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Who initiated the Trump-Xi call?; PRC-Japan; Loosening loan standards; CrowdStrike questions DeepSeek coding security

Bill Bishop
Nov 26, 2025
∙ Paid

Japan is already standing on the edge of a dangerous cliff. The Japanese people should be vigilant: those right-wing politicians who constantly speak of “national survival” and use it to expand the military and prepare for war are precisely the chief culprits pushing the country toward crisis. - Xinhua

The newsletter will be on holiday for the rest of the week as I spend time with my kids who are home from college for the week and we celebrate Thanksgiving on Thursday. The monthly Politburo meeting should happen this week, probably Friday, and so if there is anything out of that I will return for a shorter newsletter. Otherwise, see you next week, or in the Sinocism chat. Happy Thanksgiving to those who celebrate it!

Summary of today’s top items:

1. Who initiated the Trump-Xi call? - On Monday the Wall Street Journal reported that Xi initiated the call, based on “people close to Beijing”, but on Tuesday the Ministry of Foreign Affairs spokesperson said “as far as I know, the call was ini…

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