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September 26, 2024

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In this exclusive StockCharts TV video, Joe presents an introduction to the Average Directional Index (ADX), sharing how it is calculated and how to use it. He highlights some of the strengths, and weaknesses, of this powerful indicator. He then analyzes Bitcoin, NVDA, and AVGO, and finishes up the show with a number of symbol requests from viewers.

This video was originally published on September 25, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

Tuesday’s news from China pushed stocks, commodities, and crypto prices higher. China’s central bank, the People’s Bank of China (PBOC), took steps to revive its economy and increase consumer demand. These steps include plans to cut interest rates, lower reserve requirements for banks to support lending, provide special funds to allow companies to buy stocks, lower interest rates on existing mortgages, and reduce the downpayment for second homes. This is a big move by the PBOC, and there are probably more liquidity-easing measures on the horizon.

But will these moves be enough to reignite China’s economy?

The equity market soared on the news, as did commodities and cryptocurrencies. Chinese equities also saw a drastic rise. However, the excitement fizzled a little on Wednesday.

The daily chart of the iShares China Large-Cap ETF (FXI) shows that price gapped up on Tuesday, but the rally did not follow through on Wednesday.

CHART 1. DAILY CHART OF FXI. After gapping up after the China stimulus news, FXI pulled back slightly. So far, the uptrend is technically still in place. Let’s see what additional stimulus China injects into their economy.Chart source: StockChartsACP.com. For educational purposes.

Will the gap get filled? It could, given this was a news-driven event. The On Balance Volume (OBV) indicator in the bottom panel trended lower on Wednesday, in line with price direction. I would watch the OBV to see if the trend continues downward. That would indicate that investor interest is waning.

Looking at a longer-term view of FXI, you can see that Tuesday’s price action may be significant, in that price crossed above its 21-day exponential moving average (EMA), but it’s not enough to confirm an upward trend.

CHART 2. MONTHLY CHART OF FXI. The 23.6% Fibonacci retracement level could be a potential resistance level. Watch how FXI reacts to this level in the next few weeks.Chart source: StockChartsACP. For educational purposes.

Looking at the Fibonacci retracement levels from the 2021 high to the 2022 low, FXI is at its 23.6% retracement level. This could be a resistance level to watch and see if the ETF breaks above or falls below, retracing to the $25.40 to $26.60 sideways range it was in before gapping up. Remember, more stimulus is expected from China, so perhaps investors are waiting to see what those are and whether it’ll help increase demand and inject more cash into the economy.

Commodities Pause

Gold prices reached a record high on Tuesday but stalled on Wednesday. Silver, oil, and copper followed a similar pattern (see chart below). Some analysts are now saying the gold rally is exhausted, but gold prices have the potential to rise higher. I won’t analyze gold price action since we covered it in an earlier post, which clearly identifies how high or low gold could go.

CHART 3: GOLD, SILVER, COPPER, AND OIL. Commodity prices rose after China’s news of a stimulus package. Oil prices seem to be falling but gold, silver, and copper are holding up.Chart source: StockChartsACP. For educational purposes.

The chart of the SPDR Gold Shares (GLD) still looks strong. Out of the four, oil pulled back the most, with its relative strength at 47.10. Copper and silver are still holding on to their uptrend.

Closing Bell

The China stimulus wasn’t the only major news this week. Further escalations in geopolitical tensions in the Middle East occurred despite the United States’ and France’s work on a peace deal. China also tested the launch of an intercontinental ballistic missile into the Pacific Ocean. The Ukraine-Russia conflict has no end in sight.

While there is some froth bubbling, the CBOE Volatility Index ($VIX) is still relatively low. And even though stocks sold off today, they’re still technically bullish. On Friday, we’ll get the personal consumption expenditures (PCE) price index for August. Let’s see if that shifts anything.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.


QX Resources Limited (ASX: QXR, ‘QXR’) is pleased to announce that QXR has renegotiated the option agreement over the Liberty Lithium Brine Project in California, USA, to reduce option payments and also to include an option to acquire an interest in two additional prospective lithium brine projects in the USA.

Highlights

QXR and IG Lithium have agreed to restructure the Option Agreement in respect of the Liberty Lithium Brine Project to reduce option payments and also to include an option over two additional prospective lithium brine projects in the USA.QXR now has the option to acquire a 25% interest in IGL, the holder of the Liberty Lithium Brine Project, which reduces QXR’s cash option payments from US$1.7 million to US$500,000.QXR has also entered into an option agreement with IGX Minerals LLC (a related company of IGL), granting QXR an option to acquire a 15% stake in IGX and which holds two prospective lithium brine projects in Nevada and Utah, USA.IGX and IGL continue discussions with US based producers of battery-grade lithium products in relation to the future supply of lithium brine products.QXR will update the market soon regarding planned activities over the gold projects in Queensland.

QXR had previously entered into an option agreement with IG Lithium LLC (IGL) to acquire up to a 75% interest in IGL, the owner of the Liberty Lithium Brine Project, as announced 5 October 2023 (Option Agreement). The parties have negotiated a variation to the Option Agreement, whereby QXR now has an option to acquire a 25% interest in IGL on or before 30 June 2025 (Variation Agreement). The restructuring reduces QXR’s cash option payments from US$1.7 million to US$500,000.

QXR has entered into a further option agreement with IGX Minerals LLC (IGX) (an unlisted Delaware company established in 2022, and a related company of IGL) granting QXR an option to acquire a 15% interest in IGX on or before 30 June 2025 for US$500,000 (IGX Option). IGX has identified and secured two (2) prospective lithium brine projects in Utah and Nevada, USA, covering 10,660 hectares (26,300 acres). IGX and IGL continue discussions with US based developers and producers of battery-grade lithium products to potentially supply future lithium brine feedstock.

IGL and IGX have an excellent local US exploration team and contractors to ensure advancement of the projects. Next steps include permitting for new drill sites at the Liberty Lithium Brine Project, targeting areas that are interpreted to be prospective to intersect deep lithium brines in the centre of the basin, further west of drilling previously undertaken by QXR (ASX announcement 19 June 2024). QXR is continuing its review of work conducted to date by IGX on their two projects, which indicate encouraging results in a favourable geological setting.

QXR Managing Director, Steve Promnitz, said: “QXR, through the new agreements, now has exposure to three large, prospective lithium brine projects, with reduced cash commitments, diversifying the portfolio. The lithium brine projects are located in the US market where demand continues for critical minerals and where downstream processors are still seeking supply options.”

IG Lithium and IGX Minerals Member, Stephanie Ashton, said: “We recognize the valuable work that we have done together with QXR and are pleased to continue to consolidate and expand our joint efforts to find new critical supplies of upstream lithium brines for the rapidly expanding US battery industry.

Click here for the full ASX Release

This post appeared first on investingnews.com

Description

The securities of Odessa Minerals Limited (‘ODE’) will be placed in trading halt at the request of ODE, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 30 September 2024 or when the announcement is released to the market.

Issued by

ASX Compliance

Click here for the full ASX Release

This post appeared first on investingnews.com

The US Department of Commerce has proposed regulations that would effectively ban Chinese-made vehicles and certain software from American roads over fears of espionage and remote manipulation.

Reuters reported that the move follows an investigation of the risks posed by connected car technology in vehicle features, such as network hardware, cameras, microphones and GPS tracking.

If the rules go into effect, prohibitions on the sale of connected vehicle software would begin for the 2027 model year. The ban on connected vehicle hardware would start with the 2030 model year, or by January 2029.

The regulations would apply to all road vehicles, excluding agricultural and mining vehicles, as well as drones and trains.

US officials fear that foreign entities could exploit these technologies for surveillance or sabotage.

Secretary of Commerce Gina Raimondo noted that the risks associated with the technologies mentioned could allow US adversaries to gather sensitive information or even take control of vehicles on American roads.

‘In an extreme scenario,’ she explained, “a foreign adversary could shut down or take control of all their vehicles operating in the United States all at the same time causing crashes, blocking roads.’

The rules provide a pathway for Chinese automakers to seek exemptions, but these would require specific authorizations. Officials from the Department of Commerce have also emphasized that exemptions are unlikely to be granted for vehicles or components that pose a significant national security risk.

The proposal is part of a broader US effort to limit the influence of Chinese and Russian technology in critical sectors. In recent months, the Biden administration has increased tariffs on Chinese-made electric vehicles, batteries and key minerals. These tariffs include a 100 percent duty on electric vehicles imported from China.

White House National Security Advisor Jake Sullivan highlighted the potential long-term risks posed by foreign-made connected vehicles. ‘With potentially millions of vehicles on the road, each with a 10 to 15-year life span, the risk of disruption and sabotage increases dramatically,’ Reuters quotes him as saying.

The Chinese government and automotive industry have already responded. Chinese officials have called on the US to provide an open and fair environment for Chinese companies, while vowing to protect their economic interests.

The Chinese Foreign Ministry has also criticized the proposed regulations, stating that the US should not use national security concerns to impose unfair restrictions on foreign companies.

In response to the proposal, the Alliance for Automotive Innovation, a trade group representing major automakers, including General Motors (NYSE:GM), Ford Motor (NYSE:F) and Toyota Motor (NYSE:TM,TSE:7203), acknowledged that some companies may require additional time to comply with the new regulations.

The group also noted that while Chinese-made components are not yet common in US vehicles, the proposed rules will force automakers to adjust their supply chains to avoid using foreign-made parts.

The Biden administration’s move is seen as a continuation of efforts to reduce reliance on foreign technology in critical industries, including telecommunications, energy and now automotive manufacturing.

It follows similar actions taken against Chinese telecom giant Huawei in 2022 — the company was barred from participating in American infrastructure projects due to concerns over data security.

Under President Joe Biden, the US government has also stressed the importance of protecting American automakers from the competitive threat posed by low-cost Chinese electric vehicles, with Canada and the EU taking preemptive action and Italy endorsing the impositions ahead of the EU vote on trade restrictions.

Chinese carmakers have rapidly expanded their market share in Europe, Asia and other regions, offering electric vehicles at prices that significantly undercut those of US manufacturers.

The Department of Commerce is accepting public comments on the proposed regulations for the next 30 days, with the final rules expected to be implemented by early 2025.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Uranium is an important commodity in the energy sector, and knowing the countries with the top uranium reserves is key.

Mined uranium resources have provided fuel for nuclear power generation for more than 60 years, and today nuclear power serves 10 percent of global energy needs. Global uranium demand is anticipated to grow in the coming years, which bodes well for future uranium prices. According to the World Nuclear Association (WNA), around 60 nuclear reactors are under construction worldwide, and significant increases to capacity at existing plants are also planned.

Global uranium production totaled 57,651 metric tons (MT) of U3O8 in 2022, the latest year for which numbers are available. The five top uranium-producing countries in the world are Kazakhstan, Canada, Namibia, Australia and Uzbekistan, and they were responsible for the vast majority of that production.

1. Australia

Uranium resources: 1,684,100 metric tons (28 percent of world uranium resources)

Which country has the most uranium? While Australia ranks fourth in global uranium production, it takes the lead for the highest uranium reserves in the world.

Australia’s crown jewel is Olympic Dam, the largest-known single deposit of uranium in the world with proven and probable reserves of 588 million MT at an average grade of 590 grams per MT (g/t) uranium in-situ. The mine is owned by BHP (ASX:BHP,NYSE:BHP,LSE:BHP) and produces uranium as a byproduct.

Other major uranium deposits in the country include Ranger, Beverley and Four Mile. While the latter two are owned by a private company, Ranger is owned by Energy Resources of Australia (ASX:ERA,OTC Pink:EGRAF), in which Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has a majority interest. However, production at Ranger was brought to a halt in early 2021 and the site is now being rehabilitated.

Australia is key to the global uranium industry, but mining the material is politically contentious in the country. For example, the Western Australian government has put the brakes on any new domestic uranium-mining project approvals, although it is allowing existing projects to go ahead. In addition, the federal government is opposed to nuclear energy.

In July, the Australian Government put the kibosh on Energy Resources of Australia’s attempt to renew its licence permit for the Jabiluka uranium project in the Northern Territory in response to community backlash.

2. Kazakhstan

Uranium resources: 815,200 metric tons (13 percent of world uranium resources)

Kazakhstan comes in second in terms of uranium resources, but ranks first in uranium production. The country’s national uranium-mining company, Kazatomprom (LSE:KAP,OTC Pink:NATKY), is the world’s largest uranium producer. Kazatomprom’s Inkai uranium mine, a 60/40 joint venture with Canada’s Cameco( TSX:CCO,NYSE:CCJ), hosts proven and probable reserves of 261.7 million pounds of uranium contained in 305.6 million MT of ore grading 0.04 percent.

At least 67 percent of Kazakhstan’s electricity production comes from coal, with the remainder supplied by natural gas (22 percent), hydro (9 percent) and solar and wind (1.5 percent). However, the country’s energy development plan details changes to the mix that would include 5 percent of electricity generation from nuclear power and 10 percent from renewable energy by 2030. Kazakhstan has two proposed and planned nuclear power plants.

Russia’s war in Ukraine has created a significant roadblock for Kazakhstan’s uranium exports to western markets. Sanctions imposed on Russia have made the cost-effective route via St Petersburg no longer a viable option for transport.

Another issues facing Kazakhstan’s uranium mining sector is supply shortages of sulphuric acid, which is used during in-situ leaching to dissolve uranium from host rock. This challenge, coupled with construction delays at new projects, led Kazatomprom to cut its production targets for 2025 by 17 percent.

3. Canada

Uranium resources: 588,500 metric tons (10 percent of world uranium resources)

The second largest uranium producer, Canada is third largest in terms of top uranium countries by reserves. Saskatchewan’s Athabasca Basin is a hotbed for uranium exploration and is known the world over for having the highest-grade uranium deposits on the planet.

The North American nation is home to the world’s top uranium mines: Cameco’s Cigar Lake and McArthur River. Together, they make the province of Saskatchewan an international leader in the uranium sector, although in recent years these operations have spent time offline.

The mines host high-grade deposits, with Cigar Lake’s proven and probable reserves totaling 208.6 million pounds of uranium from 600,000 MT grading 17.03 percent, and McArthur River’s coming in at 380.5 million pounds of uranium from 2.6 million MT grading 6.72 percent.

Nuclear energy accounts for about 15 percent of Canada’s electricity demand, and its nuclear power infrastructure includes 19 nuclear reactors. As the second largest country by landmass, providing reliable energy to Canada’s many remote regions poses a significant challenge. However, novel reactor technologies, such as small modular reactors, have the potential to supply power to smaller electrical grids or to remote, off-grid areas.

4. Russia

Uranium resources: 480,900 metric tons (8 percent of world uranium resources)

As the largest country by landmass, Russia has a wealth of resources, including 8 percent of the world’s uranium. The majority of Russia’s domestic uranium output comes via Rosatom, a subsidiary of ARMZ Uranium Holding, which owns the Priargunsky underground mine and is developing the Vershinnoye deposit in Southern Siberia.

To meet the nation’s growing energy needs, Russia’s government is keen on increasing its uranium output. According to the WNA, nuclear energy accounted for 19 percent of Russia’s energy mix as of December 2021, the most up-to-date data available. The country has 36 nuclear reactors generating 26,802 megawatts of electricity, with an additional four units under construction.

Russia is among the world’s top 10 uranium producers in addition to holding significant reserves, and the country’s war with Ukraine has raised questions about the extent to which Russia will be able to continue exports. However, European countries such as France are still importing Russian uranium. In 2023, Russia reportedly accounted for 27 percent of all enriched uranium supplied to US nuclear plants. However, in May 2024, US President Joe Biden signed into law a ban on enriched uranium imports from Russia.

In mid-September 2024, Russian President Vladimir Putin said his government is considering limiting uranium exports in response to ongoing sanctions.

5. Namibia

Uranium resources: 470,100 metric tons (8 percent of world uranium resources)

The world’s third largest uranium-producing country, Namibia, comes in fifth for reserves.

The African nation’s Langer Heinrich mine, owned by Paladin Energy (ASX:PDN,OTC Pink:PALAF), and Rössing mine, majority owned by China National Uranium, are capable of producing 10 percent of the world’s uranium output. Langer Heinrich hosts total proven and probable reserves of 83.8 million pounds uranium from 84.8 million MT at a grade of 448 parts per million.

Significant Namibian deposits also include Trekkopje, which is near Rössing and owned by Orano, and the world-class Husab uranium mine, which is also majority owned by China National Uranium. Husab hosts 224.8 million pounds of probable uranium reserves.

The Namibian government is in favor of expanding the country’s uranium-mining industry. While there are no nuclear power plants in Namibia, there is some support for a national nuclear power industry.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

SSR Mining (TSX:SSRM,NASDAQ:SSRM) announced that operations at its Seabee site in Northern Saskatchewan will resume by the second half of October after a temporary shutdown caused by wildfire activity last month.

The fire, which led to a total evacuation of personnel, impacted some remote equipment at the site. Crucial infrastructure, including the Santoy underground mine and the Seabee process plant, were largely unaffected.

In the aftermath of the evacuation, a small team remained on site to work with the Saskatchewan Public Safety Agency to manage the situation. With the fire risk now significantly reduced, the company has cleared its workforce to return and begin repairing damaged equipment, including power poles and piping.

SSR also said in its Monday (September 23) release that it will provide updated production and cost guidance when it releases its third quarter financial results. Seabee’s output for 2024 was previously projected at 75,000 to 85,000 ounces of gold at an all-in sustaining cost of between US$1,495 and US$1,535 per payable ounce.

SSR acquired Seabee in 2016 when it purchased Claude Resources. The mine is about 125 kilometers northeast of La Ronge, Saskatchewan, and consists of two main mining areas: the Seabee underground mine and the Santoy mine.

Santoy has been in commercial production since 2014, while Seabee, which began operations in 1991, exhausted its mineral resources in 2018. All ore from the mining operations is processed at the Seabee mill, which has also been running since 1991. The mill produces gold doré bars that are shipped to third-party refineries for final processing.

SSR has made efforts to optimize operations at Seabee, including process improvements and exploration activities. The acquisition of Taiga Gold in April 2022 expanded the company’s exploration platform.

According to SSR’s website, the Seabee site’s proven and probable mineral reserves currently total 343,000 ounces of gold at an average grade of 5.17 grams per metric ton (g/t). Its measured and indicated resources stand at 218,000 ounces of gold grading 4.36 g/t, while its inferred resources total 463,000 ounces grading 5.2 g/t.

The company continues to explore opportunities for reserve growth, particularly at the Santoy and Gap Hangingwall targets. SSR is also conducting further analysis and seeking permits for potential future mining at the Porky/Porky West area, where mineralization has been identified along a strike length of 2.5 kilometers.

Beyond Seabee, SSR has a portfolio of mining assets across the Americas. These include the Marigold mine, an open-pit gold mine located in Nevada, and the Puna operations, a silver-lead-zinc mine in Argentina. It also holds several development projects, including the San Luis gold-silver project in Peru and the Pitarrilla silver project in Mexico.

The company has faced challenges elsewhere in its portfolio. Earlier this year, SSR’s Çöpler gold mine in Turkey was temporarily closed following a heap leach landslide that resulted in the deaths of nine workers.

Work to resume normal operations is underway, with cleanup efforts at the site involving the removal of an estimated 10 million metric tons of material.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

President Vladimir Putin warned the West on Wednesday that Russia could use nuclear weapons if it was struck with conventional missiles, and that Moscow would consider any assault on it supported by a nuclear power to be a joint attack.

The decision to change Russia’s official nuclear doctrine is the Kremlin’s answer to deliberations in the United States and Britain about whether or not to give Ukraine permission to fire conventional Western missiles into Russia.

Putin, opening a meeting of Russia’s Security Council, said that the changes were in response to a swiftly changing global landscape which had thrown up new threats and risks for Russia.

The 71-year-old Kremlin chief, the primary decision-maker on Russia’s vast nuclear arsenal, said he wanted to underscore one key change in particular.

“It is proposed that aggression against Russia by any non-nuclear state, but with the participation or support of a nuclear state, be considered as their joint attack on the Russian Federation,” Putin said.

“The conditions for Russia’s transition to the use of nuclear weapons are also clearly fixed,” Putin said, adding that Moscow would consider such a move if it detected the start of a massive launch of missiles, aircraft or drones against it.

Russia reserved the right to also use nuclear weapons if it or ally Belarus were the subject of aggression, including by conventional weapons, Putin said.

Putin said the clarifications were carefully calibrated and commensurate with the modern military threats facing Russia – confirmation that the nuclear doctrine was changing.

Russia’s current published nuclear doctrine, set out in a 2020 decree by Putin, says Russia may use nuclear weapons in case of a nuclear attack by an enemy or a conventional attack that threatens the existence of the state.

The innovations outlined by Putin include a widening of the threats under which Russia would consider a nuclear strike, the inclusion of ally Belarus under the nuclear umbrella and the idea that a rival nuclear power supporting a conventional strike on Russia would also be considered to be attacking it.

The United States in 2022 was so concerned about the possible use of tactical nuclear weapons by Russia that it warned Putin over the consequences of using such weapons, according to Central Intelligence Agency Director Bill Burns.

Confrontation

The 2-1/2-year-old Ukraine war has triggered the gravest confrontation between Russia and the West since the 1962 Cuban Missile Crisis – considered to be the closest the two Cold War superpowers came to intentional nuclear war.

Ukrainian President Volodymyr Zelensky has been urging Kyiv’s allies for months to let Ukraine fire Western missiles, including long-range US ATACMS and British Storm Shadows, deep into Russia to limit Moscow’s ability to launch attacks.

With Ukraine losing key towns to gradually advancing Russian forces in the country’s east, the war is entering what Russian officials say is the most dangerous phase to date.

Zelensky has urged the West to cross and disregard Russia’s so-called “red lines,” and some Western allies have urged the United States to do just that, though Putin’s Russia, which controls just under one-fifth of Ukrainian territory, has warned that the West and Ukraine are risking a global war.

“Russia no longer has any instruments to intimidate the world apart from nuclear blackmail,” Andriy Yermak, Zelensky’s chief of staff, said in response to Putin’s remarks. “These instruments will not work.”

Putin, who casts the West as a decadent aggressor, and US President Joe Biden, who casts Russia as a corrupt autocracy and Putin as a killer, have both warned that a direct Russia-NATO confrontation could escalate into World War Three. Republican presidential candidate Donald Trump has also warned of the risk of nuclear war.

Russia is the world’s largest nuclear power. Together, Russia and the US control 88% of the world’s nuclear warheads.

In his remarks to Russia’s Security Council, a type of modern-day politburo of Putin’s most powerful officials including influential hawks, Putin said that work on amendments on changing the doctrine had been going on for the past year.

“The nuclear triad remains the most important guarantee of ensuring the security of our state and citizens, an instrument for maintaining strategic parity and balance of power in the world,” Putin said.

Russia, he said, would consider using nuclear weapons “upon receiving reliable information about the massive launch of aerospace attack vehicles and their crossing of our state border, meaning strategic or tactical aircraft, cruise missiles, drones, hypersonic and other aircraft.”

This post appeared first on cnn.com

A pair of blood-spattered trousers in a miso tank and an allegedly forced confession helped send Iwao Hakamata to death row more than five decades ago.

Now, the world’s longest-serving death row convict has a chance to clear his name.

A Japanese court on Thursday is set to hand down its verdict in the retrial of 88-year-old Hakamata, who was sentenced to death in 1968 for murdering a family in a marathon legal saga that’s brought global scrutiny to Japan’s criminal justice system and fueled calls to abolish the death penalty in the country.

During the retrial, Hakamata’s lawyers argued new information proved his innocence, while prosecutors claimed there was enough evidence to confirm he should be hanged for the crime.

Once a professional boxer, Hakamata retired in 1961 and got a job at a soybean processing plant in Shizuoka, central Japan – a choice that would mar the rest of his life.

When Hakamata’s boss, his boss’s wife, and their two children were found stabbed to death in their home in June five years later, Hakamata, then a divorcée who also worked at a bar, became the police’s prime suspect.

After days of relentless questioning, Hakamata initially admitted to the charges against him, but later changed his plea, arguing police had forced him to confess by beating and threatening him.

He was sentenced to death in a 2-1 decision by judges, despite repeatedly alleging that the police had fabricated evidence. The one dissenting judge stepped down from the bar six months later, demoralized by his inability to stop the sentencing.

Hakamata, who has maintained his innocence ever since, would go on to spend more than half his life waiting to be hanged before new evidence led to his release a decade ago.

After a DNA test on blood found on the trousers revealed no match to Hakamata or the victims, the Shizuoka District Court ordered a retrial in 2014. Because of his age and fragile mental state, Hakamata was freed as he awaited his day in court.

The Tokyo High Court initially scrapped the request for a retrial for unknown reasons, but in 2023 agreed to grant Hakamata a second chance on an order from Japan’s Supreme Court.

Retrials are rare in Japan, where 99% of cases result in convictions, according to the Ministry of Justice website.

A justice system under scrutiny

Even as his case is closely watched around the world, a possible acquittal would not likely register with Hakamata, who after decades of imprisonment has seen a decline in his mental health, and is “living in his own world,” said his sister Hideko, 91, who has long campaigned for his innocence.

“Sometimes he smiles happily, but that’s when he’s in his delusion,” Hideko said. “We have not even discussed the trial with Iwao because of his inability to recognize reality.”

But for Hakamata’s supporters, the case is about much more than one man.

It has raised questions about Japan’s reliance on confessions to get convictions. And some say it’s one of the reasons why the country should do away with the death penalty.

“I’m against the death penalty,” Hideko said. “Convicts are also human beings.”

Japan is the only G7 country outside of the United States to retain capital punishment, though it did not perform any executions in 2023, according to the Death Penalty Information Center.

Hiroshi Ichikawa, a former prosecutor who was not involved in Hakamata’s case, said historically Japanese prosecutors have been encouraged to get confessions before looking for supporting evidence, even if it means threatening or manipulating defendants to get them to admit guilt.

An emphasis on confessions is what allows Japan to maintain such a high conviction rate, Ichikawa said, in a country where an acquittal can severely hurt a prosecutor’s career.

Japan’s Ministry of Justice said it could not comment on an ongoing case.

A long fight for exoneration

For 46 years, Hakamata was held behind bars after being convicted on the basis of the stained clothing and his confession, which he and his lawyers say was given under duress.

“The Japanese judicial system, especially at that time, was a system that allowed investigative agencies to take advantage of their surreptitious nature to commit illegal or investigative crimes,” Ogawa said.

Chiara Sangiorgio, Death Penalty Advisor at Amnesty International, said Hakamata’s case is “emblematic of the many issues with the criminal justice (system) in Japan” and that his conviction was “riddled with flaws and recognized as unreliable” by the fact that he was granted a retrial.

Death row prisoners in Japan are typically detained in solitary confinement with limited contact with the outside world, Sangiorgio said. Executions are “shrouded in secrecy” with little to no warning, and families and lawyers are usually notified only after the execution has taken place.

Despite his poor mental health, over the past decade, Hakamata has gotten to enjoy the small pleasures that come with living freely.

In February, he adopted two cats. “Iwao began to pay attention to the cats, worry about them, and take care of them, which was a big change,” Hideko said.

Every afternoon, a group of Hakamata’s supporters take him out for a drive, where Hideko says Hakamata “buys a large amount of pastries and juice.”

While Hakamata may not understand the significance of Thursday’s ruling, his family and throngs of supporters may finally see the world’s longest-serving death row prisoner declared innocent, once and for all.

“I hope he will continue to live a long and free life,” Hideko said.

This post appeared first on cnn.com

The killing of a Japanese schoolboy in China has sparked an outpouring of anger and soul searching over the rise of extreme nationalism in the country, with some accusing the government of fanning anti-Japan sentiment and even the “education of hatred.”

The tragic loss of a young life has once again thrown a spotlight on the complex relationship between Asia’s two biggest economies, which has been shaped by their wartime history and changing power dynamics brought about by China’s rise.

The 10-year-old, born to a Japanese father and Chinese mother, was fatally stabbed on his way to school by a man in the southern city of Shenzhen last Wednesday. It was the second knife attack on Japanese children and third assault on foreigners in China in recent months.

Authorities in Beijing have refused to disclose the motive in each case, describing them as “isolated incidents” that could happen in any country.

But to some Shenzhen residents and online commentators, the daylight killing in one of China’s most cosmopolitan cities has prompted urgent reflection on the role of nationalistic propaganda and xenophobia in fueling such attacks.

“As a Chinese, I feel heartbroken, outraged and ashamed,” said a Shenzhen resident who laid a white rose outside the Japanese school following the boy’s death last Thursday.

“This kind of violence is the result of long-term education of hatred … There’s no good in instilling hatred from a young age,” said the resident, who requested anonymity for fear of reprisals.

The resident’s comments echo a groundswell of commentaries and online posts calling for a reckoning on anti-Japan sentiment, many of which have since been censored by Chinese social media platforms.

“The ‘anti-Japan rhetoric’ based on nationalist narratives has increased to dominate the internet,” a Chinese blogger said in a now-removed viral article on social platform WeChat. “These online remarks … will inevitably spill over from the screen and impact the ‘real world,’” they wrote.

The killing has shaken the Japanese community in China, with some of Japan’s biggest companies offering to repatriate staff members and their families. The development risks undermining Beijing’s recent efforts to court Japanese businesses to expand investment in China, amid a record exodus of foreign capital from the country’s flagging economy.

Historic anger

Japan has long been a target of Chinese nationalist ire, rooted in its brutal invasion and occupation of China in World War II. Generations of Chinese grew up learning about the atrocities committed by Japanese soldiers in school textbooks and on state television.

That feeling of resentment is further fueled by territorial disputes in the East China Sea and geopolitical tensions, as Beijing seethes at what it sees as Japan’s deepening alliance with the United States intended to contain its rise.

China has ramped up patriotic education under leader Xi Jinping, who frequently evokes the country’s “century of humiliation” by imperial powers to rally public support behind his nationalistic agenda to assert Chinese power on the world stage.

The fatal stabbing of the Japanese boy coincided with the anniversary of Japan’s invasion of northeast China, an emotionally charged day commemorated with sirens and moments of silence across the country.

The sensitive timing has further fueled speculation that the attack was motivated by hatred.

A rare statement issued last week by dozens of Chinese people living in Japan condemned the assault and called for reflections on the “underlying causes.”

“The extreme nationalist hate education against Japan has been prevalent in China for a long time. It has obscured some Chinese people’s understanding of Japan, and even indulged ignorance and evil,” the statement said.

Signed by intellectuals, professionals, businesspeople and students with their real names, the statement mounted a sharp criticism of Beijing’s policies and vowed to change the “disturbing situation.”

Beijing has denied the accusations.

“There is no so-called Japan-hating education in China,” Foreign Ministry spokesperson Lin Jian said Monday.

“We advocate learning from history, not to perpetuate hatred, but to prevent the tragedy of war from happening again.”

Nationalistic clickbait

The ruling Chinese Communist Party has long cultivated nationalism to shore up legitimacy.

Under Xi, China’s heavily censored social media has seen a surge of ultra-nationalistic, anti-Japan rhetoric. In some cases, the anger appears to have been fanned by the Chinese government and state media to exert pressure on Tokyo, such as the coordinated outrage last year over Japan’s release of treated wastewater from the Fukushima nuclear plant.

In other instances, nationalism is used as clickbait by online influencers, who often peddle jingoistic rhetoric and conspiracy theories to compete for traffic. A Chinese man recently went viral after posting a video of himself defacing the Yasukuni Shrine in Tokyo, a controversial symbol of Japan’s military legacy that honors the country’s war dead, including some convicted of war crimes.

Some of that online hatred has turned to Japanese schools in China’s biggest cities with a large presence of Japanese businesses and workers. Since last year, hundreds of videos fanning hostility and suspicion of these facilities have emerged on Chinese video-streaming sites. Many called for the schools to be shut down, and some even accused them of secretly training Japanese spies.

“(Conspiracies against) Japanese schools have become a cheat code for viral content,” a blogger wrote on WeChat last week, after analyzing nearly 300 clips on video platform Kuaishou, which he said drew more than 2 million upvotes.

Following the article, Kuaishou suspended more than 90 accounts that fanned hostility between China and Japan, the platform said in a statement Saturday.

Some have voiced concerns about the effect of growing online xenophobia on Chinese children.

Zhang, a teaching assistant at a private school in Shanghai, said she noticed children as young as 6 portraying Japanese as villains.

‘Absolutely unacceptable’

On Monday, Japan’s Foreign Minister Yoko Kamikawa urged Beijing to crack down on online anti-Japan posts and ensure the safety of Japanese citizens in a meeting with China’s top diplomat Wang Yi in New York.

“Groundless, malicious and anti-Japanese social media postings and others, including those targeting Japanese schools, directly affect the safety of children and are absolutely unacceptable,” Kamikawa told Wang, demanding a thorough crackdown as soon as possible, the Associated Press reported, citing a statement from the Japanese Foreign Ministry.

Wang, according to the Chinese Foreign Ministry, vowed to protect the safety of all foreign citizens in China and urged Japan to “remain calm and rational” to avoid “policization and escalation.”

A Japanese mother of two in the southern Chinese city of Guangzhou said her husband’s automotive company had given families the option to return home, but her family decided to stay.

The mother, who asked not to be named due to the sensitivity of the issue, said the extreme nationalist rhetoric online did not represent the views of Chinese people she has met during her two years living in China.

“I’m almost torn in the middle. I’m so sad about the tragedy. But at the same time, I’m also so sad that so many Japanese people are hating China about this one incident.

“One crazy person can do crazy things, doesn’t mean everyone in the country is crazy. I’ve only received love and kindness from the Chinese people I met in Guangzhou.”

She said some of her Chinese friends who live in nearby Shenzhen went to lay flowers at the Japanese school.

By Friday evening, the school had received more than 1,000 bouquets, according to the Japanese consulate in Guangzhou – including from residents of faraway cities.

Some tributes carried a note of apology. “Child, I’m sorry, please rest in peace,” said a note signed from “a mother in Shenzhen.”

“Wish there’s no hatred in heaven,” another reads.

This post appeared first on cnn.com