25.06.19 WSJ

1. Macroeconomics

Title: Japan’s Exports Fell for First Time in Eight Months as Tariffs Weighed
Source: The Wall Street Journal 
Date: June 17, 2025
Key Takeaways:

• Japan’s May merchandise exports dropped 1.7 % YoY, ending an eight‑month expansion streak, largely due to an 11.1 % decline in auto shipments to the U.S. amid elevated tariffs.
• The slowdown widened the goods-trade deficit, highlighting Japan’s sensitivity to tariff volatility against a backdrop of weakening domestic demand.
• Resilient capital-goods exports to other Asian markets partially buffered the weakness, but economists caution a broader slowdown could trigger new fiscal stimulus.
• A stronger yen added headwinds as Bank of Japan policymakers consider whether to press ahead with gradual policy normalization.
  Link: https://www.wsj.com/economy/japans-exports-fell-for-first-time-in-eight-months-as-tariffs-weighed-f435e23b

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2. M&A / Private Equity

Title: Eli Lilly to Acquire Verve Therapeutics for Up to $1.3 Billion
Source: The Wall Street Journal 
Date: June 18, 2025
Key Takeaways:

• Lilly will pay $1.0 bn cash up-front ( $10.50 / share, a 113 % premium) and up to $300 m in milestone CVRs tied to Verve-102 advancing to Phase 3.
• Verve-102 uses in-vivo gene editing to switch off PCSK9—potentially a one-and-done treatment for atherosclerotic cardiovascular disease.
• Deal deepens Lilly’s cardiometabolic pipeline after 2023’s Versanis and 2024’s Carmot takeovers, signalling continued appetite for high-value biotech assets.
• Transaction expected to close in Q3, subject to regulators and shareholders—another example of big-pharma “buy vs. build” as late-stage valuations reset.
  Link: https://www.wsj.com/health/pharma/eli-lilly-to-acquire-verve-therapeutics-for-up-to-1-3-billion-02b3ad5e

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3. Opinion

Title: Trump’s Clarity on Iran—and the Questions That Remain
Author: Karl Rove
Source: The Wall Street Journal – Opinion
Date: June 18, 2025
Key Takeaways:

• Jenkins praises President Trump’s unequivocal stance against Iran’s nuclear ambitions but questions whether that clarity translates into effective U.S. policy. 
• He warns that messaging alone is insufficient: strategic follow-through and international coordination are needed to ensure deterrence.
• The column explores the potential pitfalls of overreliance on rhetoric without reinforcing commitments through action.
• By coupling assertive language with strategic diplomacy, Jenkins argues, U.S. credibility can be preserved—or undermined.
  Link: https://www.wsj.com/opinion/trumps-clarity-on-iran-and-the-questions-that-remain-foreign-policy-nuclear-program-aa32d14f