This week, we travel to Japan to bring you stories of how its economy could be turning the page after 30 years of stagnation. After the so-called ‘lost decades,’ Apollo Global Management’s Marc Rowan explains why there’s a ‘new swagger’ in Japan now. Plus, can private capital help power Japan’s next growth cycle? Later, after decades of caution and stability, Japan’s business culture now faces a defining test as reform collides with tradition.

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The US Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.

Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.

The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump’s tariffs have brought in.

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with:

- Bloomberg Washington correspondent Tyler Kendall
- Bloomberg Legal Analyst and host of Bloomberg Law June Grasso
- Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners
- Dave Townsend, Partner with Dorsey & Whitney

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Crypto has become increasingly integrated into the financial system, from the use of stablecoins for payments, to the trading of tokenized equities on blockchains, to the adoption of crypto holdings by corporate treasuries. We explore how PNC Bank, one of the first movers in this space, has been expanding access to crypto and the challenges it has had to overcome.

This episode is sponsored by Coinbase.

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This week, Steve Rattner assesses whether tariffs and trade policy are truly reviving US manufacturing and what it would take to deliver sustained economic growth. And, the US needs more buses — but are we buying them the wrong way? Plus, Milan’s hosting of the Winter Olympics comes as a wave of high net-worth individuals move to the Italian city. Later, is the real battle in the AI era between humans and machines or humankind itself?

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This week, outgoing Atlanta Fed President Raphael Bostic says it’s ‘paramount’ to get inflation back to 2%. And, gold prices have been all over the place – what does that mean for the dollar, and those mining the metal? Plus, as Chinese exports surge again, Europe confronts a potential second coming of the so-called ‘China shock.’ Later, art may be priceless, but buying it can come with real financial risks.

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President Trump announces he intends to nominate Kevin Warsh as the next chair of the Federal Reserve, replacing Jay Powell when his term ends in May. Michael McKee speaks with Fed Governor Stephen Miran for reaction. Plus, we speak with Harvard Professor of Economics Jason Furman following the Fed’s decision to keep rates on hold earlier this week.

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This week, economic adviser to Ukraine Chrystia Freeland discusses President Trump’s threats to seize Greenland and his meeting with Ukrainian President Zelenskiy in Davos, Switzerland. And, renewed threats of tariffs on European wine could raise prices and ripple through the entire US wine industry. Plus, climate change is disrupting cocoa in West Africa and turning Ecuador into a major global supplier. Later, why global criticism of the war in Gaza hasn’t stopped countries from turning to Israel for defense technology.

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This week, former New York Fed President Bill Dudley discusses the Justice Department’s criminal investigation of Fed Chair Jay Powell. And, Saudi Arabia is betting big on tourism to diversify its economy and transform how the world sees the Kingdom. Plus, Israel’s startup economy after the war, and how the Epic and Ikon passes transformed skiing, boosted growth, and forced resorts and skiers to weigh scale against experience.

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