Newswise — Researchers from Chinese Academy of Medical Sciences and Peking Union Medical College, et al. have conducted a study entitled “High frequency of alternative splicing variants of the oncogene Focal Adhesion Kinase in neuroendocrine tumors of the pancreas and breast”. This study was published in Frontiers of Medicine, Volume 17, Issue 5.
The characteristic genetic abnormality of neuroendocrine neoplasms (NENs), a heterogeneous group of tumors found in various organs, remains to be identified. Based on the analysis of the splicing variants of an oncogene Focal Adhesion Kinase (FAK) in The Cancer Genome Atlas datasets that contain 9193 patients of 33 cancer subtypes, the study found that Box 6/Box 7-containing FAK variants (FAK6/7) were observed in 7 (87.5%) of 8 pancreatic neuroendocrine carcinomas and 20 (11.76%) of 170 pancreatic ductal adenocarcinomas (PDACs). The researchers tested FAK variants in 157 tumor samples collected from Chinese patients with pancreatic tumors, and found that FAK6/7 was positive in 34 (75.6%) of 45 pancreatic NENs, 19 (47.5%) of 40 pancreatic solid pseudopapillary neoplasms, and 2 (2.9%) of 69 PDACs. They further tested FAK splicing variants in breast neuroendocrine carcinoma (BrNECs), and found that FAK6/7 was positive in 14 (93.3%) of 15 BrNECs but 0 in 23 non-NEC breast cancers. They explored the underlying mechanisms and found that a splicing factor serine/arginine repetitive matrix protein 4 (SRRM4) was overexpressed in FAK6/7-positive pancreatic tumors and breast tumors, which promoted the formation of FAK6/7 in cells. These results suggested that FAK6/7 could be a biomarker of NENs and represent a potential therapeutic target for these orphan diseases.
This study was supported by the Key Project of the National Natural Science Foundation of China, the National Key Research and Development Program of China, the CAMS Innovation Fund for Medical Sciences, the CAMS Initiative for Innovative Medicine, and the National Natural Science Foundation of China. For more detailed information, the full paper is available at: https://journal.hep.com.cn/fmd/EN/10.1007/s11684-023-1009-7.
Israel warns EU’s ‘morally, politically distorted’ sanctions will get ‘appropriate response’
Meanwhile, Israeli foreign minister Gideon Saar warned the EU against taking action against Israel, after the bloc’s executive proposed curbing trade ties and sanctioning ministers over the Gaza war, AFP reported.
“The recommendations of the college of Commissioners led by President (Ursula) von der Leyen are morally and politically distorted,” Saar wrote on X, adding that: “Moves against Israel will harm Europe’s own interests.”
“Any action against Israel will receive an appropriate response, and we hope we will not have to use them,” he wrote.
Key events
Closing summary
Danish plans on long-range missiles are ‘pure madness,’ Russian ambassador says
Parcel explosions in Europe linked to Russian intelligence, Lithuanian authorities say
European Commission calls for freezing of free trade with Israel over Gaza – full report
Paris police chief ‘very concerned’ about potential damage during union strikes
Israel warns EU’s ‘morally, politically distorted’ sanctions will get ‘appropriate response’
Widow of Alexei Navalny says lab tests confirm he was poisoned in prison – full report
What EU’s move on Israeli trade would mean in practice? – snap analysis
EU’s proposed Israel trade suspension ‘appropriate, proportionate’ given crisis in Gaza, EU’s Šefčovič insists
EU proposes to suspend trade parts of EU-Israel association agreement over war in Gaza
Poland calls to end Russian oil imports to EU by end 2026
Ground-based air and missile defence system purchase ‘largest single investment in Danish defence ever,’ ministry says
‘Russia wants conflict with Nato,’ Danish PM warns, as she warns Moscow keeps ‘pushing the boundaries’
‘Necessary … to be able to counter threats before they reach our territory,’ Denmark says
‘Russia is testing us,’ Danish PM warns in ‘historic’ announcement on long-range precision weapons
Denmark plans to acquire long-range precision weapons
Donald Trump to begin first full day of state visit and meet the King amid protests
New tests show Alexei Navalny was poisoned, widow Yulia says, as she blames Putin for his death
Main suspect in Madeleine McCann case released from German prison
AfD’s Weidel tells Merz ‘citizens are growing impatient’ as she attacks him on migration, foreign, defence policy
‘We want to be able to defend ourselves so that we do not have to defend ourselves,’ Merz says
Germany faces ‘fundamental’ issues this autumn, Merz says, as he warns against ‘dictated peace’ in Ukraine
Morning opening: What can UK get out of Trump?
Closing summary
Jakub Krupa
… and on that note, it’s a wrap!
The European Commission has proposed suspending some of the trade parts of the EU Israel association agreement, 18 months after Ireland and Spain asked commission president Ursula von der Leyen to review the agreement in light of the war in Gaza (13:36).
Senior EU officials said the proposals were “appropriate and proportionate” as a response to the ongoing humanitarian crisis in Gaza (13:37, 13:53), and will still need to be approved by the EU member states (14:07).
But Israeli foreign minister Gideon Saar warned the EU against taking action, calling the proposal to suspend the trade element of the EU-Israel association agreement “morally and politically distorted” (15:35).
In other news,
Yulia Navalnaya, the widow of the Russian opposition leader Alexei Navalny, said that two foreign laboratories had confirmed her husband was poisoned, after tests on biological samples secretly smuggled out of Russia (10:54).
Kremlin spokesperson Dmitry Peskov said on Wednesday he was unaware of Navalnaya’s claims.
Elsewhere,
Denmark is for the first time to buy long-range precision weapons such as missiles and drones, Mette Frederiksen has abruptly announced, as she warned “Russia is testing us” (12:39, 12:58, 13:00).
Frederiksen warned that Russia is “constantly trying to push the boundaries” and “wants conflict with Nato” (13:04).
The total package, worth €7.7bn, is “the largest single investment in Danish defence ever,” the country’s ministry said (13:16).
Russia’s ambassador to Denmark branded the plans as “pure madness” and said he considered the comments to be “publicly threatening a nuclear power” (17:41).
And that’s all from me, Jakub Krupa, for today.
If you have any tips, comments or suggestions, email me at jakub.krupa@theguardian.com.
I am also on Bluesky at @jakubkrupa.bsky.social and on X at @jakubkrupa.
Danish plans on long-range missiles are ‘pure madness,’ Russian ambassador says
Russia’s ambassador to Denmark has reacted to Copenhagen’s announcement that it is getting long-range weapons (12:39, 12:58), telling Berlingske that it is “pure madness”.
Vladimir Barbin said:
“No one, anywhere, ever in the world has considered publicly threatening a nuclear power. These statements will undoubtedly be taken into account.”
Parcel explosions in Europe linked to Russian intelligence, Lithuanian authorities say
Lithuanian authorities said they have identified 15 individuals behind four attempted terrorist acts in Germany, Poland and the UK involving exploding parcels and confirmed their links to Russian military intelligence.
DHL in Minworth, West Midlands.
The Lithuanian general prosecutor and the country’s criminal police said in a joint statement that they investigated four detonations or attempted detonations of parcels carried by DHL and DPD courier services last year.
Parcels were reported exploding at Leipzig airport in Germany, in a DPD freight truck in Poland, and in a DHL warehouse near Birmingham, the UK, while the fourth shipment failed to ignite.
The investigation – conducted together with officials from nine countries, including Germany, the Netherlands, and the US – led them to a 42-year-old Lithuanian citizen, who they allege worked with accomplices, and sent the parcels from Vilnius, Lithuania.
Crucially, the report said the coordination of the attacks was led by two Russian citizens “associated and having connections with the military intelligence services of the Russian Federation.”
Other citizens of Estonia, Latvia, Lithuania, Russia and Ukraine were also reportedly involved, including through the Telegram messenger, with a total of 15 suspects. International arrest warrants have been issued against three of them.
European Commission calls for freezing of free trade with Israel over Gaza – full report
Jennifer Rankin
in Brussels
The EU executive has called for a suspension of free trade with Israel and sanctions on two far-right Israeli ministers in response to the humanitarian crisis in Gaza.
EU foreign policy chief Kaja Kallas (L) and EU trade commissioner Maroš Šefčovič (R) address a press conference following the weekly college meeting of the European Commission in Brussels, Belgium. Photograph: Olivier Hoslet/EPA
Ursula von der Leyen had already floated the proposal to suspend the trade parts of the EU-Israel association agreement last week as the European Commission faced intense pressure for greater action amid criticism that it was not using its economic leverage to influence the Israeli government.
There is, however, no certain majority from EU member states for the proposals outlined on Wednesday, because Germany, one of Israel’s key allies, has long been reluctant to take such steps.
The proposals include suspending Israel’s preferential access to the European market by reimposing tariffs on some goods, and freezing mutual benefits related to bidding for public contracts and the protection of intellectual property rights.
The commission also called for sanctions on Itamar Ben-Gvir and Bezalel Smotrich, violent Israeli settlers in the West Bank and 10 Hamas leaders.
The plans were presented as Israeli forces pressed ahead with their offensive in Gaza City, deepening a conflict that has killed nearly 65,000 Palestinians since Hamas attacked Israel on 7 October 2023, killing more than 1,200 people and taking 250 hostages.
Paris police chief ‘very concerned’ about potential damage during union strikes
The Paris chief of police Laurent Nuñez said he was “very concerned” about the prospect of public disturbance on the margins of the trade union protests scheduled for Thursday, Le Figaro reported.
A woman runs past a poster stuck on a wall which reads “Block everything on September 18 and 21. General strike, Macron Impeachment”, in Paris. Photograph: Abdul Saboor/Reuters
Nuñez claimed he had reports about plans to disrupt the protest with the intention to “fight and cause damage,” warning shopkeepers to protect their shop fronts, the paper said.
The strikes are intented to push back on what unions see as unfair austerity policies, AP said, as they reject cuts in social spending and pension reform. They are expected to prompt disruption in sectors like transport, public services, hospitals and schools.
More than 250 demonstrations are planned across the country, Le Monde said.
Israel warns EU’s ‘morally, politically distorted’ sanctions will get ‘appropriate response’
Meanwhile, Israeli foreign minister Gideon Saar warned the EU against taking action against Israel, after the bloc’s executive proposed curbing trade ties and sanctioning ministers over the Gaza war, AFP reported.
“The recommendations of the college of Commissioners led by President (Ursula) von der Leyen are morally and politically distorted,” Saar wrote on X, adding that: “Moves against Israel will harm Europe’s own interests.”
“Any action against Israel will receive an appropriate response, and we hope we will not have to use them,” he wrote.
Widow of Alexei Navalny says lab tests confirm he was poisoned in prison – full report
Pjotr Sauer
Yulia Navalnaya, the widow of the Russian opposition leader Alexei Navalny, said that two foreign laboratories had confirmed her husband was poisoned, after tests on biological samples secretly smuggled out of Russia (as reported 10:54).
Navalny’s allies have repeatedly accused the Kremlin of killing him. Photograph: Alexander Zemlianichenko/AP
Navalny, 47, died suddenly on 16 February 2024, while being held in a jail about 40 miles (64km) north of the Arctic Circle, where he had been sentenced to decades in prison to be served in a “special regime”.
Navalny’s allies have accused the Kremlin repeatedly of killing him – allegations Moscow has dismissed as absurd. Russian officials insist he died of a mixture of diseases, including heart arrhythmia triggered by hypertension.
Kremlin spokesperson Dmitry Peskov said on Wednesday he was unaware of Navalnaya’s claims.
Navalnaya, who lives abroad, posted a video on X in which she said biological material from Navalny was smuggled abroad in 2024 and then examined by two laboratories.
Navalny’s widow claims laboratory tests prove her husband was poisoned – video
“These labs in two different countries reached the same conclusion: Alexei was killed. More specifically, he was poisoned,” Navalnaya said, urging the two laboratories to release the findings.
“These results are of public importance and must be published. We all deserve to know the truth,” she said.
She did not specify what poison the laboratories had found.
Navalnaya also said the surveillance footage from the final day of her husband’s life had vanished, despite the opposition leader being under near-constant camera monitoring throughout his imprisonment.
Navalny’s allies also released previously unseen photographs they said were taken inside the prison cell after his death. The images show a cramped cell with what appears to be vomit and blood on the floor, next to a notebook and an Oxford dictionary.
Leonid Volkov, a close ally of Navalny, wrote on X that the opposition leader had been “murdered in an agonising way, with poison”.
He added: “No matter how much they tried to erase details from the medical records or cover their tracks, we know everything about his final day and the method of his killing.”
The regional penitentiary service said in a statement at the time of his death that Navalny “felt unwell after a walk and almost immediately lost consciousness”.
Towards the end of the press conference, Kallas rejected suggestions that the EU has not done enough to put pressure on Israel and insisted the public opinion has shifted on this in recent months, as reflected by the proposed measures.
“The proposals [are] now on the table to put more pressure on Israeli government … now it’s up to the member states to discuss [them] in the council, which is problematic, as we know of the lines.
But what it shows, really, it shows that the public opinion in all the member states has, has really shifted. And when we have the discussions, all the member states or representatives, foreign ministers, agree that the situation is untenable.
So if we all agree on this, then the question is, what do we do about this; what are the tools in our hands?
And that’s why we have proposed, then from our commission, to go with these proposals. If these do not fly, then we can find other things, if we all agree that we need to do additional steps in order to have really change on the ground.”
This concludes the press conference.
What EU’s move on Israeli trade would mean in practice? – snap analysis
Lisa O’Carroll
Today’s proposal by the European Commission to suspend trade parts of the EU Israeli association would not mean Israeli goods disappearing from European supermarkets, factories, or hospitals.
EU High Representative for Foreign Affairs and Security Policy Kaja Kallas (left) and European Commissioner for Trade and Economic Security and for Interinstitutional Relations and Transparency, Maroš Šefčovič (right) address a press conference following the weekly college meeting of the European Commission in Brussels. Photograph: Olivier Hoslet/EPA
If adopted by the member states, who need to agree to it under qualified majority vote system (QMV), it would merely mean goods would no longer be duty free and subject to tariffs that apply to all non-EU countries that do not have a trade agreement with the bloc.
The EU is responsible for 32% of Israel’s total trade in goods with the world, selling some €16bn in 2024.
Israeli exports include everything from jet engines to pharmaceuticals including those from Teva. However, not all goods are exported under tariffs, as they are for example not imposed on pharmaceuticals under a longstanding World Trade Organization agreement.
Under the QMV system two conditions have to be met. 55% of member states need to back to the move. This means 15 out of 27 member states, but the bigger barrier is that the proposal must be supported by member states representing 65% of the total EU population.
Germany represents 18% of the EU population, France 15% and Italy 11%.
Maroš Šefčovič, the trade commissioner, admitted that the impact of the removal of free trade access, would be “modest”, as he told reporters that their suggestions that tariffs would amount to an additional cost of just €227m a year were “correct”.
Whatever its economic consequences, it can be seen as a hugely symbolic move.
“I would say the whole context of the decision was very political. … I think there was strong expectations that European Union have to use the tools at its disposal to address the humanitarian crisis,” he said.
EU’s top diplomat, Kaja Kallas, was also asked about whether she was confident about getting the suspension approved by the member states.
She said:
“You know very well, how is the situation the council, although we see that … the public opinion in member states is really shifting because the suffering in Gaza and people really want to see [this stopped].
I think we will have the discussions after these proposals are made, but I think the political lines are very much in the place where they have been so far.”
EU’s proposed Israel trade suspension ‘appropriate, proportionate’ given crisis in Gaza, EU’s Šefčovič insists
EU trade commissioner Maroš Šefčovič is now speaking about the practical consequences of the proposed measures.
“In practice, this means that imports from Israel to the EU will lose the preferential access to the EU market, and that these goods will be charged duties at the level applied to any other third countries with whom the EU has no free trade agreement.
We regret having to take this step. However, we believe it is both appropriate and proportionate given the ongoing humanitarian crisis in Gaza.”
Šefčovič said the total trade in goods amounted to €42.6bn in 2024, making the EU Israel’s number one trading partner.
“In light of these figures and the principles at stake, the proposed partial suspension is a carefully considered response to an increasingly urgent situation,” he says.
He says the EU “believes that now is the time that we must work together to end also the humanitarian crisis in Gaza.”
“This means unrestrained access for humanitarian aid, the immediate release of all hostages held by Hamas and an urgent ceasefire to stop the bloodshed.”
Ultimately, Israel needs real security and the Palestinian people need real dignity.
He says the member states will decide on this measure by a qualified majority.
EU proposes to suspend trade parts of EU-Israel association agreement over war in Gaza
Lisa O’Carroll
The European Commission has proposed suspending some of the trade parts of the EU Israel association agreement, 18 months after Ireland and Spain asked commission president Ursula von der Leyen to review the agreement in light of the war in Gaza.
Following her state of the union speech last week indicating a shift at the top of the EU, the Commission’s presented a proposal today.
In addition it has announced it had put bilateral support for Israel on hold with the exception of contributions to support civil society and the Yad Vashem holocaust museum. It also proposed sanctions on Hamas, extremist ministers and violent settlers.
In a statement, the EU said the proposal on the trade agreement follows a review of Article 2 of the association agreement following “the blockade of humanitarian aid, the intensifying of military operations and the decision of the Israeli authorities to advance the settlement plan in the so-called E1 area of the West Bank”.
The proposed suspension must be ratified by member states who are already blocking a European Commission proposal to suspend Israel from part of the Horizon European science research programme.
Follow our Middle East blog for more updates:
Poland calls to end Russian oil imports to EU by end 2026
Polish energy minister Miłosz Motyka has called on the EU to end Russian oil imports by the end of 2026 “to cease financing Russia’s war machine” and help end the war in Ukraine.
Newly appointed Polish energy minister Miłosz Motyka attends a government reshuffle announcement in Warsaw in July. Photograph: Kuba Stężycki/Reuters
In a letter sent to other EU energy ministers just days after Russian drones incursion into Polish airspace, seen by the Guardian, Motyka argued that “the current international circumstances, combined with the need to strengthen the resilience of European economies, require a common response.”
He said that a commitment to the 2026 deadline would “establish a clear timeline, and demonstrate our resolve to achieve independence from oil supplies burdened with political and strategic risks.”
Poland also called for “coordinated … compensatory mechanisms” to help with “a fair and orderly transition” for countries most affected, which would also include measures on “safeguarding access to alternative oil sources in the event of disruptions.”
Reuters noted that the Druzhba oil pipeline delivers Russian oil to Hungary and Slovakia, which continue to buy energy supplies from Russia after other EU nations cut ties following Russia’s full-scale invasion of Ukraine in 2022.
The letter comes a day after European Commission president Ursula von der Leyen said she would propose speeding phasing out of Russian fossil imports after her call with US president Donald Trump last night.
The bloc had previously intended to end purchases of Russian oil and gas by 2028.
Trump repeatedly called on the EU and Nato countries to stop buying oil from Russia, seemingly making it a condition of future US sanctions on Moscow.
Ground-based air and missile defence system purchase ‘largest single investment in Danish defence ever,’ ministry says
The total package for acquisition and operation of ground-based air and missile defence systems is estimated to be worth 58 billion kroner, equivalent to €7.7bn or £6.74bn, “the largest single investment ever in Danish defence.”
The defence ministry’s press release outlined some details of the proposed purchases, saying that that Denmark will look to procure the French-Italian SAMP/T NG air defence system for the long-range missiles, and “one or more” from the Norwegian NASAMS, the German IRIS-T or the French VL MICA systems.
It said that “the decision to go with more than one or two suppliers enable shorter delivery times” and reaching readiness “as quickly as possible.” The first system is expected to be operational this year.
‘Russia wants conflict with Nato,’ Danish PM warns, as she warns Moscow keeps ‘pushing the boundaries’
Miranda Bryant
Nordic correspondent
Frederiksen insisted that the move is not an escalation but that it is a “political choice”.
“We are making a political choice about what it means to be able to defend ourselves,” she said. “To put it bluntly, it’s not enough to have an air defence to keep out what’s out there. You have to show your will to be able to do more.”
Danish prime minister Mette Frederiksen holds a press briefing on defence measures in Copenhagen, Denmark. Photograph: Emil Helms/EPA
Russia, she said, is “constantly trying to push the boundaries” and “wants conflict with Nato.”
Referencing Russia’s recent violation of Polish airspace, she said: “They will continue to see what reaction comes. That’s why it’s also the right time to make this decision.”
She said:
Russia wants conflict with Nato. But the Danes should not go around fearing a military attack right now.
‘Necessary … to be able to counter threats before they reach our territory,’ Denmark says
Miranda Bryant
Nordic correspondent
The Danish ministry of defence said in a press release:
“Based on the military-technical recommendation of the Chief of Defence, the government has made a decision in principle that Denmark must have long-range precision weapons.”
It added that the move is being carried out “with a view to strengthening Denmark’s national and Nato and allies’ collective deterrence.”
Denmark’s chief of defence, Michael Hyldgaard, said:
“It is necessary for the Armed Forces to be able to counter threats before they reach our territory. It is about giving the Armed Forces the right tools to solve the task. We are getting that now.”
Liam Byrne MP is concerned hundreds of workers could lose their livelihoods following the JLR hack
The cyber attack on Jaguar Land Rover (JLR) is a “digital siege” that is seeing supply chain workers “laid off in their hundreds”, an MP has said.
Liam Byrne, chair of the Commons business and trade committee and Labour MP for Birmingham Hodge Hill & North Solihull, said: “We fear if the government doesn’t step up soon, people will be laid off in their thousands.”
The firm said on Tuesday factory production would not resume until 24 September at the earliest and apologised for the ongoing disruption.
The hack happened more than two weeks ago and has forced the company to shut down computer systems and halt production.
Though some have warned disruption could last until November, JLR described this as “speculation”.
Production lines were paused on 1 September, when the hack came to light.
The shutdown is believed to be costing the firm, which has factories in Solihull, Castle Bromwich and Halewood, an engine facility in Wolverhampton, and plants overseas, at least £50m a week.
The company has not revealed how much damage was caused, but a criminal investigation has begun.
JLR said it had delayed restarting production as “forensic investigation” of the cyber incident continued and it considered a “controlled restart” of global operations.
PA Media
Jaguar Land Rover’s design and engineering centre is in Gaydon, Warwickshire
Byrne said he had written to the chancellor to request Covid-style emergency help for suppliers.
“This is not a mere flicker on the screen at Jaguar Land Rover, this is a digital siege and it’s sent a cyber shockwave through their supply chain,” he said.
“We think this is an attack which is much, much worse than the attack that took down Marks and Spencer.”
He said, with more of these types of attacks happening, the government needed to act as a backstop to a “different insurance system” to help firms which was not currently in place.
Meanwhile, West Midlands mayor Richard Parker said the attack was having a massive impact on JLR and the supply chain.
He said he wanted to reassure people he was talking to the business secretary, the chancellor, JLR, and unions “and we have good understanding of the issues which need to be resolved”.
He added the firm was working with the government, “collating and collecting” the impact of the shut down on businesses across the supply chain, and to develop “best approaches about intervening to help them over the next few weeks and months”.
Pakistan was caught in another controversy on Tuesday (September 16) after Japan issued a warning for allegedly sending over a “fake” football team. According to reports, Japan authorities have also sent back Pakistan’s 22 men who pretended to be professional football players. The Federal Investigation Agency (FIA) said that the Pakistan squad left from Sialkot airport using fake documents and players also claimed to be part of a football club, but Japanese officials quickly found out that the documents were fake and deported all of them.
The FIA investigators found this as a major human trafficking racket and named Malik Waqas as the main suspect for this scandal. He was also arrested by the agency and a case was also registered against him at the Gujranwala police station. He reportedly created a fake club called Golden Football Trial and trained the players to act like real and charged each member nearly PKR 4 million ($14,156.91) to facilitate their travel. Waqas also admitted that he had earlier smuggled another group to Japan using the same method.
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Now, the FIA is investigating the fake football club and the fake papers that helped the group to leave the Pakistan. A further investigation is on, they added.
This scandal comes at a controversial time for Pakistan sports, as the country is already under controversy after a heavy loss in the Asia Cup 2025 and the recent “handshake row” with India. Speaking on the Asia Cup matter, the Pakistan Cricket Board (PCB) claimed that the match referee Andy Pycroft told both the team captains not to shake hands before or after their match in Dubai.
This Asia Cup cricket match was the first between the two teams since the Pahalgam attack this year in April, when some gunmen opened fire on a group of tourists in Kashmir.
Japan’s radical economic and political changes, from the return of inflation and rising bond yields to government instability, have caught global investors’ attention. We assess the drivers behind our preference for Japanese equities, and the risks ahead.
The sustained return of inflation and gradual monetary policy normalisation by the Bank of Japan (BoJ) since its 2024 exit from negative interest rates, have been tailwinds for Japanese stocks. The rally has strengthened in recent months, driven by solid growth and earnings prospects, corporate reforms, a better-than-feared US trade deal, and the steady return of foreign investors – driving an 11% rise in the Nikkei 225 index since the beginning of July. We see further upside for Japanese stocks ahead.
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A solid macroeconomic backdrop
Japanese growth should be positive this year despite a brief setback and some volatility in consumption patterns. We expect the economy to expand around 1% in both 2025 and 2026. The tariff shock should fade after the first half with the lower 15% rate applied from mid-September. We expect the labour market to remain in good shape, while tax cuts and cash transfers should help households faced with higher food costs. Reflation and rising nominal GDP are supporting earnings upgrades and a solid outlook for 2026.
Japanese companies are also benefitting from a reform agenda which has gained significant momentum this year. Reforms include more active minority shareholders and more oversight of poor performing management, as well as signs of better capital allocation, including non-core asset disposals, rising buybacks and dividends. Such measures are helping improve returns on Japanese equities.
Business activity remains resilient despite trade disruptions, reflecting steady service sector momentum
At the same time, surveys of business activity have been comparatively resilient despite trade disruptions, reflecting steady momentum in the service sector while banks are benefiting from a rising interest rate scenario. Exporters, particularly carmakers, aggressively cut their prices in the second quarter to retain market share, but with the tariff rate set to fall in mid-September, this will probably reverse.
We remain overweight in Japanese equities
We maintain a neutral portfolio positioning in developed market equities globally, however we are positive on Japanese stocks. After years of foreign investors shunning the Japanese stock market, we expect to see their gradual return. Japanese stocks offer portfolios exposure to cyclical sectors like autos and tech hardware sectors, which should perform well in our base scenario of slowing global growth without a US recession. Within our Japanese equity allocations, we favour financials and beneficiaries of corporate reforms.
Of course, we closely monitor the risks. These include political uncertainties, and the danger that investors are too complacent about rising yields, or that the BoJ may yet prove too cautious on tackling inflation. Any subsequently aggressive monetary tightening could damage growth and earnings.
Political challenges and a new PM
On the first – political – risk, Prime Minister Shigeru Ishiba’s resignation on 7 September has sparked a leadership contest within his Liberal Democratic Party. Our base case is that the winner, due to be announced on 4 October, will become the new premier. This political instability has compounded an upward shift in Japanese government bond (JGB) yields this year, refocusing markets on Japan’s fiscal challenges and high levels of public debt, with many long-dated bonds at, or close to, record highs.
The current frontrunners to become prime minister are conservative hardliner Sanae Takaichi, and Shinjiro Koizumi, who holds more moderate views than his father, former Japanese PM Junichiro Koizumi. Mr Koizumi junior would represent more policy continuity, yet Mrs Takaichi favours expansionary fiscal and monetary policies which could further pressure yields.
We think risks over Japan’s debt have been overstated
A period of weak prime ministers now seems likely, and managing multi-party dynamics may in any case drive a modest setback in Japan’s fiscal balance. While radical stimulus is unlikely, the ruling Liberal Democratic Party and its coalition partner are likely to use cash handouts and a temporary cut on value-added food taxes to cement a new coalition framework.
However, we think risks over Japan’s debt have been overstated. The country’s fiscal deficit has been narrowing substantially in recent quarters, while its net savings and current account surplus means it is well able to fund its debt domestically.
Sustained inflation pressures BoJ
We do, however, see some further temporary upside risks to Japanese government bond (JGB) yields, given persistent inflationary pressures. Headline inflation of 3.1% in July was slightly above expectations and remains well above the BoJ’s 2% target. We expect above-target inflation to persist for the remainder of the year and into 2026. Despite positive wage growth, there is growing discontent with the rising cost of living.
Should the market price-in two full additional BoJ hikes, we would see this as an opportunity to re-invest in JGBs
In our view, the BoJ is likely to hold out on its next interest rate hike until January 2026, with a gradual slowing in its bond purchases, especially in light of recent bond market turmoil.
Should the market price-in two full additional BoJ hikes, we would see this as an opportunity to re-invest in JGBs at more compelling valuations. Meanwhile, rising yields and declining hedging costs may yet spark a wave of capital repatriation, including from US Treasuries, a risk we are monitoring closely, but see little sign of yet. Rapid changes in the behaviour of Japanese investors, who hold an estimated USD 3 trillion in foreign assets, could then have profound implications across other markets.
Finally, we expect a weakening dollar and Fed easing at a time when the BoJ is tightening policy to be the primary driver behind some medium-term strengthening for the yen. Our 12-month USDJPY target remains 140.
CIO Office Viewpoint
Japanese equities look set to brave political headwinds
Crews to watch at the 2025 World Rowing Championships
There’ll certainly be no shortage of star power at the World Rowing Championships 2025, which features a start list replete with Olympic and Paralympic champions, rising stars and curious underdogs.
One name that sticks out immediately is Germany’s Oliver Zeidler – current men’s single sculls world and Olympic champion.
Returning to competition after a prolonged break to focus on his studies, he’ll headline the single sculls title fight – which features the highest number of entries – alongside fellow Paris 2024 medallists Yauheni Zalaty and Dutch athlete Simon van Dorp in what promises to be a blue-ribbon event at the Shanghai Water Sports Centre.
Women’s single sculls also features a high number of entries, with the exception of reigning world and Olympic champion Karolien Florijn, of the Netherlands, who will sit out the 2025 World Rowing Championships.
Her absence has created a compelling tussle for the crown, featuring Great Britain’s Lauren Henry – formerly of quadruple sculls fame – Ireland’s Fiona Murtagh, runner-up at the European Championships, and Lithuania’s Viktorija Senkute – the sole finalist from Paris 2024 entered in the competition.
As always, there’ll be plenty of intrigue surrounding the historically prominent men’s and women’s eight, with Great Britain (men) and Romania (women) set to defend the titles they claimed two seasons ago in Belgrade, Serbia.
With ten crews entered into both events – as well as the non-Olympic mixed gendered event, which will make its debut World Championship debut in Shanghai – it may take an extra bit of effort to claim those titles once more.
If you’re a fan of sibling crews, look no further than Croatia’s men’s four, which features two sets of brothers, including Martin Sinkovic and Valent Sinkovic, who’ve won four Olympic medals (three gold, one silver) in three different boat classes.
Chen Yunxia and Zhang Ling, members of the Chinese quadruple sculls crew that claimed gold at the Olympic Games Tokyo 2020, will hope to give the local fans something to cheer for in the women’s double sculls competition.
Entering as favourites in the absence of all three crews that won medals at the Olympic Games Paris 2024, they’ll compete for the title alongside an experienced pairing from France and a talented young duo from Greece.
Of course, with so many events on the schedule, there’s likely to be a few shocks when the competition is said and done. After all, what’s rowing without some photo finishes?
LeeZii Jia is still wating for his first BWF World Tour victory since reaching the quarter-finals of the Orleans Masters in early March.
After suffering back-to-back first round exits, Malaysian badminton star was forced to retire against world number 16 Lin Chun-Yi of Chinese Taipei in the opening round at the Super 750 China Masters in Shenzhen, People’s Republic of China.
Lee even had one match point on Wednesday (17 September) before he had to end the match ar 21-17, 20-22, 6-14.
In a closely contested first game, Lee Zii Jia put together a late surge to lead 19-17, coinverting his first game point after 18 minutes
Visibly upbeat, Lee Zii Jia took control early on in the second game, racing to a 9-4 advantage. But Lin Chun-Yi fought back to level things and even took a 17-15 lead.
The momentum swung back and fourth before Lee earned his first match point at 20-19. He could not seal the deal, and it went to a decider.
Lee’s lack of tournament play showed in the third game. Trailing 6-14, he signaled to the umpire that he could not continue.
After crashing out in the first-round at the All England Open, Lee was out of action for five months due to an ankle injury.
The Paris 2024 Olympic bronze medallist returned at the World Championships but lost his first round match to Republic of Korea’s Jeon Hyeok-jin. The 27-year-old year-old then exited in the first round of last week’s Hong Kong Open and admitted after that he was still trying to rediscover his torinament feeling.
“I hope I can find my own feeling in every game. I think this is very important,” he told “The Star”.
DLA Piper has advised the sponsors and the underwriters of the Chinese healthcare platform 160 Health International Limited (160 Health) on its Initial Public Offering (IPO) on the Main Board of the Hong Kong Stock Exchange (HKEX), which raised approximately HKD 400 million. The company commenced trading today, 17 September 2025. Shenwan Hongyuan Capital (H.K.) Limited and Zero2IPO Capital Limited are the Joint Sponsors.
160 Health is an experienced pharmaceutical and healthcare product wholesaler and a leading digital healthcare integrated service provider in China. Through its Healthcare 160 platform, which is recognised as the largest digital healthcare and wellness service platform in the digital healthcare integrated service industry in China, it delivers comprehensive digital healthcare and wellness solutions to a broad network of participants – including businesses, medical institutions, professionals, individual users, and third-party merchants – supporting the digital transformation of China’s healthcare value chain.
The DLA Piper team was led by George Wu, partner and Co-Head of Equity Capital Markets EMEA and Asia Pacific, with support in Hong Kong from senior associate Jack Li, registered foreign lawyers Jessica Sun and Yu Sun, associate Marcus Ng, legal officer Ivy Chung, legal assistants Nicholas Chan, Lily Choi and trainee solicitor Bernie Wong. Additional support was provided by legal assistant Charlotte Wang in Shanghai and Corporate associate Sophia Sun from Shanghai Kaiman Law Firm.
Commenting on the listing George said: “160 Health’s successful listing reflects both the company’s strong fundamentals and the exciting growth potential of China’s rapidly evolving digital healthcare sector. Our team is proud to have supported our client on this significant milestone, which not only highlights the strength of our equity capital markets practice and cross-border capabilities, but also underscores the resilience and vibrancy of the Hong Kong IPO market, which continues to attract high-quality issuers.”
A DLA Piper team led by George Wu also advised on the Hong Kong IPO and H-share listing of Chifeng Jilong Gold Mining Company earlier this year, demonstrating the firm’s experience and knowledge in handling complex, cross-border equity transactions.
Insights about brain cell damage after stroke and repair after transplant could pave the way for therapies that extend the treatment window, as revealed in a lab study led by the Keck School of Medicine of USC.
When someone has a stroke — a leading worldwide cause of death and disability — time is of the essence. Almost nine out of 10 cases are ischemic strokes, caused by restricted blood flow in the brain, and the current gold-standard treatment that breaks up blood clots must be delivered within four and a half hours of symptoms appearing.
Researchers are on the hunt for ways to extend that ticking clock and enable better stroke recovery. One promising prospect is an experimental stem cell therapy to help repair damaged brain tissue, co-developed by scientists at the Keck School of Medicine of USC, the University of Zurich and ETH Zurich in Switzerland. A study in the journal Nature Communications showed that a stem cell transplant performed one week after an ischemic stroke in mice led to recovery.
“There are a lot of patients who cannot get the acute treatment, and their blood vessels remain blocked,” said co-corresponding author Ruslan Rust, PhD, assistant professor of research physiology and neuroscience at the Keck School of Medicine of USC. “If we can bring this treatment to the clinic in the future, it may help patients who have long-term symptoms or large strokes see recovery.”
Employing stem cells to heal damaged brain tissue
Rust and his colleagues reprogrammed human blood cells into neural stem cells — which can mature into neurons — and transplanted them into the damaged brain tissue of mice that had strokes. After five weeks, the researchers compared their recovery to a group of mice from the same litter that had strokes but underwent surgery without transplantation.
The brains of the mice that received transplanted neural stem cells showed more robust signs of recovery than those of untreated mice. The transplant recipients’ brains had less inflammation, more growth of neurons and blood vessels, and more connectivity among neurons than the brains of the mice that did not receive transplanted cells. The treated mice also had less leakage from the blood-brain barrier, which is important for normal brain function and acts as a filter to keep harmful substance out of the brain.
To measure function, the researchers used artificial intelligence to closely track the movement of the animals’ limbs while walking and climbing up a ladder with irregular rungs.
“Recovery can be hard to determine in mice, so we needed to see these little differences,” Rust said. “The unbiased view we got through this deep learning tool gave us a lot more detail about this complex process.”
The team found that treated mice fully recovered the fine motor skills tested in the climbing task five weeks after the transplants. By the end of the study, their gait also improved significantly compared to mice that received sham surgery.
Clues among the new brain cells that develop
When the researchers looked at which types of cells died off due to stroke, they found roughly a 50% reduction in neurons that secrete gamma-aminobutyric acid (GABA), which decreases activity in the brain cells to which it binds. These GABA-secreting neurons, known as GABAergic neurons, have previously been shown to assist stroke recovery.
The team also explored the fate of the transplanted stem cells, finding that the majority had become GABAergic neurons. This is a possible indication that the local environment where the stroke injured the brain may help steer the development of the neural stem cells.
Rust and his colleagues also analyzed the interactions between the transplanted cells and other cells in the brains of the mice. They found strong activity in several signaling pathways that were shown in prior studies to be associated with regenerating neurons, forming connections between neurons, and guiding how neurons branch out.
“Mechanistic insight can be quite important if we seek to inform new therapies or improve emerging ones,” Rust said. “Understanding the mechanisms allows us to think about adapting a drug that regulates them — perhaps one that’s already clinically approved for a different disease. It could open up a whole new wave of therapies.”
The team is currently investigating other ways to increase activity in the pathways identified in the study and evaluating the results of the transplant in mice for periods longer than five weeks.
“If we can help people by transplanting stem cells into a human stroke patient, we want the cells to be there for the rest of their life,” Rust said. “So our aim would be to look across the whole lifetime of a mouse and see what happens with the cells, and also see whether this recovery is sustained or even improves.”
Reference: Weber RZ, Achón Buil B, Rentsch NH, et al. Neural xenografts contribute to long-term recovery in stroke via molecular graft-host crosstalk. Nat Commun. 2025;16(1):8224. doi:10.1038/s41467-025-63725-3
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