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Asian stocks rebound amid global volatility

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Asian stocks rebound amid global volatility

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Japanese stocks surged in early trade on Tuesday, rebounding from the previous day’s historic 12 per cent collapse.

Amid warnings from traders to expect extreme volatility over the coming hours, the broad Topix index rose 8.3 per cent in the first half-hour of trading as investors began cautious bargain-hunting and the yen stabilised at about ¥145.70 after two weeks on the rise.

Global markets have in recent days fallen amid fears the Federal Reserve has been too slow to respond to signs the US economy was weakening, and might be forced to play catch-up with a series of rapid interest rate cuts.

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The global sell-off has been exacerbated by the unwinding of the so-called yen carry trade, in which traders had taken advantage of Japan’s low interest rates to borrow in yen and buy risky assets.

The rise in the Topix on Tuesday, along with an 8.2 per cent resurgence in the narrower, tech-heavy Nikkei 225 Average, came despite heavy overnight falls in US markets including a 3 per cent drop in the S&P 500.

The rally was echoed across other Asian markets, with the South Korean Kospi rising 4.5 per cent in early morning trading. The Taiwanese stock index, which had its worst selloff in history on Monday, recovered 4 per cent.

Atul Goyal, a Japan equities analyst at Jefferies, said that while fear was gripping markets, the fall in certain Japanese stocks on Monday had been “far too extreme”.

On Tuesday, a broad range of stocks in Tokyo soared, led by soy-sauce maker Kikkoman, whose stock was up more than 17 per cent. Carmaker Honda rose over 15 per cent and semiconductor equipment maker Tokyo Electron gained 15 per cent.

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Financials, telecoms, industrials and parts of the tech sector were the main focus of buying in Japan on Tuesday after what Nomura strategist Tomochika Kitaoka described as “something akin to a taper tantrum”. 

A surprise Bank of Japan interest rate increase last week propelled the yen higher and triggered a three day equities sell-off, culminating in Monday’s dramatic fall. By Monday’s close, the Topix had lost all its gains for the year after hitting an all-time high on July 11.

After Monday’s close in Japan, traders and analysts struggled to explain the extremity of the sell-off, questioning why a hardening debate over the possibility of a US recession and a return of the dollar-yen rate to levels last seen in January had produced one of the country’s worst market collapses.

“There must be some forced or technical selling as the fundamentals did not change by 11-12 per cent in one weekend,” said Kiran Ganesh, multi-asset strategist at UBS. He added that a sharp sell-off presented a buying opportunity, but that the market would have to wait and see where the yen settles.

Others, including CLSA Japan strategist Nicholas Smith, pointed to the exaggerated impact of algorithmic trading programs, which may have specifically responded to the recent sharp upward move in the yen. 

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“It does look like they are correlated with the yen,” Smith said. “After all the excitement about the prospects of AI, it now looks like AI may have got us into this mess.”

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Federal judge bars Trump from implementing proof of citizenship requirement to vote

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Federal judge bars Trump from implementing proof of citizenship requirement to vote

A federal judge on Wednesday permanently barred President Donald Trump’s administration from implementing most of his first executive order on elections, part of which sought to require people to show documentary proof of citizenship when they register to vote.

The ruling by U.S. District Court Judge Denise Casper in Boston effectively converts a preliminary injunction she issued a year ago, in which she temporarily blocked many of Trump’s efforts to overhaul elections, into a permanent ban.

Casper rejected the Republican administration’s argument that the lawsuit to block the changes brought by Democratic state attorneys general was premature because the rules had yet to be put in place. Instead, she agreed that the Constitution gives states and Congress the authority to regulate elections, and that Trump’s requirements violated the separation of powers.

The Constitution “does not grant the President any specific powers over elections,” wrote Casper.

Among other proposed changes, Trump’s order would have required people to provide documentary proof of citizenship when registering to vote, prevented mail ballots from being counted if they arrive after Election Day, even if they were postmarked by then, and punished states that failed to comply by withholding certain federal money.

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In a statement, New York Attorney General Letitia James said she was grateful the court had blocked Trump’s “unconstitutional attempt to seize control of our elections” and would continue to defend voting rights in this year’s midterm elections.

“Generations of Americans fought tirelessly for the right to vote, and we honor their legacy by protecting that right against anyone who tries to undermine it,” said James, a Democrat.

A voter casts a ballot during New York’s primary election on Tuesday, June 23, 2026, in New York. (AP Photo/Ryan Murphy)

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California Attorney General Rob Bonta, whose state was the lead plaintiff in the case, said the ruling reaffirmed the constitutional principle that it s up to the states and Congress to set election rules.

“While we are proud of this result, we are clear-eyed that President Trump’s attacks on voting rights and our elections show no signs of slowing down,” Bonta, a Democrat, said in a statement. “So let me be clear: we will keep fighting back every step of the way.”

Requests for comment sent to the White House and he U.S. Department of Justice were not immediately returned.

The ruling was the latest in a series against the elections executive order Trump signed just months after taking office for his second term. The Republican president has since signed another executive order on elections that seeks to create a national voter list and limit mail balloting. That directive also faces multiple legal challenges.

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Last fall, a federal judge in Washington, D.C., overseeing a separate challenge to the first election executive order by civil rights and Democratic Party-aligned groups blocked the government from taking steps to include the proof-of-citizenship requirement on the federal voter registration form. That judge later barred Trump’s defense secretary from requiring documentary proof of citizenship when military personnel register to vote or request ballots.

In an apparent nod to the difficulty of implementing a proof-of-citizen requirement by executive order, Trump is pushing legislation in the Republican-controlled Congress to create such a mandate. The SAVE America Act has passed the House but has stalled in the Senate, leading Trump to advocate for eliminating the filibuster that is blocking the legislation.

On Wednesday, he abruptly canceled the expected signing of a bipartisan housing bill, saying he would not sign legislation until Congress passes his proof of citizenship requirement for voting.

The president and many of his Republican allies have been promoting the narrative that voting by noncitizens is a major problem, when in fact it’s quite rare. The federal voter registration form already requires people to attest that they are U.S. citizens. Violating that is punishable as a felony that can lead to prison or deportation.

In another major voting case, the U.S. Supreme Court is due to issue an opinion soon on whether mail ballots must arrive by Election Day. That could immediately change the rules in 14 states that allow grace periods ranging from days to weeks if the ballots are postmarked by Election Day.

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Casper, who was nominated by Democratic President Barack Obama, is the chief judge for the U.S. District Court for the District of Massachusetts.

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Video: Mamdani Allies Sweep New York Primaries

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Video: Mamdani Allies Sweep New York Primaries

new video loaded: Mamdani Allies Sweep New York Primaries

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Mamdani Allies Sweep New York Primaries

Mayor Zohran Mamdani’s progressive coalition had a big night on Tuesday. Brad Lander, Darializa Avila Chevalier and Claire Valdez won their Democratic House primaries.

“I see a New York that we can all afford. I see a New York that truly invests in its babies, not bombs.” Reporter: “What’s the first thing you’re looking forward to doing in Congress?” “Well, tomorrow — thank you — I mean, tomorrow morning, you know, I’m going to be back at 26 Federal Plaza doing court watching, and we want to carry that into Congress as well.”

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Mayor Zohran Mamdani’s progressive coalition had a big night on Tuesday. Brad Lander, Darializa Avila Chevalier and Claire Valdez won their Democratic House primaries.

By Julie Yoon

June 24, 2026

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Appeals court allows Trump administration expanded use of speedy deportations

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Appeals court allows Trump administration expanded use of speedy deportations

A massive 826,780-square-foot warehouse sits illuminated Feb. 12, 2026, in the El Paso suburb of Socorro, Texas, that was recently purchased by the U.S. Department of Homeland Security for $122.8 million.

Morgan Lee/AP


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Morgan Lee/AP

A federal appeals court on Tuesday allowed the Trump administration to resume carrying out speedy deportations of undocumented migrants throughout the United States, not just near the border.

A divided three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit threw out a lower court decision that temporarily blocked President Donald Trump’s expanded use of expedited removal. The ruling was a big victory for the Republican administration, which views the expansion of so-called expedited removal as a key tool for carrying out its mass deportation policy.

Expedited removal — quick deportation without a chance to appear before a judge — has previously been applied to migrants arriving by sea or caught at or near the border shortly after crossing.

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In January, Trump expanded its use to undocumented migrants all over the United States. Immigration agents began whisking migrants away from courthouses where they had gone for immigration proceedings and then removing them from the country within days.

“The Trump administration’s push for fast-track deportations will subject people to an unfair and error-prone system,” Anand Balakrishnan, senior staff attorney with the ACLU’s Immigrants’ Rights Project, said in a statement.

Balakrishnan represented plaintiffs in arguments before the appellate panel and said its ruling “undermines the fundamental principle that people receive due process when the government seeks to deport them.”

DC Circuit Judge Justin R. Walker, one of the judges on the panel, said the plaintiffs had not shown the expanded use of expedited removal violated due process rights. Immigrants received notice of removal proceedings and were given a chance to respond, he wrote in his opinion.

Walker and the second judge in the majority, Neomi Rao, were appointed by Trump. The third judge on the panel was appointed by President Barack Obama, a Democrat.

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Walker said there was no requirement that the administration inform immigrants that they can avoid expedited removal if they can show they have been in the United States for more than two years.

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