D (2:45)

We actually had a pretty volatile week. There was a big tech sell off, especially software related companies. The Dow has less software exposure. It fared better and has been hanging out just below record high for quite a while. And then today we've had a relief rally across markets. We're seeing tech come back a little bit and including Nvidia. Nvidia is now a component of the Dow that's been helping drive things higher. So are industrial stalwarts like caterpillar and 3M.

A (3:14)

There were big gains in the other indexes today, too. The Nasdaq climbed 2.2%, while the S&P ended up 2%. One piece of news that might be making investors feel optimistic, the closely watched Consumer Sentiment Index from the University of Michigan climbed for February. Though economists had expected a slight decline, the survey's director said the public still remains anxious about inflation and a weaker labor market. Speaking of jobs, whether you're hiring, firing, looking for a promotion or a new job, we'd love to hear your thoughts and questions about the labor market. Email us a voice memo to wnpodsj.com or leave us a message at 212-416-4328. Make sure to include your full name and location so we can use your comments on the show. According to a securities filing released today, Amazon's US corporate income taxes fell to $1.2 billion last year from $9 billion in 2024, even as its domestic profit before taxes rose by more than 44% to $89.5 billion. It's one of the clearest examples yet of how big American companies are benefiting from Republicans new tax law. Amazon says that Congress made the law to encourage greater investment in the U.S. economy and and that due to Amazon's, quote, unprecedented U.S. investments, our tax bill this year reflects those changes. We're exclusively reporting that the Justice Department's investigation into Netflix's $72 billion Warner deal is casting a wide net on Netflix business practices. The department is asking if Netflix has acted in a way that could make it a monopoly. The Journal viewed a civil subpoena that the DOJ sent another entertainment company. A lawyer for Netflix says the company thinks the Justice Department is conducting a standard deal review. The Justice Department is also reviewing Paramount's bid, which Warner has told its shareholders to reject. Paramount says its offer provides investors with greater value and a more certain path to completion than the Netflix deal. The DOJ declined to comment. President Trump posted and later deleted a video that depicted former President Barack Obama and Michelle Obama as apes. The roughly one minute video was posted on Truth Social last night. It was mostly about voting machines in the 2020 election. In the video's final seconds, images of the Obama's faces on the bodies of cartoon apes appear. They bob their heads against the backdrop of a jungle as the song the Lion Sleeps Tonight plays. The imagery plays into long standing racist tropes dehumanizing black people. Lawmakers from both parties condemned the video and said Trump should remove it. The video was deleted late this morning after the White House initially defended it. The White House blamed a staffer for posting the video. An Obama spokeswoman didn't immediately comment. Coming up, what Japan's prime minister hopes to gain from Sunday's snap election and a change to the personal finances of U.S. olympic athletes. That's after the break.

E (6:21)

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A (6:52)

Japanese Prime Minister Sanae Takaichi has only been in the job since October, but she's already betting her seat on a snap election that's to take place on Sunday. I'm joined now by Jason Douglas, who heads up the Journal's Tokyo bureau. Jason, what is Takechi's background and how did she get to the prime minister spot?

B (7:09)

Takechi is a little unusual in Japanese politics. The political scene in Japan is very much dominated by men and by people from famous political families, so Takeichi is a bit of an outsider. She came from humble beginnings. Her father was a factory worker, her mom worked as an administrator for the police, and she's been slogging away on the fringes, really, of conservative politics in Japan for the last 30 years. And then in October last year, she had her chance to run for leader of the ruling party. She won, and now she is the prime minister.

A (7:42)

Why does she call this snap election? What is she hoping to get out of it?

B (7:46)

Her ruling coalition doesn't have a majority in the lower house of parliament. She wanted to strengthen her position to make sure that she could push through her agenda. The goal is to get a big majority for the coalition. I think she'd be even happier if she could get a Big majority for her ruling party alone, which some of the polls suggest that she could. The opposition is somewhat fragmented, somewhat divided. All the polls are pointing to a landslide for her.

A (8:07)

I'm curious how much of this is a reflection of how she's been performing as pm. Part of her platform has been to revitalize Japan's economy. How has she been doing on that, and how's that going over in the country?

B (8:19)

The prospect of a landslide is almost entirely to do with Takechi's personal popularity. She's only been in power for three months, so she hasn't really had an opportunity to do very much. But she has this Persona that is really resonating with the public. She's decisive. She got on terrifically well with President Trump when he was here in October last year. She's in the middle of this kind of diplomatic roi with Beijing, and her standing up to the Chinese to leader Xi Jinping is playing pretty well with Japanese voters. She's very plain speaking. She makes these videos where she's playing the drums with the South Korean president. She's really good at social media. She does seem to have really struck a chord with young voters who are just a bit fed up with inflation, a bit fed up with falling living standards in Japan.

A (9:03)

You mentioned Takechi's relationship with Trump. One of the things Takaichi has done is double down on Japan's ties with the U.S. what does the outcome of this election mean for U.S. interests and stability in the region?

B (9:16)

Yeah, this is super important. Lots of countries are kind of pulling away somewhat from the US they're recoiling from President Trump and his moves on tariffs, his talk about Greenland. This is particularly true in Europe. But in Asia, I think the picture looks very different. And for a country like Japan, which is surrounded by China, Russia, and North Korea, there's really no alternative to the US Alliance. It's absolutely essential for their security. And so Takechi feels this very strongly and is doubling down on it. And I think she is totally in line with US Interests and what Trump and his administration want allies to do in Asia. So she's talked about raising defense spending, talked about taking on a greater role in preserving security in the region and deterring China. She's doing all the things that the US Wants Japan to do. One thing she has to watch out for is financial markets. So we've seen these big moves, big swings in interest rates and big swings in the currency. There's some anxiety in financial markets about her economic plans because she is a big believer in fiscal spending. She wants to borrow and spend to really drag Japan out of its economic torpor that it's been in for the last 30 odd years. And that makes some people in financial markets nervous.

A (10:20)

That was WSJ Tokyo bureau chief Jason Douglas. Thanks so much, Jason.

B (10:24)

Thank you very much.

A (10:30)

Talks in Oman today between senior US And Iranian officials made little progress. Tehran wouldn't agree to end enrichment of nuclear fuel or move it offshore, a core U.S. requirement. But But Iran's foreign minister said it had been a good start. Both sides signaled that they would keep working toward a diplomatic solution that could head off an American strike. And finally, the Winter Olympics kicked off today in Milan. And we're taking a look at the personal finances of Olympians. The US Government, unlike some other countries, doesn't pay its Olympic athletes. So starting at this year's Winter Games, financier Ross Stevens will give $200,000 to each U.S. athlete who competes in the Olympics and PA Paralympics. But they won't get that money right away. Half of it will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. The second half of the payment is a benefit for the athlete's family after they pass away. Gold medalist sprinter Lauren Williams became a financial planner after retiring from competition and has worked with dozens of Team USA athletes. She says this money could be life changing.

F (11:37)

This is a huge deal that will change the trajectory of athletes finances. If only this had existed when I was participating in sport. So many athletes work a full time job while competing and then continue to work full time after competing even if they win a medal. There's this kind of misnomer that once you win an Olympic gold medal you never have to work again, that you're filthy rich. And for the vast majority of Olympic athletes that is not true. And so for $100,000 to be coming your way is going to be a big, big difference for athletes over the long term.

A (12:08)

If you want to hear more from Lauren, our colleagues at yout Money Briefing spoke to her in 2024 about Olympic athletes financial hurdles. We'll leave a L episode in the show notes. And that's what's news for this week. Tomorrow you can look out for our weekly markets wrap up what's news in markets Then on Sunday it's the Super Bowl. And like a lot of people I will be watching it for the ads. And in our show we'll be discussing how AI is transforming the advertising industry. That's in what's New Sunday. And we'll be back with our regular show on Monday morning. Today's show is produced by Pierre Bienname and Alexis Moore, with supervising producer Tali Arbel. Michael Lavalle wrote our theme music. Jessica Fenton is our technical manager. Aisha El Musleam is our development producer. Chris Insinsley is our deputy editor. And Falana Patterson is the Wall Street Journal's head of news audio. I'm Alex Osala.

B (12:57)

Thanks for listening.