Greetings! Happy National Hard Candy Day to those celebrating.

Let’s get into today’s top stories.

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🇯🇵 Japan’s rate hike jolts markets and the weak yen. The Bank of Japan (BOJ) raised its key rate to 0.75%, its third increase this year. Governor Kazuo Ueda aims to cool inflation near 3% without killing growth. The move nudged the yen higher after it slipped past 160 per American dollar (USD). Households face higher mortgage and credit bills after years of zero rates. Exporters may lose some benefit from a weak currency, while banks welcome wider lending margins. Investors are rethinking the carry trade that relied on cheap yen borrowing. International markets expect the BOJ to tighten more slowly than the Federal Reserve (Fed) and European Central Bank (ECB).

🇺🇦 EU signs off on a $106B loan lifeline for Ukraine. In Brussels on Friday, European Union (EU) leaders approved a $106B loan to keep Ukraine’s government running through 2027. European Commission President Ursula von der Leyen says interest will be paid from profits on frozen Russian assets. Kyiv will not start repaying principal until the 2030s, with a maturity of around 35 years. Funds are earmarked for salaries, pensions, and repairing critical infrastructure, not weapons. EU estimates suggest Ukraine may need €137B in outside support by 2027. Hungarian Prime Minister Viktor Orbán dropped objections after winning extra oversight language. Backers say the package is cheaper than risking economic collapse on the bloc’s border.

🎪 At AmericaFest, conservatives argue over MAGA’s future shape. At Turning Point USA’s AmericaFest conference in Phoenix, conservatives clashed over where the Make America Great Again (MAGA) movement should go next. Speakers debated whether loyalty to Donald Trump should remain the defining litmus test. Some activists urged a harder line on immigration, media, and universities. Others warned culture war rhetoric could repel suburban voters Republicans need to win. Organizers framed the gathering as a launchpad for a “second American revolution.” Young attendees in red caps mingled with lawmakers and influencers, courting their attention. The tensions underscored how much disagreement remains over what conservatism should be.

🎙 Erika Kirk quietly anoints JD Vance as heir apparent. Erika Kirk, head of Turning Point USA, backed Vice President JD Vance for 2028. She praised his immigration, trade, and cultural stances at the Americafest youth conference event. Kirk told young conservative activist attendees that Vance embodies the next chapter of the Make America Great Again (MAGA) project. The nod matters because Turning Point’s youth network is a powerful recruiting tool for Republicans. Vance has stayed loyal to Donald Trump while cultivating a separate populist brand. Some attendees cheered while others questioned blessing one contender so early. The moment showed conservative insiders already maneuvering around a race still three years away.

🎫 Trump freezes green card lottery tied to campus shooting suspect. President Donald Trump suspended the Diversity Immigrant Visa program that once let Brown University shooting suspect Claudio Neves Valente move to America. The lottery grants 55K green cards a year to people from countries with low immigration. Trump’s order freezes new selections for two years during a security review. Advisers say the system cannot fully screen applicants for extremist ties. Immigrant advocates argue millions have used the program to build legal lives. Some lawmakers had criticized the lottery for randomness and fraud risks. The move fits Trump’s push to restrict immigration.

💵 States weigh copying Trump’s new tax breaks on tips and overtime. States that tax income must decide whether to copy President Donald Trump’s new federal breaks on tips, overtime, and some kinds of retirement income. The changes shield more service wages and extra hours from federal tax. If states follow suit, many workers could see larger paychecks. Budget analysts warn that copying the plan could cost individual states hundreds of millions of dollars each year. Some Republican governors pitch the move as siding with low-wage workers. Democratic officials answer that lost revenue could squeeze schools, transit, and health care. The fight turns a technical tax rule into another referendum on Trump-era economics, and states need to act soon.

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