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Global Leaders Criticize US Peace Proposal on Ukraine and Demand Revisions

Nov. 24, 2025 | Geopolitics & Defense

World powers are voicing concerns over a United States proposal aimed at resolving the conflict in Ukraine.

**US President Donald Trump has urged Ukraine to accept a 28-point peace plan by Thursday, November 27, while allowing for a possible extension.**
He told Ukrainian President Volodymyr Zelenskyy that rejecting the proposal would halt US weapons deliveries and intelligence support.

**The plan would recognize Crimea, annexed by Russia in 2014, and the eastern Ukrainian regions of Luhansk and Donetsk as de-facto Russian territory, with backing from the United States and other supporters.**
It would require Ukraine to withdraw its forces from parts of the eastern Donbas region, designate those zones as neutral territory under Russian sovereignty, and cap the size of its armed forces. Negotiations on the text took place between US officials and Russia’s Kremlin representative, excluding formal Ukrainian input and broader European ally involvement.

**President Zelenskyy called this decision the most difficult in Ukraine’s history, torn between preserving national dignity and maintaining the United States as an essential ally.**
He spoke by phone with the leaders of Britain, France, and Germany to develop a counterproposal and reaffirm Ukraine’s sovereignty in any future settlement.

**At the Johannesburg G20 summit, Sir Keir Starmer met with counterparts from France, Germany, Japan, Canada, Italy, Norway, and the European Union to discuss strengthening the plan and securing a full ceasefire.**
He condemned Russia’s military attacks, emphasized Ukraine’s readiness to negotiate, and outlined plans to coordinate closely with Washington and Kyiv. Downing Street also announced a £4 billion maritime agreement with Indonesia, led by UK firm Babcock, to support naval capability development and create 1,000 UK jobs.

**On November 22, leaders from Japan, Canada, and the European Union issued a joint statement saying the peace plan “requires additional work.” They criticized its proposals to change Ukraine’s borders by force and to impose limits on the country’s armed forces.**
They reaffirmed the principle that borders must not be changed by force, warned that proposed force limits could leave Ukraine vulnerable to future attacks, and pledged to continue coordinating with Ukraine and the United States to refine the framework.

**Russian President Vladimir Putin offered cautious support for the US proposal, suggesting it could serve as the basis for a final peace settlement, but noted that substantive discussions with Russia had not taken place, likely because Ukraine had not consented.**

COP30 Deadlocks Over Fossil Fuel Phase-Out as Climate Finance Commitments Advance

Nov. 24, 2025 | Environment

Negotiations at the 30th UN climate conference in Belém, Brazil, faltered over a roadmap to phase out fossil fuels.

**The Conference of the Parties to the UN Framework Convention on Climate Change extended beyond its scheduled closing date after negotiators failed to agree on a timetable and roadmap for phasing out fossil fuels.**
A fire at the venue briefly paused the talks, and Brazil then introduced a new draft agreement. This draft preserved the goal of limiting global temperature rise to 1.5 degrees Celsius but dropped explicit commitments to develop or adopt fossil fuel phase-out schedules, yielding to strong objections from oil-producing nations.

**Brazil had initially proposed a concrete timetable for exiting fossil fuels, a measure backed by more than 80 countries, including Colombia and European Union members.**
Major oil exporters led the opposition, and Japan raised energy-security concerns, preventing negotiators from restoring the roadmap language in the final document. A Colombian minister publicly criticized the stalled negotiations for neglecting what he called the “most critical issues.”

**Although the final outcomes document did not call for an explicit transition away from fossil fuels, it reaffirmed the urgency of accelerating greenhouse-gas emissions reductions and introduced a mechanism to narrow the gap between pledged targets and actual emissions.**
In response to the impasse, Brazil pledged to create its own national roadmaps for phasing out fossil fuels, and European Union Climate Commissioner Wopke Hoekstra voiced disappointment that the agreed text excluded any phase-out language.

**On finance, delegates agreed to at least triple annual funding by 2035 for developing countries adapting to climate change, building on the COP29 framework.**
Advanced economies committed to delivering $300 billion per year by 2035, contributing to a projected global public and private funding pool of $1.3 trillion annually. A two-year work plan will clarify funding sources and commitments, although some developed nations remain cautious about setting explicit numerical targets for adaptation assistance. The next conference, COP31, is scheduled for 2026 in Antalya, Turkey.

Monitored Intelligence for Japan - Nov. 24, 2025

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小泉防衛相「作業は適切に判断」辺野古埋め立て、知事は影響注視

Defense Minister Koizumi says work will be judged appropriately; Governor closely monitors impact of Henoko reclamation

Tokyo Shimbun | Local Language | News | Nov. 24, 2025 | Geopolitical Conflict and Disputes

The Japanese government is preparing to begin depositing sand and soil for land reclamation at Henoko in Nago City, Okinawa Prefecture, as part of the relocation of the U.S. Marine Corps Futenma Air Station from Ginowan City. This full-scale reclamation work in Oura Bay is expected to start as early as the end of November 2025, following prior efforts on revetments and ground improvements. Defense Minister Shinjiro Koizumi, during a visit to Ishigaki City on November 22, stated that future progress will be judged based on construction conditions, weather, and sea conditions, acknowledging the potential for delays.

The government is believed to be advancing these works ahead of the Nago mayoral election in January 2026, where the base relocation remains a central issue. Okinawa Governor Denny Tamaki expressed concerns about the environmental impact and effectiveness of the project, noting the five-month suspension of pile-driving work and questioning whether the relocation would expedite the removal of danger posed by Futenma Air Station. He emphasized close monitoring and readiness to provide administrative guidance should new issues arise.

【独自】外国人、１０道県１０年で２倍超熊本トップ、北海道、鹿児島、沖縄が続く

Exclusive: Number of Foreign Residents More Than Doubles in 10 Prefectures Over 10 Years, Kumamoto Leads, Followed by Hokkaido, Kagoshima, and Okinawa

Tokyo Shimbun | Local Language | News | Nov. 24, 2025 | UndeterminedDemographics

The number of foreign residents in Japan has more than doubled over the past decade in 10 prefectures, with Kumamoto Prefecture showing the highest growth rate, nearly tripling from 9,896 people in 2015 to 28,883 in 2025. Hokkaido, Kagoshima, Okinawa, and Miyazaki prefectures also experienced significant increases, with multiples of 2.87, 2.82, 2.64, and 2.63 times respectively. This growth reflects a rapid regional spread of foreign residents, especially in areas previously lacking in foreign populations, driven largely by labor shortages.

Nationwide, the total number of foreign residents increased by 1.78 times compared to ten years ago. At the same time, many regions outside the Tokyo metropolitan area continue to see population declines among Japanese residents, as younger people move away and depopulation progresses. Foreign residents are increasingly participating in community activities, helping to offset some of these demographic challenges.

The data compared resident registry populations as of January 1, 2015, and January 1, 2025. Kumamoto’s growth is linked to its semiconductor industry concentration, which appears to attract foreign residents. Overall, the trend indicates that foreign residents are becoming a more significant demographic and economic presence in multiple Japanese prefectures.

日本のBTCトレジャリー企業はBTCを上回り続けている──税制がもたらす米DAT企業との違い

Japanese BTC Treasury Companies Continue to Outperform BTC — Differences from US DAT Companies Brought by Tax Systems

Yahoo Finance | Local Language | News | Nov. 24, 2025 | UndeterminedTaxes

Japanese Bitcoin Treasury companies listed on the Tokyo Stock Exchange continue to outperform the price of Bitcoin itself, a performance attributed primarily to Japan’s unique tax system. Unlike direct Bitcoin holdings, which are taxed as miscellaneous income at rates up to 55%, shares of listed companies holding Bitcoin are taxed as stock income at about 20%, with benefits such as permitted loss carryforwards and simpler tax filing. This discrepancy incentivizes investors to buy shares in Bitcoin-holding companies instead of holding Bitcoin directly, driving up their stock prices above the underlying asset value.

In contrast, U.S. Digital Asset Treasury (DAT) companies operate under a neutral tax regime, making it unusual for their stock prices to significantly exceed the Bitcoin they hold. The favorable Japanese tax environment thus explains the outperformance of Japanese BTC treasury firms relative to their U.S. counterparts.

Regulatory concerns are rising in Japan and other Asian regions over the volatility and tax-driven strategies related to DATs. Japan’s Tokyo Stock Exchange is reportedly considering stronger audits and warnings against backdoor listing practices fueled by the tax system. Moreover, potential changes to Japan’s crypto tax policy could reduce the current tax advantage enjoyed by DATs, potentially narrowing their appeal and aligning investor strategies more closely with the straightforward ETF approach favored elsewhere.

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