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Markets rebound, but Japan not yet out of the woods
Scott Foster reports that market rebounds driven by shifting US signals on Iran mask deeper risks for Japan, including rising inflation, volatile energy costs and pressure on the BOJ. Policy constraints and subsidies leave the economy vulnerable to a prolonged downturn.

Bond markets turn on Europe as energy costs surge
Diego Faßnacht reports that rising energy prices are triggering a sovereign-risk repricing across Europe, with bond yields climbing and spreads widening. Central banks are constrained, leaving markets to impose tightening through higher long-term borrowing costs.

Putin under pressure as diplomacy stalls and risks mount
James Davis reports that stalled diplomacy, intensifying drone strikes and rising domestic criticism are increasing pressure on Putin, while risks of escalation grow as Moscow weighs responses to perceived NATO involvement and continued Ukrainian attacks.