumption, making growth harder to achieve. Additionally, long-standing fiscal dominance — where policy focuses on funding government debt and supporting markets — along with weak incentives for productive private investment, have kept economic activity subdued.  

Japan Removes Its Financial Support

Prior to the last few years, Japan experienced decades of economic malaise. The post-WWII economic boom was spectacular, and the echo payback was equally stunning.

A recent uptick in inflation, GDP, and interest rates has allowed Japan to gradually remove the monetary policy crutch that has supported its banks, economy, and financial markets for decades.  This primarily entails the Bank of Japan (BOJ) reducing its balance sheet and letting interest rates gravitate toward normal market levels.  

Some investors watching the sharp increase in interest rates warn that rates are rising because investors are pricing in rising default risks. Others, including us, think this is the normalization process.

The first graph below shows the current benchmark interest rates for Japanese 2-year, 5-year, and 10-year bonds.

The recent increase in interest rates from negative levels is significant. The next graph shows that the inflation rate has recently been much higher than in the pre-pandemic era.

Next, we combine the two graphs to arrive at real (inflation-adjusted) yields. As shown, the 2-year, 5-year, and 10-year real yields are below 1%, albeit well above the -1% real yields that persisted from 2016 to 2022. They are now in line with the pre-financial crisis period.

The takeaway from the three graphs is that Japan has allowed yields to gravitate toward a normal spread relative to the inflation rate. The next graph, courtesy of Bloomberg, provides global context. Inflation expectations are very similar for Japan and the US. However, Japanese yields, despite the recent increase, are about 2% below US Treasury yields.

The charts signal that Japanese interest rates and inflation are moving toward levels more in line with those of other large economies.

Economic Signs Of Normalization

The normalization argument is further supported by a recent spurt in economic activity. The graph below shows Japan’s economy was stagnant for 23 years, ranging from 1997 to 2020. However, economic activity has accelerated in earnest since the second half of 2022.

Furthermore, the Nikkei 225, Japan’s primary stock index, broke to new record highs, finally eclipsing the prior peak seen at the end of 1989.  

Lastly, Japan’s debt, while rising nominally, is falling as a percentage of economic activity. As we share below, its Debt-to-GDP ratio peaked at 2.58x and has since moderated to 2.32x. It is still exceptionally high but trending in the right direction. For context, the US debt-to-GDP ratio stands at 1.21x, which is considered problematic by some economists.

Japan Is In A Pickle

Normalization after years of significant fiscal and monetary stimulus will not be easy.  For example, the public, used to near-zero inflation, is growing uneasy about inflation and unhappy with calls for fiscal austerity. Its policymakers, fiscal and monetary, are being forced to decide between economic growth and inflation.

Policymakers could contain inflation by raising interest rates and implementing fiscal austerity, thereby resulting in yen appreciation. The risk is that they reduce economic growth in the process. Conversely, they could keep rates at current levels and increase fiscal spending, as some politicians want, but risk that inflation keeps increasing.

As if that decision isn’t hard enough, they must also manage interest rates to accommodate the funding of Japan’s excessive outstanding debt. As we noted earlier, Japan has a debt-to-GDP ratio almost twice that of the US. Higher interest rates increase the government’s interest expense. In turn, they must issue more debt to fund existing debt. This is the trap noted by Japan’s bond vigilantes.

However, Japan’s debt situation is not comparable to the US’s. To wit, John Authers of Bloomberg recently reminded us why Japan can maintain higher levels of debt than most other countries. Per his missive, Japan Needn’t Drive An International Crisis:

Another key argument against a crisis is that, despite its huge pile of debt, Japan is stable. It maintains a current account surplus (unlike the US). Also, unlike the US, it has a positive net international investment position, meaning that it holds more foreign assets than foreigners hold assets in Japan:

Further, he argues:

Moreover, fears of an imminent fiscal accident appear overstated. Political constraints may limit aggressive fiscal expansion, the primary deficit has been shrinking, and authorities retain extensive tools to manage yield volatility. Unlike sudden crises driven by foreign capital flight, Japan’s challenge is one of gradual adjustment, not sudden loss of confidence.

Global Liquidity- Yen Carry Trade

As we led the article, we think the most important aspect of Japan’s normalization path is its impact on global liquidity through the yen carry trade. Thus, before discussing tough decisions facing Japan and their potential impacts on the yen carry trade, we share a basic example of how the yen carry trade works.

• A US-based hedge fund borrows ¥15.3 billion yen ($100 million) at 0.75% for one month.

• They convert the yen to $100 million and purchase shares of IBM.

• The return on the trade depends on three components. First, the borrowing cost (0.75%). Second is the change in the yen-dollar exchange rate. Lastly, there is IBM’s price change.

Recently, borrowing costs in Japan have risen but remain well below US rates. Despite higher rates, the yen has depreciated against the dollar, which benefits the carry trade returns and more than offsets the higher interest costs. However, bear in mind that an appreciating yen can easily offset the interest rate differential, making the yen carry trade less favorable. 

If Japan can gradually normalize its interest rate and support its currency with minimal volatility, the yen carry trade can unwind in a market-healthy fashion. But, as we saw in 2024, sudden shocks to the yen can trigger a swift reversal of the carry trade, harming global stock and bond markets.  

Summary

In our opinion, Japan’s rising yields and currency volatility reflect an economic normalization. We do not think Japan is on the verge of fiscal collapse. However, the transition from a monetary- and fiscal-policy-dependent economy to a free-market economy could significantly affect a major source of global market liquidity. Policy decisions that cause sharp, sudden changes in rates and or the yen can have a notable effect on stock and bond markets worldwide.

We witnessed this in August 2024, when the BOJ unexpectedly raised interest rates. As a result, the Nikkei 225 fell by over 12% in one day, and the S&P 500 corrected by 6% over a few days. The BOJ and government seem more aware that their decisions have a significant impact on global markets. We trust they will aim for a smooth normalization process, free of market shocks. But understand that their endeavor to return to a free-market economy entails significant risks for Japanese and global markets

Russian President Vladimir Putin and Chinese President Xi Jinping held a video link call on Wednesday, wherein Putin hailed Russia’s energy relationship with China as “strategic” while emphasizing that Beijing has become Moscow’s top buyer of oil and gas since the Ukraine ‘special military operation’ began.

The timing is the most notable aspect, given the call came just two days after Trump announced he would cut tariffs on Indian goods in exchange for New Delhi halting purchases of Russian crude. Trump also said Washington could lift an additional 25% penalty tariff imposed over India’s energy cooperation with Moscow.

The curious thing is the lack of confirmation of the oil purchase cutoff from the Indian side. As yet, there’s no clear indicator that this key element in the Modi-Trump deal has been ratified. On Wednesday FT reports India hails Donald Trump ‘deal’ but ducks discussing Russian oil ban. The reality remains that there are also technical problems with US crude imports replacing Russian…

“WTI is simply too light to be considered as Urals replacement” for refiners in India following this week’s announcement of a US-India deal on tariffs, June Goh, an analyst at Sparta Commodities said in a note. 

And this is likely why Putin seized the opportunity to tout his energy ties with China. Kremlin aide Yury Ushakov has also reminded the world in a statement to TASS that Russia tops the list in terms of oil and pipe gas supplies to China.

“China continues to hold the first place among our foreign trade partners. Russia is fifth among the countries – trade counterparties of China. The task was set during the talk to take efforts for further development of trade and economic ties, in particular, for example, in the energy sphere. Russia is the top supplier of oil and pipe gas to China,” Ushakov said.

Kremlin estimates say China has purchased more than $230 billion worth of Russian energy since the invasion.

Putin himself in the call acknowledged that bilateral trade saw a “slight decline” last year, including a “correction in indicators,” but insisted Russia remains “among the leaders in energy supplies to China.” He vowed the two will continue to closely coordinate together on a range of issues.

As for the India trade, Reuters reported earlier that Indian refiners have yet to receive instructions to fully stop buying Russian oil and are awaiting a formal government decision. Any official halt would be followed with a transition period, no doubt. Trump’s earlier statements may have been too far out front compared to what Modi actually agreed or said yes to.

Hours after Xi and Putin spoke, President Trump also held a call with the Russian leader Wednesday. They last spoke by ‍phone in late November, at which time a conciliatory Trump praised America’s “extremely strong” relations with China. Xinhua News Agency first revealed the Trump-Xi call, but no further details have been immediately forthcoming. 

Authored by Jill McLaughlin via The Epoch Times,

Federal immigration officers will not make an appearance at the Super Bowl this year, NFL Chief Security Officer Cathy Lanier announced at a news conference on Feb. 2.

“There are no planned ICE [Immigration and Customs Enforcement] or immigration enforcement operations that are scheduled around the Super Bowl or any Super Bowl-related events,” Lanier said during the briefing.

The Seattle Seahawks will face the New England Patriots in Super Bowl LX on Feb. 8 at Levi’s Stadium in Santa Clara, California, about 45 miles south of San Francisco.

The NFL’s announcement differed from an earlier statement made by Homeland Security Secretary Kristi Noem in October 2025, after Super Bowl officials announced that outspoken anti-ICE performer Bad Bunny had been selected as this year’s halftime headliner.

Noem told conservative commentator Benny Johnson on his podcast that ICE officers would be present at the event and “all over that place.”

President Donald Trump has previously criticized the artists selected to headline the Super Bowl halftime show, noting that both Bad Bunny and Green Day have been outspoken critics of him.

“I’m anti-them. I think it’s a terrible choice. All it does is sow hatred. Terrible,” Trump told the New York Post.

NFL commissioner Roger Goodell has voiced support for Bad Bunny, who won the Latin Grammy award for Album of the Year on Feb. 1.

“We’re confident it’s going to be a great show,” Goodell said. “He understands the platform that he’s on, and I think it’s going to be exciting and a united moment.”

Bad Bunny arrives at the 68th annual Grammy Awards in Los Angeles on Feb. 1, 2026. Jordan Strauss/Invision/AP

San Francisco Mayor Daniel Lurie said his priority would be public safety as the city welcomes people from around the world during the Super Bowl.

“Our city teams have been preparing for months,” Lurie posted on Feb. 2 on X.

About 1.3 million visitors are expected to attend the game or related events in the San Francisco Bay Area this weekend, the San Francisco International Airport estimated.

San Francisco police and local law enforcement are focused on protecting the public, including the right to “peaceful expression,” the mayor added.

“We will continue to uphold San Francisco’s longstanding policies that keep local law enforcement focused on keeping our city safe—not on federal immigration enforcement,” Lurie stated.

Even so, the city expects the Super Bowl to attract criminal activity, including human trafficking, according to Lurie.

The San Francisco Police Department and other authorities were conducting targeted operations to prevent exploitation of vulnerable people, he said.

A Texas LGBT judge with a history of clashing with authorities over her activism has been arrested and charged after she allegedly handcuffed and held a defense attorney captive in her jury box for the crime of arguing for the right to confer with her client during a probation hearing.    

Bexar County Judge Rosie Speedlin Gonzalez was indicted last week on a felony charge of unlawful restraint by a judicial officer and misdemeanor official oppression.  The controversial judge was arrested for the 2024 incident, during which she and defense attorney Elizabeth Russell clashed in the courtroom. 

Gonzalez has had run-ins with the law before.  In 2022 she was was fined for bringing a loaded rainbow-painted gun through San Antonio International airport in her carry-on luggage.  In 2019 shortly after she took the bench as the “first openly gay judge in Bexar County”, Gonzalez was sanctioned for pasting her courtroom, office and robes with gay pride flags in violation of the Texas Code of Judicial Conduct.  In 2023 the sanctions were lifted by a three judge panel.

Former staff members of the court report that the LGBT judge created a “hostile work environment”.  Multiple former workers/partners with the Reflejo Court program accused Gonzales of increasingly erratic and aggressive behavior, primarily toward defendants/litigants in the courtroom.  Others accused her of being “unstable” and prone to violent outbursts.

The judge is, however, considered a favorite of local prosecutors.

The incident and arrest once again bring into question the mental and emotional stability of woke activists in positions of legal and political authority.  Recent peer-reviewed studies indicate a link between leftist extremism and narcissism/psychopathy. 

Researchers suggest that individuals with dark personalities – such as high narcissistic and psychopathic traits – are attracted to certain forms of political and social activism which they can use as a vehicle to satisfy their own ego-focused needs instead of actually aiming at “social justice and equality.”  In other words, they use activism as a shield from scrutiny when engaged in otherwise destructive behaviors. 

Allowing such volatile and biased people into positions of power in the name of “equity” is becoming a detrimental problem in American society.  Clearing activists out of the military and federal government is already having noticeable benefits over the previously unhinged era of the Biden Administration.  Removing them from the legal system and the public school system will be vital for the future.     

Authored by Jackson Richman via The Epoch Times,

A federal judge is set to sentence Ryan Routh on Feb. 4 for attempting to assassinate President Donald Trump. Prosecutors are seeking a life sentence while the defense is arguing for leniency.

The sentencing hearing is scheduled just months after Routh, 59, attempted to stab himself in U.S. District Judge Aileen Cannon’s courtroom following a guilty verdict on multiple counts. Federal prosecutors said in a court filing that a life sentence was appropriate given what they described as months of deliberate planning and a clear intent to kill.

“He took steps over the course of months to assassinate a major presidential candidate, demonstrated the will to kill anybody in the way, and has since expressed neither regret nor remorse to his victims,” prosecutors wrote in a sentencing memorandum.

Defense attorneys objected to prosecutors’ attempt to enhance the sentencing by alleging Routh’s actions involved a terrorism element. Routh’s actions did not meet the legal definition of terrorism, the defense said.

During the trial, Routh attempted to portray himself as gentle and nonviolent, a characterization prosecutors sharply disputed, arguing that his planning showed clear intent to kill Trump.

The prosecution argued in a memo that Routh, “for all his protestations of peacefulness, is a dangerous man, at least when it comes to individuals who stand in his way.”

Dr. Heather Holmes wrote a report for the defense, which is unavailable to the public, that Routh suffers from Narcissistic Personality Disorder and Bipolar II. However, prosecutors argued that these diagnoses do not provide a basis to claim incompetence, insanity, or diminished capacity. Additionally, the disorders are not corroborated by the defendant’s prior medical or psychiatric records, they said.

The report should not be a justification for sentencing Routh to anything less than life in prison, the prosecution added.

The defense submitted character letters to Cannon.

One was from Darya Trotsenko, a citizen of Ukraine, where Routh served during the Eastern European country’s war with Russia.

She wrote that Routh “possessed a remarkable openness and kindness that drew people to him, and he was deeply respected and liked by everyone.”

Trotsenko also wrote that Routh’s “actions in Ukraine demonstrated a peaceful and constructive character.”

“I believe in justice, but I also believe in compassion and in judging a person by their whole life. Ryan has already shown, through his actions, that he is an asset to his community, not a threat,” she added.

Additionally, Trotsenko said that Routh should eventually be released from prison to be with his family and a contributing member of society.

Routh was convicted of attempted assassination of a major presidential candidate, possessing a firearm in furtherance of a crime of violence, assaulting a federal officer, being a felon in possession of a firearm and ammunition, and possession of a firearm with an obliterated serial number.

Routh targeted Trump on Sept. 15, 2024, while the then-Republican presidential nominee was golfing at Trump International Golf Club in West Palm Beach, Florida. The attack occurred just months after a separate assassination attempt against Trump at a campaign rally in Butler, Pennsylvania.

Trial evidence showed that Routh concealed himself outside the golf course perimeter, aiming an AK-style rifle through a hole in the fence. He was spotted by then-U.S. Secret Service Special Agent Robert Fercano, who was patrolling one hole ahead of Trump. At the time, Trump was golfing with longtime friend Steve Witkoff, now the U.S. special envoy to the Middle East.

Fearing for his own safety and that of the former president, Fercano fired a shot at Routh, who fled the scene and drove away. Routh was arrested shortly after on a nearby highway.

During the trial, a witness testified that he contacted law enforcement after Routh dropped off a box at his home in April, following a visit to the area near the golf course. Inside the box was a handwritten letter from Routh that read, in part, “Dear World, This was the assassination attempt on Donald Trump but I am so sorry I failed you. I tried my best and gave it all the gumption I could muster. It is up to you now to finish the job.”

The letter also offered $150,000 to anyone who could kill Trump.

Investigators searching Routh’s vehicle recovered multiple cell phones, a list of international flights scheduled for the afternoon and evening of the attack, and directions to Miami International Airport.

Cell phone records showed that between Aug. 18 and Sept. 15, Routh’s devices repeatedly connected to cell towers near Trump International Golf Club and Mar-a-Lago, Trump’s estate.

2025 was a watershed moment for the US nuclear industry: enthusiasm for a global nuclear renaissance gripped the investment community as the valuations for publicly traded companies were pushed into the stratosphere. Tickers associated with nuclear reactors were pushed up several hundred percentage points, with Nano Nuclear one of the best performers of the year.

Nano Nuclear’s chairman and founder, Jay Yu, sat down recently on the Shawn Ryan Show and discussed his company’s mission and technology.

The Vigilance Elite Production of SRS EP. 275 with Jay Yu is live on the Shawn Ryan Show YouTube channel! https://t.co/otnVoaUQNM pic.twitter.com/9y8TAIzfpM

— Shawn Ryan Show (@ShawnRyanShow) January 29, 2026

The nuclear portion of the discussion focused around the global demand for new sustainable energy and how companies like Nano are answering that call.

With energy widely understood to be the true bottleneck of AI adoption and economic affordability, companies are developing new innovative ways to rapidly deploy gigawatts of nuclear-powered energy generation capacity.

Nano recently broke ground at the University of Illinois for the construction of their flagship reactor design, the Kronos reactor.

Kronos is a high-temperature, gas-cooled reactor using TRISO as fuel and helium as a coolant.

Tri-structural Isotropic (TRISO) fuel was described by Yu as nearly indestructible and lined with tank armor, which is an accurate description given its multiple layers of pyrolytic carbon and silicon carbide. 

One of the highlights of gas reactors is their ability to be “walk-away safe”.

This means their design utilizes passive cooling features in the event of an extended loss of power due to natural disaster or massive electrical system failures – the plant prevents a meltdown or explosion like Fukushima and Chernobyl all on its own.

Yu went on to highlight the modularity of smaller reactor designs. This means the majority of the parts are fabricated in a factory and then shipped to the site and connected like Lego bricks at the location to dramatically reduce construction times.

Additional features such as a lack of required water cooling enable the possibility of data centers being built out in desert locations in the U.S. and the Middle East.

The potential of building several reactors to power one data center, vice one large reactor, enables the take down of single or multiple units at a time for refueling/maintenance without losing power to the load is a massive advantage.

Much more in the full clip: watch it here.

Crude oil prices (WTI) are trending moderately lower this morning as traders weigh geopolitical tensions in the Middle East and a report of sharply lower US stockpiles reported by API overnight.

Iranian Foreign Minister Abbas Araghchi and US envoy Steve Witkoff will hold indirect negotiations in Oman on Friday, Iran’s semi-official Tasnim reported, adding talks would be “limited to the nuclear issue and the lifting of sanctions.”

“Geopolitical tensions are really driving it,” Equinor Chief Financial Officer Torgrim Reitan said in a Bloomberg TV interview.

“The underlying balance is a lower price than there is today, but with everything going on it’s very hard to say where this will end.”

We can’t help but feel like the API reporting (and very mixed picture) was related to the impact of the freezing weather across most of the country.

API

• Crude -11.1mm (+700k exp)

• Cushing

• Gasoline +4.7mm

• Distillates -4.81mm

DOE

• Crude -3.45mm (+700k exp)

• Cushing -743k

• Gasoline +685k

• Distillates -5.55mm – biggest draw since Feb 2021

The official data showed a sizable crude draw (but considerably less than API reported) as distillates saw their biggest drawdown since Feb 2021. Bloomberg’s Will Zubanskuy notes that the largest portion of that distillates draw came from PADD 1, which includes the East Coast — where homes in the Northeast lean on heating oil to warm their houses in frigid temperatures. Adding to the demand, diesel and oil-fired power plants start running when the grid comes under strain and some utilities begin pulling from heating oil for certain customers instead of natural gas when supply of the latter gets tight.

Stockpiles at Cushing, Oklahoma, declined for the second straight week, bringing inventories at the storage hub to around 24 million barrels. Despite the draw, levels at Cushing remain several million barrels above where they were this time last year. Gasoline stocks rose for the 12th straight week…

Source: Bloomberg

Crude production in the Lower 48 fell to the lowest since November 2024 as freezing temperatures disrupted drilling in the Permian and Bakken formations.

In the past two months, output is down by 632,000 barrels a day. Overall, production has been shaved off by 4.4 million barrels since early December. 

Source: Bloomberg

Bloomberg’s Alex Longley also noted another data point showing how much of this storm impact was centered on the gas side of the market rather than oil. While crude production was down 481k b/d versus a week earlier, NGL output tumbled 1.25m b/d. It’s the lowest since 2024 and the biggest weekly decline on record.

WTI prices edged lower, likely driven by the smaller draw than API reported…

Circling back to where we started, the bullish drop in inventories comes as tensions between the U.S. and Iran continue to run hot. While the U..S. Administration said negotiations over Iran’s nuclear program will start this week, U.S. naval forces sent to the Arabian Sea off Iran shot down an Iranian drone approaching an aircraft carrier 500 miles off Iran’s coast in the Arabian Sea, the BBC reported. As well, a U.S.-flagged merchant ship in the Strait of Hormuz, the choke point for more than 20-million barrels per day of Persian Gulf exports, was harassed by Iranian gun boats.

“Oil would be lower without Middle Eastern sabre-rattling. Post-settlement API figures, faithfully echoing the impact of the cold spell in the US, provide additional support this morning, as crude oil stocks dropped 11 million bbls. These are extraordinary days, weeks and months, in which perceived oversupply has been overwhelmingly overlooked, yet it is still able to set a price ceiling when perceived supply disruptions are in the crosshairs of investors,” PVM Oil Associates noted.

Authored by Steve Watson via Modernity.news,

In one of his most revealing moments years ago, Don Lemon sat down with Morgan Freeman and admitted exhaustion with the race narrative. “Sometimes, I get so tired of talking about it,” Lemon said. “I wanna just go, ‘This is over. Can we move on?’”

Don Lemon once told Morgan Freeman that he was tired of talking about race because racism “is over.”

“Sometimes, I get so tired of talking about it. I wanna just go, ‘This is over. Can we move on?’”

Now Don Lemon harasses pastors and portrays church goers as white supremacists. pic.twitter.com/nROt2HvcrX

— Vigilant Fox 🦊 (@VigilantFox) February 2, 2026

He also once had some sage advice for black people:

pic.twitter.com/SKq9kkRd5A

— MCM (@MMike218) February 2, 2026

Today that same man harasses pastors, calls ordinary churchgoers entitled because of “WHITE SUPREMACY,” and defends mobs that storm Christian services.

Lemon’s dramatic transformation reached a new level this month when he was arrested by federal agents in connection with the anti-ICE mob that disrupted a worship service at Cities Church in St. Paul, Minnesota. 

The Trump DOJ is now pursuing prison time against Lemon and others involved under federal civil rights statutes protecting religious freedom.

A clear turning point came in March 2024 when Elon Musk terminated a planned partnership for The Don Lemon Show on X. Musk bluntly explained that Lemon’s approach was “just CNN, but on social media” and lacked authenticity. 

Lemon responded by calling Musk racist, claiming the billionaire was “not used to having to answer to anyone, especially someone like me who doesn’t look like him.” Musk fired back, placing Lemon in the “stupid asshole” quadrant on a personality-intelligence chart.

Instead of recalibrating toward more independent journalism, Lemon doubled down on the very identity politics he once appeared weary of.

By May 2025, Lemon was in full meltdown mode over the arrival of white South African farmers granted refugee status. He dismissed the entire situation as “this South African farmer bullshit, which is the most blatantly obvious racist shit ever,” arguing Afrikaners could not be legitimate refugees because they “own most of the land and the property.”

In September 2025, while covering Charlie Kirk’s memorial, Lemon spent hours attacking the event for displaying too much Christianity. “What we saw in that arena was not simply faith finding public expression, it was religious nationalism on full display,” he complained, claiming speakers quoting scripture were “demanding submission.”

Then came the January church storming in Minneapolis. Lemon embedded himself with the anti-ICE protesters and livestreamed as they burst into a service, forcing families and children out into freezing temperatures. When criticized, he insisted: “The whole point of it is to disrupt and make people uncomfortable.”

“It’s uncomfortable and traumatic for the people here, but that’s really… that’s what protesting is about,” Lemon further added.

He later ridiculously claimed: “I didn’t even know they were going to this church until we followed them there. We were there chronicling protests… Once the protest started in the church, we did an act of journalism.”

Federal prosecutors disagreed. Lemon was arrested late January 2026 and charged in connection with the incident, including counts related to conspiracy against religious rights. 

He was released on his own recognizance but must appear in Minnesota federal court. The Trump administration has signaled it intends to treat this case seriously, with Deputy AG Todd Blanche stating those convicted would face prison time and vowing to properly enforce the FACE Act against attacks on religious services.

Lemon now stands as a stark example of radicalization. Once hinting at fatigue with endless race grievance, he fully embraced it—attacking white Christians, defending disruptions of worship, and raging against any immigration policy that doesn’t fit the left’s narrative.

The Trump DOJ’s willingness to hold him accountable may finally force a reckoning for Lemon and the leftist activists who believe storming churches is protected “journalism.”

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