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The Japanese government approved a record budget for the upcoming fiscal year on Friday, to pay for everything from bigger defence spending to ballooning social security costs as inflation persists.The 122.3-trillion-yen ($782 billion) budget for the fiscal year from April 2026 will include a record nine trillion yen for defence spending, as Prime Minister Sanae Takaichi aims to accelerate Tokyo’s sweeping upgrade of its military in the face of worsening relations with China.”This budget is the least we need to fulfil our defence responsibilities as Japan faces its most severe and complex security environment since the end of the war,” Defence Minister Shinjiro Koizumi told a news conference.Japan has been shedding its strict pacifist stance in recent years, moving to obtain “counterstrike” capabilities and doubling military spending to two percent of GDP.At the core of its request is 100 billion yen for the so-called SHIELD coastal defence system, which would marshal drones to block any invasion by foreign troops. Japan is hoping that SHIELD — Synchronised, Hybrid, Integrated and Enhanced Littoral Defence — will be completed by March 2028, with no details yet about to which part of Japan’s coastline it will be linked.The budget plan comes as China and Japan are enmeshed in a spat over Takaichi’s suggestion in November that Tokyo could intervene militarily in any attack on Taiwan. Beijing claims self-ruled, democratic Taiwan as part of its territory and has threatened to use force to bring it under its control.- Market worries -The expanding budget also arrives as the market worries about Takaichi’s big spending policies adding to Japan’s public debts.The 122-trillion-yen figure compares with the 115 trillion yen sought for the current fiscal year to March, which was also a record. Japan already has the biggest ratio of debt to gross domestic product (GDP) among major economies, projected to reach 232.7 percent this year, according to the International Monetary Fund.Parliament approved a massive extra budget this month to pay for a 21.3-trillion-yen stimulus announced in November.The market has reacted by driving down the value of the yen, while the benchmark yield rose for Japanese government bonds. Some observers have drawn comparisons to the United Kingdom’s 2022 bond market turmoil under then-premier Liz Truss.Takaichi has advocated big government spending to spur economic growth.The budget “is designed to make people live safely, receive necessary medicine, welfare and high-quality education and have jobs, no matter where they are in Japan,” she told a news conference on Friday.Takaichi stressed her commitment to Tokyo’s fiscal health in an interview with the influential Nikkei business daily on Tuesday, rejecting any “irresponsible bond issuance or tax cuts”.The current size of the budget is unlikely to shock the bond market, Takahide Kiuchi, executive economist at Nomura Research Institute, wrote in a note before Friday.But an increase to around 125 trillion yen or more, he said, would cause the “turmoil in the bond market, already in crisis mode, to deepen further”. Kiuchi noted that, under Takaichi, the extra budget quickly ballooned, reaching $18 trillion yen.”Financial markets are likely on high alert for a similar occurrence,” he said.”Should the fall of the yen and bond prices further accelerate due to the size of the budget, it would increase worries about adverse effects on the economy and people’s lives.”A weaker yen raises prices of imports for resource-poor Japan, which relies heavily on foreign food, energy and raw materials to power its economy.Takaichi came to power in October with a pledge to fight inflation after anger over rising prices.Another challenge is Japan’s ageing population, caused by chronically low birth rates and a cautious approach to immigration.The draft budget needs to be approved by parliament.

Asian stocks edged higher on Friday amid holiday-thinned trade and with some exchanges closed for Boxing Day, while precious metals extended their year-long rally towards record highs.Silver reached $75 an ounce for the first time and gold continued to hover around its own record price, with geopolitical risk elevated as US military and economic pressure on Venezuela persists.Regional markets extended their upward rise after Wall Street saw US shares close at a high this week. Most markets across the world were shuttered Thursday for Christmas. Tokyo, Shanghai, Seoul and Taipei all rose by closing time on Friday. Markets in Hong Kong, Australia and most of Europe were closed. Analysts have projected a “Santa Claus rally” — the phenomenon where prices tend to rise during the last five days of December and the first two days of the new year. The movement came after traders in New York pushed the S&P 500 to an all-time high before the Christmas break in response to figures showing the world’s top economy expanded 4.3 percent in the third quarter.On Friday, silver pushed to a record $75 an ounce and gold remained above $4,500 an ounce, with US-Venezuela tensions adding to expectations that the Federal Reserve will keep cutting rates next year.Geopolitical worries have grown as Washington pressures Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.The yen remained relatively steady Friday but saw a general rebound this week, after Japanese officials said they were prepared to step in to support the currency. Japan’s government on Friday approved a record 122 trillion yen ($782 billion) budget, in part boosting defence spending, as inflation in the country persists. – Key figures at around 0700 GMT – Tokyo – Nikkei 225: UP 0.7 percent at 50,750.39 (close) Shanghai – Composite: UP 0.1 percent at 3,963.68 (close) Dollar/yen: UP at 156.31 yen from 155.98 yen on ThursdayEuro/dollar: DOWN at $1.1775 from $1.1782Pound/dollar: DOWN at $1.3485 from $1.3529Euro/pound: UP at 87.31 pence from 87.21 penceWest Texas Intermediate: UP 0.3 percent at $58.53 per barrelBrent North Sea Crude: UP 0.2 percent at $62.39 per barrelNew York – Dow: UP 0.6 percent at 48,731.16 (close)London – FTSE 100: DOWN 0.2 percent at 9,870.68 (close)

As school and work wrap up, crowds fill Tokyo’s many bustling arcade halls — not to battle it out in fighting games, but to snag plush toys from claw machines.In one of these gaming meccas in the Japanese capital’s Ikebukuro district, aisles of crane games stretch as far as the eye can see.The crown jewels of the arcade industry, they occupy the building’s first two floors, relegating video games to the basement and upper levels.”Crane games are keeping the sector afloat,” said Morihiro Shigihara, an industry expert and former arcade manager.”Arcade operators, machine manufacturers, and even prize suppliers depend on this business,” he told AFP.Some 80 percent of the 22,000 arcades Japan had in 1989 have shut down, but revenues have held up thanks to claw machines, according to the Japan Amusement Industry Association.Their share of revenue has climbed since 1993 from 20 percent to more than 60 percent, the association said.Suzuna Nogi, a 20-year-old student, visits these arcades at least twice a week in search of “big plushies” on which she can spend up to 3,000 yen ($19) at 100 yen per try.”What I like best is the sense of accomplishment,” she said, even though there is no guarantee of success.Nogi added that she enjoys “the thrill of not knowing whether you’ll manage to grab something or not”.The sensitivity of the claw arms is adjusted by operators “based on the cost of the prizes and revenue targets”, Shigihara said.”You can also make the game easier to compete with a nearby arcade.”- From cigarettes to candy -This year, the industry is officially celebrating the 60th anniversary of these construction crane-inspired machines in Japan.But they have actually been around since before World War II, said Benoit Bottos, who wrote his doctoral dissertation on the subject at Japan’s Chuo University.Older models, installed in cafes or bowling alleys, sometimes offered lighters and cigarettes, but those prizes quickly gave way to children’s candy.In the late 1980s, the machines began to gain traction, notably with game company Sega’s 1985 invention of the “UFO Catcher”, which switched up the older version that forced players to lean in and look down.”The old ones were a bit dark. So we opted for a brighter, showcase-like style where you can see the prizes right in front of you,” said Takashi Sasaya, a Sega executive.But the real stroke of genius “was putting plush toys in the claw games”, said Bottos.Manufacturing giants like Sega or Bandai, involved in both video games and toys, then began negotiating licenses for anime and manga characters, with Sega notably securing Disney rights.”That largely explains the success of these machines,” said Bottos, who describes them as “somewhere between a vending machine, a game of chance and a game of skill”.- ‘Transformation’ -The success of claw games also feeds on Japan’s booming fan culture of “oshikatsu”, with many people devoting more and more time and money to supporting their favourite idol.Part of asserting their fan identity involves collecting character merchandise.”I love Pokemon, so I often come looking for plush toys and merch from the franchise,” said professional Pokemon card player Akira Kurasaki, showing off nails decorated with his most beloved characters.Arcade operators have taken this enthusiasm to heart, tailoring their prize selections to the demographics of their neighbourhood and organising events around certain characters.”New prizes are introduced almost every day,” said Sasaya, the Sega executive.The hegemony of claw machines has also gone hand in hand with a gradual transformation of urban hangouts.Arcades — seen in the 1970s and 1980s as dark, male-dominated places linked to crime — “tried to attract a new audience” of women and families, Bottos said.”The crane game is emblematic of that transformation.”

The Japanese government on Friday approved a record budget for the upcoming fiscal year, to pay for everything from bigger defence spending to ballooning social security costs as inflation persists.The 122.3-trillion-yen ($782 billion) budget for the fiscal year from April 2026 will include some nine trillion yen for defence spending, as Prime Minister Sanae Takaichi aims to accelerate Tokyo’s sweeping upgrade of its military in the face of worsening relations with China.The defence ministry said in a briefing document that “Japan faces the most severe and complex security environment since the end of the war,” stressing the need to “fundamentally strengthen” its defence capabilities. At the core of its request is 100 billion yen for the so-called SHIELD coastal defence system, which would marshal drones to block any invasion by foreign troops. Japan is hoping that SHIELD — Synchronised, Hybrid, Integrated and Enhanced Littoral Defence — will be completed by March 2028, with no details yet on which part of Japan’s coastline it will be linked to. The 122-trillion-yen figure compares with the 115 trillion yen sought for the current fiscal year to March, which was also a record. The expanding budget comes as the market worries about Takaichi’s big spending policies adding to Japan’s public debts.Japan already has the biggest ratio of debt to gross domestic product (GDP) among major economies, projected to reach 232.7 percent this year, according to the International Monetary Fund.Earlier this month parliament approved a massive extra budget, to pay for a 21.3-trillion-yen stimulus announced a month earlier.The market has reacted by driving down the value of the yen while the benchmark yield rose for Japanese government bonds. Some observers have drawn comparisons to the UK’s 2022 bond market turmoil under then-premier Liz Truss.Takaichi has advocated big government spending to spur economic growth.”What Japan needs right now is not the undermining of our strength as a nation through excessive austerity fiscal policies, but rather the bolstering of our national strength through proactive fiscal policies,” she told a press conference last week.In an interview Tuesday with the influential Nikkei business daily, Takaichi stressed her commitment to Tokyo’s fiscal health, rejecting any “irresponsible bond issuance or tax cuts.”The current size of the budget is unlikely to shock the bond market, Takahide Kiuchi, executive economist at Nomura Research Institute, wrote in a note ahead of Friday. But an increase to around 125 trillion yen or more, he said, would cause the “turmoil in the bond market, already in crisis mode, to deepen further”. Kiuchi noted that, under Takaichi, the extra budget quickly ballooned, reaching $18 trillion yen.”Financial markets are likely on high alert for a similar occurrence. Should the fall of the yen and bond prices further accelerate due to the size of the budget, it would increase worries about adverse effects on the economy and people’s lives.”A weaker yen raises prices of imports for resource-poor Japan, which relies heavily on foreign food, energy and raw materials to power its economy. Takaichi came to power in October with a pledge to fight inflation after anger over rising prices.Another challenge facing the country is its ageing population, caused by chronically low birth rates and a cautious approach to immigration.The draft budget needs to be approved by parliament.

Major US stock indices finished at fresh records Wednesday following a shortened pre-holiday session while gold and silver prices also struck fresh highs.Both the Dow and S&P 500 closed at all-time highs, drifting higher consistent with typical holiday season patterns.”It’s a continuation of a market that’s trading at a record high, and I think there’s a little bit of a seasonality bias that’s kicking in here without any upsetting news to alter the trend at the moment,” said Briefing.com analyst Patrick O’Hare.”You have a bullish bias in this market, which is being helped along by the idea that 2026 has the potential to be another good year.”Earlier, in a holiday-shortened trading session, London finished lower, Paris ended the day flat and Frankfurt was closed. Asian markets swung between gains and losses.Gold climbed above $4,500 for the first time and silver topped $72, as investors looked for safe havens amid US military and economic pressure on Venezuela.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.Market watchers are hoping for a “Santa Claus” rally in the sleepy period that comprises the last five trading sessions of one year and the first two in the next. The stretch between Christmas and New Year’s Day usually sees markets drift higher amid a dearth of major economic news.”What’s happening right now is we have a very strong setup and then we just need a bullish catalyst and it’ll take off and go,” said Adam Sarhan of 50 Park Investments.The S&P 500’s fresh all-time high on Tuesday came after figures showed the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures were less upbeat, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs.- Key figures at around 1830 GMT – New York – Dow: UP 0.6 percent at 48,731.16 (close)New York – S&P 500:  UP 0.3 percent at 6,932.05 (close)New York – Nasdaq Composite: UP 0.2 percent at 23,613.31 (close)London – FTSE 100: DOWN 0.2 percent at 9,870.68 (close)Paris – CAC 40: FLAT at 8,103.58 (close)Frankfurt – DAX: Closed Tokyo – Nikkei 225: DOWN 0.1 percent at 50,344.10 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,818.93 (close)Shanghai – Composite: UP 0.5 percent at 3,940.95 (close)Dollar/yen: DOWN at 155.98 yen from 156.23 yen on TuesdayEuro/dollar: DOWN $1.1781 from $1.1795Pound/dollar: DOWN at $1.3501 from $1.3518Euro/pound: FLAT at 87.25 penceWest Texas Intermediate: DOWN 0.1 percent at $58.35 per barrel (close)Brent North Sea Crude: UP 0.2 percent at $62.00 per barrelburs-jmb/md

Stock markets steadied Wednesday in thin Christmas Eve trade while gold and silver prices struck fresh highs.Gold climbed above $4,500 for the first time and silver topped $72, as investors looked for safe havens amid US military and economic pressure on Venezuela.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.Crude prices drifted higher.Wall Street opened flat, with the S&P steady after a record close the previous night. “There is limited news flow on this Christmas Eve morning to go along with the limited engagement of market participants, who have other holiday pursuits in mind,” said Briefing.com analyst Patrick O’Hare.”Today, however, starts the Santa Claus rally period,” he added, noting “the stock market left an early Christmas present for investors yesterday when the S&P 500 established yet another record closing high”.The last five trading days of the year and the first two trading days of the new year typically have a positive bias.The S&P 500’s fresh all-time high on Tuesday came after figures showed the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures were less upbeat, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs.With the economy appearing to be in better shape than expected, investors pared their bets on another Federal Reserve interest rate cut next month.In a holiday-shortened trading session, London finished lower, Paris ended the day flat and Frankfurt was closed.Asian markets swung between gains and losses as traders wound down before Christmas.The yen extended its recent rebound against the dollar after Japan’s Finance Minister Satsuki Katayama suggested authorities were prepared to step in to support the currency, citing speculative moves in markets.South Korea’s won also rallied after the country’s central bank and finance ministry warned against the unit’s excessive weakness.- Key figures at around 1430 GMT – New York – Dow: DOWN less than 0.1 percent at 48,416.49 pointsNew York – S&P 500: FLAT at 6,909.21 New York – Nasdaq Composite: DOWN less than 0.1 percent at 23,552.96London – FTSE 100: DOWN 0.2 percent at 9,865.86 (close)Paris – CAC 40: FLAT at 8,103.58 (close)Frankfurt – DAX: Closed Tokyo – Nikkei 225: DOWN 0.1 percent at 50,344.10 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,818.93 (close)Shanghai – Composite: UP 0.5 percent at 3,940.95 (close)Dollar/yen: DOWN at 155.96 yen from 156.27 yen on TuesdayEuro/dollar: DOWN $1.1784 from $1.1791Pound/dollar: UP at $1.3501 from $1.3499Euro/pound: DOWN at 87.27 pence from 87.34 penceWest Texas Intermediate: UP 0.4 percent at $58.59 per barrelBrent North Sea Crude: UP 0.2 percent at $62.00 per barrelburs-rl/jxb

US trade officials determined that China should be punished for employing unfair tactics to dominate the semiconductor industry, but will wait 18 months to impose tariffs, American authorities said Tuesday.A US Trade Representative (USTR) investigation concluded China’s targeting of semiconductors “for dominance is unreasonable and burdens or restricts US commerce and thus is actionable,” the agency said in a public notice.The current tariff level of zero will be increased “in 18 months on June 23, 2027 to a rate to be announced not fewer than 30 days prior to that date,” USTR said.Beijing said Wednesday it “firmly opposes” the move and accused Washington of abusing tariffs to “unreasonably suppress Chinese industries”.This “disrupts the stability of the global supply chain, hinders the development of all countries’ semiconductor industries and harms others while hurting itself”, foreign ministry spokesman Lin Jian.”We urge the United States to quickly correct its erroneous practices,” Lin said at a regular press briefing.USTR officials launched the probe in December 2024 in the final weeks of Joe Biden’s presidency, extending the initiative when US President Donald Trump took office in January.Trump has been a prolific purveyor of tariffs, unveiling sector-specific levies on steel, autos and other items as well as broader measures to achieve a variety of policy objectives.The White House has jousted with Beijing but reached a broad truce with China after a major escalation in the spring.The USTR’s “Section 301” probe concluded that China had employed “increasingly aggressive and sweeping non-market policies” to dominate semiconductors that have included “massive and persistent” state support of private actors and “wage-suppressing labor practices.”The USTR did not respond to an AFP query on the reason for the 18-month timeframe on tariffs.

Asian markets went into the Christmas break Wednesday on a mixed note as investors struggled to track a record day on Wall Street fuelled by forecast-topping US economic data.After a healthy start, regional stocks stuttered into the close, although gold topped $4,500 for the first time amid US military and economic pressure on Venezuela.Traders in New York pushed the S&P 500 to an all-time high in response to figures showing the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report, which was boosted by healthy consumer and business spending, provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures did provide some cause for thought, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs. A report last showed unemployment at a four-year high.With the economy appearing to be in better shape than expected, investors pared their bets on another Federal Reserve interest rate cut next month.And while hopes for lower borrowing costs have been a key driver of the recent market rally, analysts said the strong growth overshadowed any disappointment that they will remain unchanged for now.”We’re set up for a Santa Claus rally,” UBP’s Kieran Calder told Bloomberg TV. “The market is taking some of the data pretty positively.”Asian markets swung between gains and losses as traders wound down before Christmas.Tokyo reversed a morning rally to end lower, while Sydney, Singapore, Seoul, Bangkok and Jakarta also fell.Hong Kong finished on a positive note, with Shanghai, Wellington, Taipei and Mumbai also up.Gold rallied above $4,500 for the first time to a peak of $4,525.77 per ounce, while silver hit $72.70 an ounce, with US-Venezuela tensions adding to expectations the Fed will keep cutting rates next year.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.And on Monday, US President Donald Trump said Venezuelan President Nicolas Maduro would be “smart” to step down, as Washington ramps up military operations and threats.The yen extended its recent rebound against the dollar after Japan’s Finance Minister Satsuki Katayama suggested authorities were prepared to step in to support the currency, citing speculative moves in markets.South Korea’s won also rallied after the country’s central bank and finance ministry said they had discussed the unit’s weakness and warned against excessive weakness, while the government also said it would unveil a tax policy to ramp up inward investment.The unit has come under pressure owing to a range of issues, including a flight of capital and concerns that planned US investment — as part of trade talks — could see a further exit of cash.The won was trading around 1,457 to the dollar Wednesday, having pushed close to 1,500, a level it last saw in 2009 during the global financial crisis.- Key figures at around 0700 GMT – Tokyo – Nikkei 225: DOWN 0.1 percent at 50,344.10 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,818.93 (close)Shanghai – Composite: UP 0.5 percent at 3,940.95 (close)Dollar/yen: DOWN at 155.70 yen from 156.27 yen on TuesdayEuro/dollar: UP $1.1800 from $1.1791Pound/dollar: UP at $1.3522 from $1.3499Euro/pound: DOWN at 87.26 pence from 87.34 penceWest Texas Intermediate: UP 0.3 percent at $58.57 per barrelBrent North Sea Crude: UP 0.3 percent at $62.55 per barrelNew York – Dow: UP 0.2 percent at 48,442.41 (close)London – FTSE 100: UP 0.2 percent at 9,889.22 (close)

Chasing visitors around Cambodia’s Angkor temple ruins to offer his services, tour guide Bun Ratana says he has had little work since deadly clashes with Thailand broke out, despite it being high season.The UNESCO heritage site lies in Siem Reap city, just a two-hour drive from the Thai border, which for more than two weeks has been roiled by military combat that has killed dozens.Travel cancellations due to the conflict have left the centuries-old stone structures — Cambodia’s top tourist attraction — unusually quiet and businesses desperate.With more than 10 cancelled tours in December alone, Bun Ratana said his income has plunged by around 80 percent, to just $150, compared to the same month last year.He blamed the renewed fighting, rooted in a border dispute dating to the colonial era. But he is hopeful tourists will return to the Angkor archaeological park — home to scores of temple ruins from the Khmer Empire, including the Bayon Temple and top attraction, Angkor Wat.”Some tourists are scared, but here in Siem Reap it is safe,” Bun Ratana told AFP.After the dispute flared with fresh fighting in May, the neighbours shuttered overland crossings.Tour operators, vendors and drivers in Siem Reap and Bangkok say the closures and renewed clashes in July and this month have sharply hit business.Founder of tour agency Journey Cambodia, Ream Boret, told AFP bookings were down.Outside Angkor Wat, tuk-tuk driver Nov Mao said his income had halved since the clashes began.- ‘They may be scared’ -Tourism makes up around a tenth of Cambodia’s GDP, with a record-breaking 6.7 million arrivals last year.But ticket sales to Angkor were down at least 17 percent year-on-year from June to November, according to Angkor Enterprise — spiralling after July’s five-day clashes killed dozens.Unlike past Decembers, quietness has fallen over the park, as local and foreign tourists have “disappeared”, said T-shirt vendor Run Kea.”I think they may be scared… I am scared too,” the 40-year-old said, adding she was only making a fraction of her usual earnings.Around 420 kilometres (260 miles) away in the Thai capital, minivans that once plied the six-hour route shuttling tourists to Angkor Wat sit idle since border crossings were closed to tourists earlier this year.Tour agencies told AFP that bus trips to the border had ceased, and uncertainty had hit tourism in Thailand too.Thai owner of Lampoo Ocean Travel Prasit Chankliang said when customers ask if they could travel to Cambodia, “we can only tell them that they can’t go — and there’s nothing we can tell them about when they might be able to travel again”.- ‘Very safe’ -Arnaud Darc, hospitality industry expert and CEO of Cambodia-based Thalias Group, said the local tourism industry relied heavily on the Angkor temples and a few entry points to the country, especially overland routes via neighbouring nations.”Disruption is concentrated in overland regional travel, not in global demand for Cambodia,” he said, citing fewer Thai visitors but more Chinese arrivals.Several foreign tourists at Cambodia’s most famous temple complex told AFP they had not been put off travelling by the conflict.An American tourist called Dorothy said she wasn’t worried about visiting Angkor as she was clued in to travel logistics and border rules, saying she felt “very safe”.”We are very happy that we came here and we feel safe at the moment,” said German visitor Kay Florek, who arrived in Siem Reap with her family despite hearing news of combat.But experts say fear persists, which has been worsened by widespread media reports and a blockbuster movie about internet scam networks run by criminal groups across the region.At cyberscam compounds, mostly in Cambodia and Myanmar, thousands of willing and trafficked scammers con victims out of billions of dollars a year with romance and investment schemes, monitors say.”Sadly, the reality on the ground is that Cambodia’s top tourism hotspots are safe — but the headlines have done damage already,” said Hannah Pearson, director of Southeast Asia tourism consultancy Pear Anderson.Like Cambodia, she said Thailand had also recorded fewer visitors this year, “triggered initially by worries over scam centres” and worsened by the border clashes.Director of Siem Reap’s provincial tourism department Thim Sereyvudh admitted that Cambodia’s reputation as a host of transnational scammers had hurt the industry.But he was confident tourists would return to Angkor Wat after the fighting ceased.”The sooner the war ends,” he said, “the sooner they will come back”.burs-suy/sco/abs

Most Asian stocks rose Wednesday and gold topped $4,500 for the first time as investors tracked a record on Wall Street following forecast-beating US economic growth data.Markets looked set to go into the Christmas break on a broadly positive note amid optimism for 2026, which has offset recent worries about stretched tech valuations and rising tensions between the United States and Venezuela.Traders in New York pushed the S&P 500 to an all-time high in response to figures showing the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report, which was boosted by healthy consumer and business spending, provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures did provide some cause for thought, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs. A report last showed unemployment at a four-year high.With the economy appearing to be in better shape than expected, investors pared their bets on another Federal Reserve interest rate cut next month.And while hopes for lower borrowing costs have been a key driver of the recent market rally, analysts said the strong growth overshadowed any disappointment that they will remain unchanged for now.”We’re set up for a Santa Claus rally,” UBP’s Kieran Calder told Bloomberg TV. “The market is taking some of the data pretty positively.”Asian markets swung between gains and losses as traders wound down before Christmas.Tokyo, Hong Kong, Seoul, Wellington and Taipei all rose though Shanghai, Sydney, Singapore and Jakarta edged down.Gold rallied above $4,500 for the first time to a peak of $4,525.77 per ounce, while silver hit $72.70 an ounce, with US-Venezuela tensions adding to expectations the Fed will keep cutting rates next year.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.And on Monday, US President Donald Trump said Venezuelan President Nicolas Maduro would be “smart” to step down, as he ramps up military operations and threats.The yen extended its recent rebound against the dollar after Japan’s Finance Minister Satsuki Katayama suggested authorities were prepared to step in to finance markets to support the currency, citing speculative moves in markets.- Key figures at around 0230 GMT – Tokyo – Nikkei 225: UP 0.1 percent at 50,481.42 (break)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,817.64 Shanghai – Composite: DOWN 0.2 percent at 3,914.15 Dollar/yen: DOWN at 155.62 yen from 156.27 yen on TuesdayEuro/dollar: UP $1.1807 from $1.1791Pound/dollar: UP at $1.3532 from $1.3499Euro/pound: DOWN at 87.26 pence from 87.34 penceWest Texas Intermediate: FLAT at $58.38 per barrelBrent North Sea Crude: FLAT at $62.38 per barrelNew York – Dow: UP 0.2 percent at 48,442.41 (close)London – FTSE 100: UP 0.2 percent at 9,889.22 (close)