Economy
Chinese visitors to Japan down 60.7% in January amid spat in ties
The number of mainland Chinese visitors to Japan declined 60.7% in January compared to the same month last year, figures showed Wednesday, in the continued fallout from the countries’ diplomatic spat.
“Last year, the lunar new year began in late January, but this year it fell in mid-February,” the Japan National Tourism Organization said as it published the data.
“Additionally, the Chinese government issued a warning advising against travel to Japan. Factors such as reduced flight frequencies also contributed to the number of foreign visitors to Japan falling below the level of the same month last year,” a statement said.
Earlier, Chinese visitors were the biggest contingent, contributing to a tourism boom in the land of cherry blossom and Mount Fuji, which was fuelled by a weak yen, making shopping affordable.
But in January this year, South Korea was the biggest source with 1.2 million visitors, up 21.6%, compared with 385,300 from mainland China, down from 980,520 in January 2025.
Visitors from Hong Kong also tumbled 17.9%.
Overall, the number of visitors to Japan fell 4.9% to 3.597 million in January compared to the same period last year.
Japanese Prime Minister Sanae Takaichi suggested in November that Japan could intervene militarily if Beijing sought to take Taiwan by force.
China, which regards the democratic island as part of its territory and has not ruled out force to annex it, was furious.
Beijing summoned Tokyo’s ambassador, and on Nov. 14 warned Chinese citizens against visiting Japan, citing “significant risks to the personal safety and lives of Chinese citizens.”
The number of Chinese visitors to Japan already tumbled 45% in December to 330,000.
In December, J-15 jets from China’s Liaoning aircraft carrier twice locked radar on Japanese aircraft in international waters near Okinawa, according to Japan.
China also tightened controls on exports to Japan for items with potential military uses, fuelling worries that Beijing may choke supplies of vital rare-earth minerals.
Japan’s last two pandas were even returned to China last month.
Takaichi, 64, was seen as a China hawk before becoming Japan’s first woman prime minister in October.
She won a landslide victory in snap elections on Feb. 8, putting her in a strong position for the next four years to stamp her mark on Japanese domestic and foreign policy.
Takaichi said after her election win that Tokyo would bolster its defenses and “steadfastly protect” its territory.
She also said she was “open to various dialogues with China.”
However, China’s Foreign Ministry said “genuine dialogue should be built on respect for one another.”
“Proclaiming dialogue with one’s mouth while engaging in confrontation, no one will accept this kind of dialogue,” Foreign Ministry spokesperson Lin Jian said Tuesday.
Beijing’s top diplomat Wang Yi told the Munich Security Conference on Saturday that forces in Japan were seeking to “revive militarism.”
Visitors from China and India are expected to offset a potential easing in growth from U.S. tourists to Europe this year, with international arrivals to the region projected to increase by 6.2%, a survey released Wednesday by the European Travel Commission showed.
This is the first sign of a slowdown in the post-pandemic boom in American travel to Europe, driven by a strong U.S. dollar and economic resilience in North America.
An earlier study from industry group the European Travel Commission showed that Americans were less intent on traveling to Europe in 2026 than in 2025, a trend driven by worsening economic concerns and geopolitical instability.
While Chinese arrivals to Europe are set to rise by 28% compared to 2025 and Indian arrivals to climb by 9%, traveler numbers from the Americas were seen growing by just 4.2%.
According to data from aviation intelligence platform Cirium, bookings from Europe to the U.S. between Oct. 7 and end-January fell 14.2% year-over-year, while bookings from the U.S. to Europe slid 7.3%.
Despite a tempering of interest from core American travelers, Europe is still seeing a steady rise in both long-haul travelers and in spending, showing that tourists who still want to come are more focused on high-value experiences that can keep the European travel market steady.
“Europe continues to stand out as a reliable destination, well-positioned to respond to evolving demand for more flexible travel and experience-led journeys,” said Miguel Sanz, head of the European Travel Commission, in a statement.
Travel spending in Europe is set to have risen by 9.7% in 2025, according to the survey. That is in line with reports from Europe’s major carriers, including Lufthansa and Air France-KLM, of a steady rise in bookings for their premium offerings, while economy cabin bookings for transatlantic travel have fallen.
Air France-KLM reports its full-year results for 2025 on Thursday.
As debates over debt sustainability in the global economy and the record surge in gold prices marked the start of 2026, Türkiye continues to positively differentiate itself among OECD and G-20 countries with its fiscal discipline performance and strategic increase in gold reserves.
While many advanced and emerging economies, such as Japan, China, Italy, the U.S. and France, seek a way out from under massive debt burdens, Türkiye presents a profile that refreshes confidence in global markets with both its low debt ratio and strong reserve structure.
According to the latest data from the Organisation for Economic Co-operation and Development (OECD) and the relevant finance ministries, public debt sustainability in advanced economies is undergoing a historic test.
OECD data show that the average public debt-to-GDP ratio in advanced economies has exceeded 110%. In Europe and North America in particular, aging populations, rising social expenditures, increasing defense spending and the high interest rate environment have pushed debt burdens to unsustainable levels.
Japan tops the list with a debt ratio reaching 237%. Interest payments exceeding 31 trillion yen in the 2026 budget have placed the country’s economy in a fragile position.
In the world’s largest economy, the U.S., public debt has reached 124% of GDP, while Canada stands at 113%, France at 111.7% and Italy at 137.8%, all above critical thresholds.
Meanwhile, according to data from the World Gold Council (WGC), the U.S., which holds the world’s largest gold reserves, ranks first with 8,133.5 tons. Approximately 79% of its total reserves consist of gold.
Germany ranks second with 3,350.3 tons, while Italy (2,451.8 tons) and France (2,437 tons), maintain their positions in the top five through their traditional gold-holding policies.
In recent years, Russia, which has pursued a de-dollarization strategy, holds 2,333 tons, while China, with 2,306 tons, continues to play a decisive role in the global league.
Through strategic purchases at the central bank level, Türkiye has managed to climb the global rankings.
According to Central Bank of the Republic of Türkiye (CBRT) data, with official gold reserves reaching 641.3 tons, Türkiye ranks just behind giants such as Japan and India, becoming the world’s 10th largest gold holder.
Public debt management
At the same time, unlike many OECD countries, Türkiye displays a sustainable outlook in public debt management.
According to data from the Treasury and Finance Ministry, Türkiye’s public debt stock-to-GDP ratio stands at 24.6%. This figure draws attention as it remains well below both the Maastricht Criteria threshold of 60% and the OECD average.
The decline of the country’s net debt stock-to-GDP ratio to 18.2% confirms the strength of its financial assets in covering debt obligations.
Economists describe Türkiye’s journey, which began with Law No. 4749, as “a governance success that controls not only the amount of debt but also its quality and sustainability.”
This structural shield positions Türkiye as one of the most resilient safe havens within the OECD during the global debt crisis of 2026.
The “Golden Age” between 2002 and 2012 was a period when fiscal discipline combined with banking reforms. Türkiye grew not merely by borrowing, but by becoming a fundamentally efficient economy. Thanks to this discipline, the ratio of debt stock to national income declined rapidly and the country entered a genuine real growth path.
Although the mathematical effect of inflation in lowering the debt ratio is acknowledged today, it is emphasized that the primary reason lies in the state’s structural stance.
Unlike many advanced economies, Türkiye continues to prioritize a budget-discipline model rather than a debt-dependent structure.
Gold accumulation
In gold reserves, Türkiye has risen in the global rankings through strategic purchases at the central bank level.
As of January 2026, the CBRT’s official gold reserves approached $134 billion in value, while total gross reserves surpassed the $200 billion threshold. Like this, Türkiye has become the fastest gold-accumulating OECD country over the past five years.
In his latest statements in February 2026, CBRT Governor Fatih Karahan shared striking figures regarding the so-called “under-the-mattress” gold holdings in Türkiye and their economic impact.
Karahan stated that the amount of gold estimated to be held by households in Türkiye (outside the formal financial system) is around $600 billion.
Additionally, the rise in gold prices has generated an enormous wealth effect of approximately $200 billion over the past year through these assets.
Meanwhile, according to OECD forecasts, the Turkish economy is expected to grow by 3.6% in 2025 and 3.4% in 2026. These projections place Türkiye among the top four fastest-growing economies within the OECD.
German pharmaceuticals and chemicals giant Bayer said on Tuesday its Monsanto unit had reached an agreement worth as much as $7.25 billion to resolve tens of thousands of current and future lawsuits claiming that its Roundup weedkiller caused cancer. The announcement sent its shares soaring.
The move marks a major step for the German firm, which has spent years tackling legal risks tied to Roundup, acquired as part of its $63 billion purchase of agrochemical company Monsanto in 2018.
The German company said the proposed nationwide settlement, filed on Tuesday in state court in St. Louis, Missouri, would establish a long-term claims program funded by capped annual payments over up to 21 years.
The company is facing claims over Roundup from approximately 65,000 plaintiffs in U.S. state and federal courts.
The plaintiffs say they developed Non-Hodgkin lymphoma and other forms of cancer after using the weedkiller, either at home or on the job.
Following the announcement, Bayer shares rose as much as 7.7% to reach their highest level since Sept. 12, 2023.
“Bayer’s move will significantly reduce the legal risks. Although the settlement is very costly, it is to be welcomed as it covers future claims,” Ingo Speich of Bayer investor Deka Investment said.
Bayer said it expects its provisions and litigation liabilities to rise from 7.8 billion euros ($9.24 billion) to 11.8 billion euros. It anticipates around 5 billion euros in litigation-related payouts in 2026, and now expects negative free cash flow for the year.
Settlement aimed at heading off future lawsuits
Roundup is among the most widely used weedkillers in the U.S. Bayer has said decades of studies have shown Roundup and its active ingredient, glyphosate, are safe for human use.
The deal covers the bulk of the lawsuits, but requires a judge’s approval and a minimum number of plaintiffs to opt in. It does not require Bayer to admit liability or wrongdoing and allows the company to back out if too many plaintiffs decline to participate.
It is also designed to head off future lawsuits and allows people who can prove they have been diagnosed with Non-Hodgkin lymphoma and were exposed to Roundup before Tuesday to file claims to receive a portion of the settlement up to 21 years from now.
The agreement was negotiated with Motley Rice, Seeger Weiss and other law firms that would represent a nationwide class of plaintiffs, if the court allows the deal to proceed.
Bayer CEO Bill Anderson said on a call with investors and reporters that he is confident the proposed class-action settlement will resolve the vast majority of the claims.
Attorneys who negotiated on behalf of the plaintiffs said the deal represents the best path forward. Payouts will be determined by a tiered system that considers exposure, age at diagnosis and cancer type. Individuals could receive up to $198,000 or more, according to attorney Eric Holland.
The company said it had separately reached confidential settlements to resolve other Roundup cases with specific law firms, although the company would not name the firms or specify the amount of those deals.
Supreme Court to hear appeal
Tuesday’s proposed settlement comes after the U.S. Supreme Court agreed to hear an appeal in a case that Bayer argues will sharply limit its liability in the litigation.
The company said the Supreme Court case, scheduled for oral arguments at the end of April, remains essential to resolving the Roundup litigation.
Bayer is arguing that consumers should not be able to sue it under state law for failing to warn that Roundup increases cancer risk because the U.S. Environmental Protection Agency (EPA) has found no such risk and requires no such warning.
Bayer argued that federal law does not allow it to add any warning to the product beyond the EPA-approved label. Markus Manns, portfolio manager at Bayer shareholder Union Investment, cautioned that Tuesday’s proposal was “not yet the breakthrough that many investors had hoped for.”
“The settlement buys Bayer time, but without a win in the Supreme Court, a new wave of lawsuits could roll over Bayer in a few years,” he said.
Company paid out $10B to settle previous lawsuits
The company had previously paid about $10 billion to settle most of the Roundup lawsuits that were pending as of 2020, but failed to get a settlement then covering future cases.
It has had a mixed record with cases that have gone to trial. It prevailed in a series of Roundup trials, but has been hit with large jury awards in the past few years, including a $2.1 billion verdict in a case in the U.S. state of Georgia in March.
The verdicts shattered both investor confidence and company hopes that the worst of the Roundup litigation was over, and put pressure on Bayer to find a comprehensive solution to the lawsuits.
Total reserves of the Turkish central bank are estimated to have increased by $4.3 billion (TL 188.02 billion) last week to $212 billion, driven in part by a $2 billion gain linked to higher gold prices, according to bankers.
The reserves had fallen by nearly $10.7 billion in the week ending on Feb. 6 to $207.5 billion after reaching an all-time high of around $218.2 billion in the prior week.
Three bankers consulted by Reuters calculated that net reserves of the Central Bank of the Republic of Türkiye (CBRT) increased by $5 billion to $96 billion in the week ending Feb. 13.
Bankers estimated that the increase in gold prices in the week to Feb. 13 had an upward impact of nearly $2 billion on reserves. According to the calculations, the central bank bought $2 billion from the market last week.
Gold prices fell to a more than one-week low on Tuesday, pressured by a stronger U.S. dollar as investors tracked cues on geopolitics and the Federal Reserve’s (Fed) monetary policy.
The reserve calculations are based on preliminary data from the central bank. Official data will be released on Thursday.
The CBRT, despite temporary fluctuations, has been steadily building its reserves since a shift to more conventional economic policies in the middle of 2023.
A new program last month showed the bank plans to increase its international reserves as long as market conditions allow.
Türkiye and France discussed strengthening partnerships in contracting services, cooperation in third countries, including Africa, as well as energy, defense and logistics, Trade Minister Ömer Bolat said on Tuesday.
Bolat’s remarks came following the Türkiye-France Joint Economic and Trade Committee (JETCO) meeting he chaired with French minister delegate for Foreign Trade and Economic Attractiveness Nicolas Forissier in Istanbul.
The sides held extensive discussions aimed at deepening Turkish-French cooperation across a broad range of sectors, the minister said.
“We held comprehensive discussions aimed at further developing the Turkish-French partnership in contracting services, joint ventures in third countries, partnerships, energy, transportation, environment, water, aviation, the defense industry and logistics sectors,” he noted.
Rising trade, investments
Bolat noted that bilateral trade between Türkiye and France rose sharply to $24.1 billion in 2025 from $14 billion in 2020, emphasizing that the trade structure remains balanced between the two countries.
He added that France’s total investments in Türkiye have reached $8.7 billion, of which $4 billion came in the past four years, while officials are currently evaluating a pipeline of roughly $5 billion in additional French investment projects over the next three years.
Bolat said the expanding commercial and economic ties between the two countries have gained “strong momentum” with the eighth JETCO meeting and reaffirmed Ankara’s commitment to further strengthening cooperation. The next JETCO meeting is expected to be held in France in June, he added.
Cooperation in 3rd countries
The minister emphasized that bilateral cooperation increasingly extends beyond national borders, particularly in Africa, Eastern Europe, Central Asia and the Middle East, where he says Turkish and French companies aim to pursue joint projects.
Both governments reaffirmed their readiness to support partnerships in these regions, encouraging firms to collaborate on infrastructure, energy and development initiatives, he said.
Existing cooperation spans automotive, aviation, pharmaceuticals, renewable energy, textiles, food, cement, construction, information and communication technologies, tourism, finance and insurance, Bolat said, emphasizing that they believe these will develop further and that new investments are being discussed.
In logistics, improved connectivity through air, land and sea routes, including the Ro-Ro line between Sete Port in southern France and Yalova in northwestern Türkiye, has helped facilitate trade flows and strengthen commercial links.
Bolat said Turkish logistics companies’ growing presence in southern French ports is also contributing to deeper integration.
EU ties, visa facilitation
Bolat said he and Forissier also discussed broader Türkiye-EU relations, including progress toward resolving technical issues regarding the customs union.
The EU-Türkiye Customs Union entered into force in 1995, but is limited to industrial goods and processed agricultural products. Türkiye and the business world have repeatedly called for talks to modernize the deal to restart, but no concrete steps have been taken.
Türkiye has been an official candidate to join the EU since 1999, but its accession has been frozen for years over multiple disagreements. The sides have in recent months shown signs of increased engagement and economic cooperation.
Bolat said France had issued 163,000 visas to Turkish citizens last year, its second-highest worldwide after China, and officials noted that waiting times have declined and procedures have been eased, particularly for students and businesspeople.
“We reaffirmed that we will work together for the days when visas will be lifted,” said the minister.
Warner Bros. Discovery said Tuesday it has reopened talks with Paramount Skydance on its buyout offer, giving the company seven days to come up with a “best and final” offer for the owner of HBO Max and the “Harry Potter” franchise, after earlier turning down the hostile bid.
Paramount has until Feb. 23 to make a new offer, which Netflix is allowed to match under the terms of the merger agreement, Warner Bros. said.
Television and film titan Warner Bros. Discovery, which owns CNN, announced in late October that it was open to acquisition offers. Its board subsequently accepted a bid from Netflix to buy only its streaming and studio business.
Paramount Skydance is seeking to buy all of Warner Bros. Discovery for some $108 billion. Netflix is offering nearly $83 billion for its more limited merger.
“Our Board has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger,” Warner Bros Chairman Samuel DiPiazza Jr. and CEO David Zaslav said in a publicly shared letter sent to the Paramount board on Tuesday.
“We continue to recommend and remain fully committed to our transaction with Netflix.”
The two media giants have been vying for control of Warner Bros., its flagship film and TV studios and deep content library, in a contest that highlights the high stakes of a rapidly shifting entertainment landscape.
A successful deal will give the suitor ownership of Warner Bros.’ extensive film and television library, which includes classics ranging from “Casablanca” and “Citizen Kane” to wildly popular favorites like “Friends” and “Batman.”
Warner Bros. said in its letter that it expects a bid above $31 per share, more so because a Paramount financial adviser had orally informed that if Warner Bros. reopens deal talks, Paramount would agree to this price, which is not its best offer.
“Time is running out for Paramount with this saga wrangling on, for way too long, which is in no one’s interest,” PP Foresight analyst Paolo Pescatore said. “For now, the ball is in Paramount’s court.”
Shares of Paramount rose 3.5%, while Warner Bros. Discovery was up 2.5% in premarket trading. Netflix shares were up about 1%.
Paramount’s current offer for the whole company comes to $108.4 billion, while Netflix is offering $27.75 a share, or $82.7 billion, just for its studio and streaming businesses.
During the talks that opened Tuesday, Warner Bros. Discovery said it will discuss “deficiencies that remain unresolved and clarify certain terms of PSKY’s proposed merger agreement.”
Vote on Netflix deal set for March 20
Warner Bros., which has rejected Paramount’s offers to buy the entire company, is moving forward with a vote on Netflix’s bid on March 20.
The merger, if approved, would take place after Warner Bros. spins off its Discovery Global cable operations, which include CNN, TLC, Food Network and HGTV, into a separate, publicly traded company.
Discovery Global could fetch between $1.33 per share and $6.86 a share, according to Warner Bros. estimates.
However, Warner Bros.’ decision to engage with Paramount marks a shift for the studio.
Paramount has said the board “never meaningfully engaged” with them on six different offers that executives made in the 12 weeks before Warner Bros announced the merger agreement with Netflix on Dec. 5. A hostile bid that Paramount launched days later was rejected later that month.
Activist pressure intensifies
Paramount’s revised offer, which included a personal guarantee on $40 billion in equity from Oracle founder Larry Ellison, father to Paramount CEO David Ellison, was turned down in early January.
The move to open talks with a rival bidder also comes as Warner Bros. faces mounting pressure from activist investor Ancora Holdings, which has built a stake in the company and plans to oppose the Netflix transaction.
Paramount is also pressing to add directors to Warner Bros. board, eyeing Pentwater Capital Management CEO Matt Halbower as a potential nominee, Halbower said last week. Pentwater, which owns about 50 million shares of Warner Bros, has backed Paramount’s bid.
“Every substantive complaint that the Warner Bros. board had with Paramount’s previous offer has been addressed,” Halbower said in an interview last week.
To start talks with Paramount, Warner Bros.’ board secured a special waiver from Netflix. Under their agreement, Warner Bros. can engage with a rival bidder only if the board believes the offer could be superior, triggering a legal loophole that allows limited negotiations despite restrictions on talks.
Netflix issued a statement saying the deal has reached a milestone, with Warner Bros. shareholders set to vote next month on the merger.
“While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY’s antics,” Netflix said, referring to Paramount Skydance Corp.
Financing concerns
Last week, Paramount made a new attempt to win over Warner Bros. shareholders by enhancing its previous bid without raising its offer of $30 per share.
Instead, Paramount has offered WBD’s shareholders extra cash for each quarter the deal fails to close after this year and agreed to cover the $2.8 billion breakup fee the HBO owner would owe Netflix if it walked away.
Warner Bros. said the amended merger agreement with Paramount still falls short of what its board would consider a superior proposal.
The Paramount offer still leaves key issues unresolved, including who would cover a potential $1.5 billion junior lien financing fee, what happens if debt financing falls through, and whether equity funding, backed by lead sponsor Larry Ellison, is fully certain, the Warner board wrote.
The letter said while Paramount has argued financing concerns are “not serious” given the “personal wealth of your lead equity sponsor and the credibility of your lending banks”, the draft agreements require that if debt financing becomes unavailable, additional equity must be funded to ensure the transaction can still close.
Ancora, which has a stake worth nearly $200 million, said last week Warner Bros’ board did not adequately engage in talks with Paramount Skydance over a rival offer for the whole company, including cable assets such as CNN and TNT.
The deal is also expected to face tough regulatory scrutiny on concerns over price increases for consumers and potential harm for creatives.
Paramount and Netflix have said they were engaging with competition authorities across the world, including the U.S. Department of Justice.
-
Politics3 days agoParliament seeks more input on key report for terror-free Türkiye
-
Daily Agenda3 days ago“4th European Turkish Media Summit” was held in Germany
-
Politics2 days agoErdoğan hits the road for Gaza, Somalia, visits UAE, Ethiopia
-
Politics2 days agoErdoğan, UAE leader talk about expanding ties in phone call
-
Sports3 days agoKlaebo sets Winter Games gold record, Kingsbury bows out in style
-
Politics2 days agoTürkiye condemns Israel’s ‘illegal’ move for West Bank land grabs
-
Daily Agenda3 days agoMinister Göktaş: “We are implementing our social media regulation very soon”
-
Politics3 days agoTürkiye rejects EP resolutions as ‘baseless,’ warns against interference