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00:12Welcome to Newsroom Tokyo. I'm Yamasawa Rina.
00:15And I'm Yoshikama Ryuichi.
00:17Here are the headlines.
00:19The National People's Congress has kicked off in Beijing.
00:22Our China correspondent will be joining us to give the lowdown on what to expect.
00:27As the Middle East conflict enters its sixth day,
00:32media reports suggest Israel played a key role in the U.S. decision to attack Iran.
00:38And people in Nepal await the outcome of the country's first general election
00:44since youth-led protests toppled the government last year.
00:49One of China's biggest political events has kicked off in Beijing,
00:54the National People's Congress.
00:56The country's leaders have unveiled this year's economic growth target,
01:02setting it between 4.5 and 5 percent.
01:05Many media outlets are reporting this is the lowest since 1991.
01:12Premier Li Chen set the new target in a government work report.
01:17leaders had aimed for around 5 percent for the past three years through 2025.
01:24China has been dealing with sluggish domestic demand,
01:28partly blamed on a prolonged real estate slump.
01:32Increasing global uncertainty has posed additional challenges.
01:39China has also announced such a grave and complex landscape where external shocks and challenges were intertwined with domestic difficulties
01:49and tough policy choices.
01:53Beijing has also announced this year's budget.
01:56For the fifth year in a row, defense spending is up by 7 percent or more.
02:02It now totals over 1.9 trillion yuan or about 276 billion dollars.
02:09China's defense budget has doubled over the past 10 years.
02:14For more on this, we are now joined by our China correspondent Yoshida Mayu in Beijing.
02:20So Mayu, this growth target seems less ambitious than what we've seen from China in recent years.
02:28So what's Beijing's rationale?
02:33With domestic demand still sluggish, the new target is seen as more realistic and achievable.
02:40Premier Li also explained a new five-year plan outlining China's economic goals going forward.
02:46Beijing says it will deepen investment in high-tech industries and scientific innovation in areas such as artificial intelligence, robotics
02:55and energy.
02:56By focusing on these industries, the government aims to shift China toward higher quality growth.
03:04Mayu, Tokyo and Beijing have been locked in the diplomatic row since last November.
03:11What are some things to watch with regards to that?
03:17China has maintained a hard-line stance toward Japan, saying Tokyo is engaging in what it calls new militarism.
03:25Yesterday, Beijing again criticized Prime Minister Takaichi's remarks in the Diet regarding Taiwan,
03:32restating that Taiwan is a domestic matter for China.
03:35China.
03:36With the NPC drawing significant domestic and international attention, China may use the occasion to reiterate its position on the
03:44issue.
03:46Well, obviously the world's attention is focused on the conflict in the Middle East at the moment.
03:52What's China's view on the crisis and how is that affecting this session of the National People's Congress?
04:02Domestic policy has been the main focus at the NPC.
04:06That said, the current conflict in the Middle East has been a big issue for China.
04:11Over the last few days, Beijing has condemned the US and Israel.
04:15In the government work report released for today's session, the Chinese government stated that it firmly opposes power politics.
04:23But Premier Li did not read that part out loud, which could have been an intentional choice.
04:29At yesterday's NPC's press conference, a spokesperson said that relations between China and the US can develop in a stable
04:38way
04:38as long as both sides strengthen cooperation and reduce sources of friction.
04:44These language choices suggest that China may be trying to avoid further tensions with the US ahead of the upcoming
04:51summit between the two countries.
04:53There is a press conference focused specifically on foreign policy scheduled for later in the NPC session, which many will
05:01be watching closely.
05:03NHK China correspondent, Yoshida Mayu in Beijing. Thank you.
05:16The US and Israel are intensifying their attacks on Iran as the conflict enters its sixth day.
05:24They are striking targets across the capital Tehran.
05:28Iran continues to launch drones and missiles in response.
05:32Strikes have so far been confirmed in at least 10 countries.
05:38The Israel defense forces say they have begun a large-scale wave of strikes on Tehran.
05:45Iranian media say several explosions have been reported in the city.
05:51Videos released by the IDF show strikes on what it says were missile launchers and defense systems.
06:00The IDF says it has used more than 5,000 munitions since the operation began.
06:07Iran's state-run TV says more than 1,000 people have been killed.
06:13US Defense Secretary Pete Hegseth says the US and Israel will have complete control of Iranian skies in under a
06:23week.
06:23And he says more and larger waves are coming.
06:28But the White House stresses that sending ground troops is not part of the plan.
06:34President Donald Trump has touted the operation's success.
06:39Their leadership is something I would say.
06:41Somebody said on a scale of 10, where would you rate it?
06:44I said about a 15.
06:46And we're going to continue to do well.
06:50White House Press Secretary Caroline Levitt has declined to clearly state whether the US is seeking regime change in Iran.
07:00Iranian change is not a phrase that you would want to use.
07:03Do we want to see Iran being led by a rogue terrorist regime? No, of course not.
07:07So any day the United States of America is taking out a terrorist is a good day for our country
07:12and a good day for our people.
07:14Levitt reiterated that the military objectives are to destroy Iran's ballistic missile threat and naval capability, disrupt missile and drone
07:25production infrastructure and block the country's pathway to nuclear weapons.
07:30She said the focus at the moment is on ensuring the quick and effective success of the operation.
07:39Meanwhile, Iran's first news agency reports the Islamic Revolutionary Guard Corps has launched more than 40 missiles at US and
07:47Israeli targets.
07:49A separate news agency says the Guard Corps also continues to strike at oil tankers and ships.
07:57More than 10 have reportedly been attacked, including several passing through the Strait of Hormuz with U.S. support.
08:07Countries around the Persian Gulf are condemning Iran's response.
08:11The Foreign Ministry of the United Arab Emirates said on Tuesday it has faced more than 1,000 attacks and
08:19stressed the country's right to defend itself.
08:23Saudi Arabia's foreign ministry called Iranian strikes cowardly and said they could not be justified under any pretext.
08:33It also suggested the country retains the option to strike back.
08:39The Gulf Cooperation Council held an emergency online meeting on Sunday.
08:44Foreign ministers from the member nations called for an immediate end to the Iranian assaults.
08:51They added that GCC countries would take all measures necessary to safeguard sovereignty, security and stability.
09:02Media reports suggest that Israel played a key role in Trump's decision to launch the strikes.
09:09U.S. website Axios says the seas of the operation were planted late last year.
09:16Israeli Prime Minister Benjamin Netanyahu was visiting Trump in Florida.
09:20Netanyahu reportedly used the meeting to discuss a follow-up to last year's joint strikes, mostly focused on Iran's ballistic
09:29missile capabilities.
09:30The tentative plan was to attack in May.
09:34Axios says the assumption changed a few days later.
09:38In January, Trump posted on social media that help is on its way after anti-government demonstrations in Iran resulted
09:47in large-scale casualties.
09:49By the middle of February, the U.S. military had reportedly deployed sufficient forces to maintain a campaign for several
09:58weeks.
09:58And Trump secretly discussed with Netanyahu plans for a joint operation.
10:05Then, on February 23rd, the two spoke by phone.
10:10Sources suggest that this call was the decisive moment.
10:13Netanyahu reportedly said he had information about the movements of top Iranian officials, including Supreme Leader Ayatollah Ali Khamenei.
10:24He said they would be gathering in Tehran on the morning of February 28th, and a single airstrike could kill
10:33them all.
10:34The White House backed up this information on Wednesday.
10:38It says the whereabouts of the Supreme Leader influenced the timing of the operation.
10:45On Friday, February 27th, the United States Central Command, through the Secretary of War, received the final go order from
10:54President Trump.
10:54Trump gave the order while traveling aboard Air Force One.
11:06The Associated Press reports that he was with a small group of Republican lawmakers.
11:11It says he asked them whether to continue negotiations or go ahead with a strike.
11:17It says the general sentiment was that the Iranians were using the talks as a delay tactic.
11:33The conflict in the Middle East has shaken financial markets across the globe.
11:39But there's one market that has some investors very concerned, and it's not usually in the news.
11:45Yuko Fukushima joins us now.
11:48So, Yuko, what is this market, and why is it flashing red?
11:52Right, Yurichi, well, I'm talking about the private credit market.
11:56This is a space where companies can borrow money directly from non-bank financial institutions like investment funds, meaning they
12:03bypass banks.
12:05According to the IMF, the big attraction for investors is the return on assets outpacing the S&P 500 stock
12:12index in the U.S.
12:13The agency estimates growth of $2 trillion in 2023, and experts said it has continued expanding since then.
12:21In fact, IMF also reports that the market share captured by private creditors is nearing that of syndicated loans and
12:28high-yielding bonds in the U.S.
12:31I talked to market analyst Doshida Masayuki.
12:34He says this explosion of private credit is a direct legacy of the 2008 financial crisis.
12:42After the financial crisis, authorities tightened restrictions on banks.
12:47In addition, banks themselves became reluctant to lend.
12:51One of the schemes that became popular at this time, to meet the funding needs of corporations, was to create
12:57a fund and collect money from investors.
13:00Then this money was lent to companies.
13:02This fundraising mechanism was a big hit, and the market grew considerably.
13:08Doshida says this alternative lending market is popular among small and medium-sized companies and unlisted firms that struggle to
13:16get loans from banks.
13:17These private creditors tend to be more lenient in their terms of lending.
13:21But investors need to be cautious.
13:28For investors, they can expect higher returns than ordinary investments, but they need to take the risk of the company
13:35collapsing.
13:36And this can be hard to assess, because the company they lend money to is small or unlisted.
13:43Often, there is insufficient disclosure, so it's hard to know what's really going on.
13:51And that's the problem.
13:52Cracks are appearing in this sector, and investors want to know what's going on.
13:57The first domino to fall was Blue Owl Capital, one of the funds that directly lends to businesses through the
14:03private credit market.
14:04The company's stock price stumbled after news that it was halting redemptions in some of its funds.
14:09That spooked the wider market, and shareholders dumped their stakes in Apollo, Blackstone and other funds that lend directly to
14:17companies.
14:18According to Doshida, the selling actually started in September,
14:21when some of the companies who borrowed money directly from these funds went bankrupt.
14:30Last September, auto-related companies such as TriColor, a subprime auto lender, and First Brands, an auto parts maker collapsed.
14:39Then, in November, the problems spread to the real estate sector.
14:44Namely, a company called Renovo Home Partners filed for bankruptcy.
14:49It is believed that investment fund BlackRock held most of the debt in Renovo Home Partners.
14:56At the time, all of the time, the投資 funds were owned by BlackRock.
15:01Some here echoes of history in these market tremors.
15:04In 2007, a B&Me pair of an investment funds suddenly froze redemptions, an event many consider the canary in
15:12the coal mine for the 2008 global financial crisis.
15:15Concerns spiked again last week with the news British mortgage provider Market Financial Solutions was unable to pay its debt.
15:23The company had been borrowing heavily through private credit channels, and its collapse has pulled back the curtain on a
15:30disturbing practice.
15:33It was revealed that the borrower provided the same collateral to multiple lenders.
15:39That means analysts cannot calculate the exact amount of loans from the total collateral,
15:44because this case shows more loans were extended than the amount of collateral provided.
15:50Some worry that Market Financial Solutions is not the only company that did this,
15:54which is raising concern about the private credit market.
15:58Doshita warns that because the private credit market is not transparent,
16:02any local failure risks triggering a domino effect across the global economy.
16:10On the surface, the risk of companies defaulting and funds collapsing looks low.
16:16But the debt is steadily piling up in the private credit market.
16:20Some worry the debt situation will get out of hand.
16:24What we are seeing now is just individual cases, so it's still fine.
16:29But if it turns out that many of the funds are facing the same kind of problem,
16:34there is a possibility it could create a systemic risk for the financial market.
16:43Well, Doshita believes the real danger is the unknown unknowns.
16:48Conflict in the Middle East already has investors on edge.
16:51Stress appearing in the private credit market could spook them even more.
16:55And now to the markets.
16:57In Tokyo, the key benchmark Nikkei recovered strongly, closing up 1.9 percent.
17:02A gain of 2,300 points was recorded during the day.
17:05Traders bought back shares seen as oversold after the index lost 4,600 points in three days.
17:12Some are betting the fighting in Iran will end sooner rather than later,
17:16but others remain cautious amid all the uncertainty.
17:18Well, that same glimmer of hope about the Middle East with the stocks in the rest of the region.
17:24In Seoul, the cost per rebounded, sharply climbing almost 10 percent.
17:28That was after plunging more than 12 percent on Wednesday.
17:32In China, the China Composite added more than 6 tenths of a percent, driven by tech stocks.
17:38Authorities promised more investment in high-tech industries.
17:41And that's this for this Thursday.
17:55People in Nepal have cast their ballots in the first general election
18:00since a youth protest toppled the government in September.
18:13The city is noticeably quiet on this voting day.
18:17Authorities began a period of silence earlier this week with no election campaigning allowed.
18:23Few people can be seen on the streets other than the many security officials.
18:30Voting started at 7 a.m. local time.
18:34Eradicating corruption and creating job opportunities are among the main focuses of the election.
18:40People are paying close attention to who will be the leader after the turmoil.
18:47For my country, it's a very, very, very important election.
18:50And I believe that every citizen must vote because it will be a game-changing for Nepal.
18:59The capital is under high alert with thousands of security personnel deployed.
19:05But just walking around central Kathmandu, you can sense the still fresh scars of the violence.
19:11I looked into the wounds suffered by the city and its people.
19:18This is one of the government buildings that were torched during the protests.
19:22It's been almost six months, but you can still see rubble and damaged structures left as is.
19:29It's a strong reminder of the frustrations felt by Gen Z and there are many sites like this throughout the
19:36capital.
19:38The protesters' attacks were also aimed at luxury hotels and the homes of senior politicians.
19:44The airport was closed amid the escalating turmoil.
19:5126-year-old Rishi Tapa is one of the protest leaders who called on the nation's young people to take
19:58to the streets.
20:01On September 8th, he approached the parliament building demanding an end to corruption and inequality.
20:10But what began as a peaceful rally soon turned deadly when police opened fire on protesters who had broken through
20:18barricades.
20:21Rishi said one fellow protester was shot dead right before his eyes and many others injured.
20:31I was here from the start to the end of the protest.
20:34I was consoling the injured protesters, telling them that their sacrifices would not be in vain.
20:42The chaos spread further in the capital and other cities for two days, claiming more than 70 lives.
20:49The uprising forced Prime Minister KP Sharma Ali to step down.
20:57For Rishi and many young protesters, this election is something born of the sacrifices of many.
21:03But he hopes the voters, including the underprivileged, will decide to help rebuild his country.
21:14Poor Nepalese want to change.
21:17They have suffered deprivation for years.
21:20And now they are going to express their opinions through their votes.
21:32The vote is widely seen as pitting establishment politics against a new generation demanding change.
21:39Young voters are emerging as a decisive force, as NHK World's Matsumoto Yusuru reports.
21:49Whether you care about labor issues or climate change, you can vote based on the agenda that matters most to
21:57you.
22:00Across the country, youth groups have organized grassroots events to help first-time voters.
22:07They are making it easier for people to compare party platforms and figure out who they align with.
22:16These elections are one of the most important elections that this country is seeing at the moment.
22:21And we really have a space and time and an opportunity for change.
22:26So yeah, we have to give it our hundred and twenty percent.
22:29In eastern Nepal, the constituency of JAPA has emerged as a critical battlefield.
22:38JAPA is the political base of former Prime Minister K.P. Sharma Oli, who resigned after last year's protest.
22:47He is now running as a candidate from the Communist UML Party.
22:52Despite criticism of how he handled the unrest, Oli retains royal supporters in his home district.
23:01He has been trying to win over young voters by touting his long experience.
23:07100% total confidence.
23:12People of this constituency feel proud about my works, what I have done in the past.
23:24But many young voters say they are disillusioned with traditional politics.
23:29Krishna is one of them.
23:32He took part in the anti-government protests and says corruption has allowed politicians to prosper while ordinary families struggle.
23:43He was shot by security forces while demonstrating and suffered a serious shoulder injury.
23:50The damage forced him to stop working.
23:56Ali's government shouldn't have fired bullets at protesters.
24:01Many people died.
24:03I grew increasingly frustrated with the administration.
24:07Krishna says he is backing Barendra Shah, a former mayor of Kathmandu,
24:13who resigned in January to run for national office.
24:23Before entering politics, Shah was a well-known rapper artist, criticizing corruption and injustice through his music.
24:34He now represents the RSP, a relatively new party, positioning itself as an alternative to established political forces.
24:45In Japan, he is challenging only directly.
24:54Krishna's support for Shah is personal.
24:57He says he records the day he found out his sister was moving abroad for work.
25:03She is part of a large diaspora whose limitances are critical for Nepal's economy, but who aren't allowed to work.
25:22Krishna says he hopes a new leadership will usher in the era of development and better opportunities on home soil.
25:32I hope this new generation won't have to go abroad in search of employment opportunities like my sister.
25:41While people calling for change are pinning their hopes on a new generation of candidates, the existing parties retain a
25:48certain support base.
25:49The much-anticipated results are expected to emerge gradually in the coming days.
25:54So we'll keep watching.
25:56Well, thank you, Tura.
26:01And now to northern Japan, where visitors have taken part in a centuries-old festival to pray for a good
26:08harvest and family well-being.
26:11Candles illuminated a rock face at a shrine in the mountains of Aomori Prefecture.
26:21The festival is set to be 450 years old.
26:25It is held annually after the lunar new year at Sawada Shinmeigu Shrine in Hirosaki City.
26:33Visitors offered quiet prayers as they lit candles and placed them on the rock face at the heart of the
26:40shrine.
26:44I pray to do better at school.
26:47This is an important festival that should continue for future generations.
27:03Now let's take a look at the weather forecast for cities around the world.
27:35Let's take a look at the weather forecast.
27:39well that's it for this edition of newsroom tokyo you can catch this program on our website
27:43i'm yoshikawa ryuichi and i'm yamasawa rina thank you very much for watching
27:49please join us again tomorrow
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