The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
The Iran war should boost security cooperation by US Pacific allies like Japan, the Philippines and South Korea
English Summary
The war between the US and Iran is prompting Indo-Pacific allies—Japan, South Korea, and the Philippines—to pursue deeper trilateral security cooperation to compensate for the sudden withdrawal of American military assets from the region. Recent redeployments of missile defense systems and Marines to the Middle East have highlighted the risks of over-reliance on US commitments, particularly as regional threats from China and North Korea persist. To mitigate this uncertainty, the article advocates for a formal trilateral arrangement to enhance military interoperability, intelligence sharing, and regional stability independent of shifting US defense priorities.
中文摘要
美國與伊朗之間的戰爭正促使印太盟友——日本、韓國和菲律賓——尋求更深層次的三邊安全合作，以彌補美國軍事資產突然撤出該地區所留下的空白。近期導彈防禦系統和海軍陸戰隊向中東的重新部署，突顯了過度依賴美國承諾的風險，特別是在來自中國和北韓的區域威脅持續存在的情況下。為了減輕這種不確定性，本文主張建立正式的三邊機制，以在不受美國國防優先事項變動影響的情況下，增強軍事互操作性、情報共享及區域穩定。
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