the u.k. won't turn its back on europe. trump terms on china, accusing it of stealing american jobs. e threatens to tear up the tpp deal. welcome to daybreak asia.

let's go straight to japan, where we are adjusting the rep up between the meeting of shinzo abe and the boj governor. >> this is the third meeting ever since we had the brexit vote. the yen went crazy, touching 99 -- usually volatile session. this is what we are getting so far between the prime minister and the bank of japan. the bank of japan can provide liquidity if needed. they can add funds to the market if necessary. trying to, reassure saying that japanese banks have known problems with funding at the moment. corona explaining the funding

process at the meeting. abe coming out earlier, saying that the finance minister must continue to pay careful attention to the market. they have been discussing the brexit, what potential issues may arise. he also says he sees no problem with raising funds, keeping liquidity ample in this market. not just in japan, but since the vote happened on friday. it has been a paramount concern for officials. we are looking at reaction when it comes to the yen. it has strengthened a bit, although it has been holding steady as markets digest these comments. a bit of a reaction coming from other regional currencies. the kiwi dollar, the ozzie racing after comments from shinzo abe. we're hearing that global banks have made a statement on markup

corporations. abe said this has helped to comfort market and boost sentiment. to continue management as he already said before, he has declined to comment on emergency bank of japan meetings. the markets have been rallying over the past day, largely on expectations that we will get something substantial from japan on the back of that stimulus package. to try and stem the bleeding from the markets. there is real economic fallout that the brexit decision will have. do you have a lot of encouraging words, kuroda saying he will work with banks to ensure liquidity. they will continue to work with the g7, take any necessary action, but will be watching these market conditions closely. shinzo abe ultimately saying that all measures will be

mobilized after the brexit vote .that is what we have . in terms of a substantial ongoing information -- intervention, nothing has been announced. whether the market will be disappointed, work they might wait and see. >> let's get the market reactions on those comments. markets have just opened. david, how is it looking? david: we will look at the yen in a moment. when you have equities overall of 2% and copper and oil on the way up, gold on the way down. yields are slightly mixed. chances are you get something like this. you look at the price action, the volumes we are getting in asia. still early days obviously, but japan up by 1.4%. you can be technical about it, the nikkei is on a three-day run. it dropped 8% since then, but it

has been on the way up. we talked about dollar yen. let's get an update on the today chart to put this into context. we are obviously at a much weaker levels. that being said, it has strengthened a bit since it caught up. we talked about a lot of this coming out of that meeting. it is the same thing. it is a g-7 effort. it is basically a list of what they can do, not what they plan to do. energy has remained potential, and not kinetic, if you can use a physics analogy. these lines will continue to come. if they come, we will bring a development. dollar much weaker compared to the yen. this speaks to the larger figure we see in the markets, where the yen and swiss is weaker. the dollar is slightly stronger

against most. this is adding to the signs that today could be a very risk on session. the bond markets, this has is located somewhat with -- has dislocated somewhat with this relationship. it depends on the relationship between equities and bonds. all bc equities rally, -- while we see equities rally, they see yields continue to fall forward. in japan, they are trading at crazy low levels. everything from the three months to the 40 year, under 1.1%. and at the start of the session, some of the green that you see on australia's 10 year bonds. josh depend still in the negative. -- japan still in the negative. see if the trio can call markets today.

david cameron has endured what could be his final eu meeting, facing sentiment over the brexit vote that he initiated. european administrators want them to continue the exit initially. eu chiefs are frustrated, saying that they are held hostage. >> that is what the applet prime minister said. sayingmerkel gensler that is not a time for wishful thinking, you have to press forward. some of these frustrations stemming from what seems like a lack of a plan on the u.k. side. this is the ecb president's comment on it. >> what i don't understand is that those who wanted to leave are totally unable to tell us what they want. all those having campaigned for

leave, they tell us that we need some time. i thought that if he wants to leave, you have a plan. you have a global picture. europeanlaude, the commission president speaking about his frustrations as to why there was no plan made. maybe some concerns behind closed doors about foot dragging about the whole situation. >> i saw some lines about the swedish krona minister -- uncertainty is not good for anyone, certainly not market. how damaging is the state of limbo? >> looking at the economy for the euro area, the ecb president has, from that. mario draghi saying it could fall by half a percentage point by the next five years keep relatively. everyone wants to move on from this. so some of the pressure can be taken off issues with growth, economy, and markets. on that front, david cameron says this is a matter for my

successor, they are the ones that will pull the trigger on official processes of leading the european union. -- leaving the european union. on that side of things, the ukip party said a new prime minister should be announced on september 9. that is still a few weeks away. in som david cameron said he fot hard to remain, and that he had close ties between the u.k. in europe that should remain. >> more uncertainty for the next couple of weeks. a lot still on the plate. in the u.s., stocks rallied for the first time since the brexit vote. sue, give us a wrapup of the day's action. was this a real rally or a break? sue: that is what remains to be seen. certainly it was a relief rally and sentiment was changed, but whether this was a dead cat

bounce, which is what americans refer to, which will be determined later in the day as trading resumes. but check out the major benchmarks pretty much across the board, in green. the dow is up 260 point, and most importantly and they hung on to those gains in the final hour of trading. leading the gains, we have banks, technology, and energy. citigroup up 5%. facebook was one of the gainers, exxon. citigroup showing the strongest rally for the banking group in six weeks after the biggest selloff in private -- in five years. in commodities, you see a tale of two movements as david mentioned. gold heading lower, oil heading higher. gold easing off its 5.5% to the ledn, which was -- which many analysts to say this could be a new boom market for gold, proving that it is an ideal

hedge and volatile cases. reboundedf oil, it toward the end, but closed near 48. 's 80% it's february low. the weaker dollar was part of the story. thatrtainly led gold and was out of favor. volatility is way down from the levels we've seen in the past two days, but still on trackable monthly spikes. an animus whist -- a analyst withn mtm partners, if you look at the big fix going back to 97, you will see various times weather has been a very strong spike. it has lasted over a couple years. he critics despite we saw in the last two days will set us up for a right for years to come. >> we saw the gdp figures coming out of the u.s. fairly strong. but there are areas of concern,

right? >> we came in with a stronger revised gdp, which is positive. but there was household consumption, which women at a pace of 1.5%., -- which came in at 80 piece of 1.5%. you want to see consumer household spending more robust. certainly it is some decent of the economy. -- certainly at 70% of the economy. growth is adding lackluster pace," but no cigar, as they would say. a second report on consumer confidence, the highest in a month. that underscores the next picture we are getting and the data. >> joining us from our new york headquarters, thanks sue. reports from turkey, as many as 50 may have been killed in istanbul airport. 3 suicide bombers were involved, with one opening fire with an assault rifle. all flights into and out of

istanbul have been stopped until 8:00 a.m. local time, although turkish airspace will return to normal in the next hour. donald trump has a campaign speech in the swing state of pennsylvania to accused china of stealing u.s. jobs. the presumptive nominee said that if elected, he would pull america out of the transpacific partnership, labeling china a currency cheat. trump also promised to renegotiate nafta and use u.s. steel and aluminum to rebuild infrastructure. , it could happen, economists are saying it's time to get ready. how should investors prepare for the possibility of a u.k. recession? ♪

>> it is a: 15 in hong kong. japan's top messaging app will release 35 billion shares, the

equivalent of $26 each. it wants to begin trading in new york july 15, and tokyo the next day. despite going public in the turmoil of the brexit vote, they expect strong interest from retail investors. 's sales fell 11%, while analysts expect a 13% gain. were below expectations. reports from seoul say the uber ceo will appear in court today, 18 months after being indicted after a taxi service being called illegal in korea. people stand trial in south subject to strict court and. by the charges

he was accused of breaking the rules on transport services after launching uber partnerships with a korean rental car operator. day,ocal news, 24 hours a powered by journalists and hundred 20 countries. -- in 120 countries. >> markets trading in the asia-pacific. the japan officials wrapping up the meeting between abe tyro, as well as kuroda. not doing march to markets in turmeric again, but stock getting a lift hundred 60 points on the nikkei. australia seeing good gains in buying, of 9/10 of 1%. oil back in his rally today. we will continue to watch that. joining us from melbourne is. chris weston -- is chris weston. got this rally, has changed much

in the last 24 hours that would suggest that it has legs? chris: not a lot, not that will change and radically alter the sentiment. there has been talk that we are going to see this capital injection into the italian banks. that may help a very beaten up subset, sector should we say. there is a lot of focus on when article 50 will be enacted. that relies on the conservative government having some type of leadership involved, and some strength within the party. the shadow party is in all sorts of this at the moment. for them to interact on article 50, they need a government. they need some certainty on what the future might look like before they do that. the fact that they are going to be pushing this back, and the idea of divorce will take quite some time.

trade is saying, let's focus on things in the short term. nothing has really changed. markets have fallen quickly and hard. i think people are taking those. shorts off the table some brave soldiers might be looking to dip their toes back in. but the u.k. set a precedent for leaving the european union, something that was never supposed to happen. long and0 is 260 words was vague and never managed. to be used -- never meant to be used. we have holland, france, germany, all these other companies -- and it sets up more volatility to come. maybe there is an upside here. >> the eu chiefs want a divorce, but the u.k. can't get their ducks in a row. what does this mean for the pound? does a fast divorce actually help the pound, or is it going

to exacerbate the losses? s: the pound has a further downside, in my opinion. specifically against the yen and the dollar as well, which has a 20% chance of right counsel. we certainly expect further downsides. i will look for any retracements, which might happen in the next 24-48 hours. a lot of been saying the fall in stirring has been --- fall in sterling has helped for the economy. we need to remember that the u.k. are big net importers as well. they mitigate some of that downside for the u.k. economy. politics in disarray at the moment. the idea that this could have a big impact on in the knox -- on economics, where the u.k. could grow 30-40 basis points.

they might have to go down the assets purchased route again, feeling that there is further downside. rallies are an opportunity to sell, for sure. >> you talk about politics being in disarray. you could say the same about australia into the national elections this weekend. some in australia betting against history, saying this election rally after the event is not going to happen given how high valuations have been. do you agree? chris: i wouldn't say the australian political situation isn't in disarray certainly not what we are seeing in the u.k. i suspect we will see the status quote being maintained,. this gap is too hard to get states back. we might see a hung parliament, but valuations are pretty lucky,

like they are around the world. --pretty lofty, like they are around the world. we know the story about what is happening in fixed income at the moment. the australian 10 year yield trading nicely below 2%. that is making these yields play attractively, especially when you see volatility in the markets down 21%. if that continues in earnest, and volatility, continues to fall driven by central banking actions, the yield in australia could certainly come back in vogue based on the trading mentality rather than a valuation perspective. >> thank you so much chris from joining us from another. takes aim atp china and threatens to break trade relations if he becomes president. we are live to washington next on "daybreak asia."

♪

>> donald trump calling beijing a treat and a thief -- a cheat and steve, and threatening to route up trade deals. cheat and aeijinga thief, and threatening to rip of trade deals. >> a hard line between his america first doctrine, and the republican orthodox going back a generation -- that trade is good for the u.s. economy. key is essentially saying that it's hurting workers and benefiting the financial elite, and politicians who get their money. he's making these payments from an interesting place. he was in pennsylvania making these harsh comments. pennsylvania will be one of those places that can turn towards him in november.

it has traditionally been a democratic leaning state/ the polls suggest that he is close with democrat hillary clinton, resonating well with the middle-aged white male, who has seen some tough times. pennsylvania has lost a lot of jobs in the steel and manufacturing economy. trump is blaming china in these trade deals, killing workers that is going to fight for the american worker and use american steel in u.s. projects. and get the u.s. out of the tpp arrangement. here is what he had to say about china specifically. mr. trump: i'm going to instruct my treasury secretary to label china a currency manipulator. [laughter] which should have been done years ago. [applause] any country that devalues their currency in order to take unfair advantage of the united states -- which is many countries -- will be met with, sharply.

and that includes tariffs and taxes. yeah, so we hear him there. and from there, he went on to talk about trying to tie hillary clinton to china's entry into the wto. essentially trying to lay blame at the loss of manufacturing jobs to the clinton doctrine as well. >> taking a look at the polls, it seems like clinton seeing a bit more of a lead as of late. that is why we see trump ramping up the language. when it comes to trade, according to our colleague, it seems like his speech recanted 30 speech -- 30 years of republican thinking. >> absolutely. that is been the core of republican thinking, that more trade is good. >> thanks so much, joining us

live from washington. more coming up next. fundsexit has hedge bracing for one of the worst quarters in recent memory. keep it here. ♪

>> we are a half-hour away from the opening of trading in singapore. you're watching "daybreak asia." asian stocks are rising following the first b postrexit --post brexit bounce. shares in tokyo rose 1% after prime minister shinzo abe met boj officials and cabinet ministers for a 30 day, and for a 30 day, promised -- for a third day. eu leaders say the u.k. operators must leave as soon as

possible, because it threatens them all. one of the lead campaigners, nigel farage, called on a bank official to resign, saying he failed to remain impartial. suicide bombers killed 36 in istanbul's major airport and killed others. the justice and minister said one of three attackers opened fire with an assault rifle before blowing himself up. the explosions happened at security checkpoints at the entrance. the airport remains closed to all flights and traffic. global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. this is bloomberg. strong gains in asia. we?d, where are are we seeing signs of this continue throughout the day? david: that is a tricky question. if you asked me that 10 minutes ago, i would say yes.

a few seconds ago, i would tell you we are starting to see signs that the rally might be coming off a little bit. we were off as much as 10% on the regional benchmark. you look at yen, s&p futures. they are off just a few points. it looked like a simple retracement from the cutoff, but it's actually more at the moment. we are up half of 1%. you see strong conviction. volumes are fairly heavy at the moment, a lot of trade going on. as far as buying conviction is concerned, you can still check that box. dollar-yen. we were hearing some lines out of the meeting between the banks of japan at the government. nothing groundbreaking. in fact, i could take my old script from monday and tuesday and read that to you, and it would make a difference. that said, we are seeing the the

yen come off this session. you are looking at a two-day chart, that is 101 all the way to about 102-80. see, we are at a session low at the moment. still above the midpoint, so we are much weaker. the pace at which this is falling, maybe changing event. .-2 -- 102 45 that said, look at the other risk indicators. oil, 6/10 of 1%, but that too has,. gold was being sold off early this morning. that should be up a little bit. thed sterling, compared to dollar yen, looking at the same sharp slow, 13332, compared to where we were yesterday, much stronger. still very much at a 31 your love.

-- 31 year low. brexit couldn't have come at a worse time for hedge funds. asian had fines were the highest in seven years, and with the uk's vote to leave the eu coming days -- five trading days before the end of the second quarter, signs are bracing for another spike in investor reduction. let's go to christopher langner who has more. this, we had a bad start for hedge funds this year. how bad is it now? chris: they were just starting to return. i put a little chart that shows how the global indexed for hedge funds was just starting to recover, had just reached where they started the year. then it plunges right after brexit because correlations are off, everybody is losing money. there are some hedge funds

making money, but these are the ones driven by machines, or the guys who predicted the end of the world with the brexit. most people are losing money, and in five days, you don't recover that. the rally we see this morning is what we call windowdressing. it's just funds coming in, buying up some stuff, reducing cash. as tomorrow comes, whatever is in the books tomorrow is what they will have to show to investors -- investors next month. >> chris>> rb going to see more pain in the market? -- chris, are we going to see more pain in the market? chris: that is the problem. redemptions don't have an it at once. they come back and say, we are down to present. you say, we want our money back. what you ask for the money back, it takes them anytime between 15 days and three months.

it on what the hedge fund determines. within that period, they will have to liquidate assets. usually they liquidate the more liquid assets like gold and bonds. you might see at some point in the next couple of months, gold going down, not because risk aversion has subsided, but because hedge funds need money to pay back their investors. >> we will continue to watch that one. christopher languor, thanks so much. let's look at what we're following on bloomberg this morning. >> the uk's decision to leave the eu may provide opportunity for the asian property market, if investors lead london. commercial real estate services says singapore, hong kong, and destroy you are more stable options due to high prices. commercial property values in london could fall about 10% over the next year. shares of tivo fell in new york

over delays in its bio deal. it expects the $9.3 billion transaction to close by august, incident june. sources told bloomberg they have transferred funds in several batches. playstation has slept more than 100,000 subscribers. webtv service debuted last year, and is adding customers at a faster rate since it's role of three months ago. entertainment companies hope internet services will offset the decline in traditional paid tv subscribers. sony is hosting a strategy meeting in tokyo today. the top messaging app will offer three 5 million shares at the equivalent of 26-30 six dollars each, and what could be the biggest tech ipo this year. it looks to raise $1.1 billion in new york july 14, and tokyo

the next day. despite going public following the brexit vote, analysts expect strong interest. that's a look at some of the top headlines. >> around 70,000 in ages biggest biggest mobile industry event. we spoke to the head of gsm a, whichfor the last -- organized the conference in shanghai and asked why china is at the heart of the industry's future. >> today in china there are roughly 100 million m2 and connections. roughly one third of the globe's connections are in china, and growing rapidly. that will be roughly one billion in four years time. >> what have been the biggest challenges facing the smartphone industry over the last year? >> i don't know. i think it is heavy investments in 5g around the corner.

i think a lot of promises around 5g. i think we need to be mindful of regulation. so that regulation is supporting us in this huge investment drive that's coming. i don't think that what got us to this decision will necessarily keep us here. i think we have to move quite quickly. -- re being pushed by danny b many different actorsy. >> we know that the smartphone market is highly saturated. how do you continue to carve out growth? >> i wouldn't be surprised if you see that smartphones might not be the way that we communicate in the future. it might be much more differentiated. it might be much more one gadget for one thing, and another gadget for another thing. sure, are one way of communicating. i don't think that's necessarily when you and i sit in five years time, that it will be a square

black box. this might be something completely different. >> we thought about the internet of things. the criticism is that it hasn't come too much. change?seeing that >> i think you can see that change from the number of gadgets. you can see it with the common specifications that we announced in barcelona together with our members. specifications, giving you the choice as a consumer to connect your device, you're smart watch, to any network without having a sin card introduced. -- a sim card introduced. >> when it comes to the regulatory environment, what regions are the most progressive for my telecom perspective? >> in this part of the world, they are trying things. in other parts of the world, we might still be talking. here they are trying and testing

and trying to figure out the best way forward. >> 5g is touted as the next big thing. when might we see this come to market? >> the trials are ongoing. i have seen this physical myself. i think 2018-2021 that are about. that is when you will see 5g be readily available. 1.3-1.5 gigabits per second, that is extraordinary speeds. it lowers its to a few milliseconds. that opens up a huge new area of interaction. >> we have breaking news out of sony, the company cut its fiscal year 2017 mobile operating process ratio targets to 1.5% to 3.5%. they are targeting for 2017 that the mobile operative ratio will be 3.5% to 5%. oe targettained their r

of 13% by 2017. they cut the devices project, cut 5-7%. that is down from 10-12%. we will continue to watch the shares. a glut of busy trade at sony. much higher, 3.6% in tokyo. this is close to $1 billion worth of sony shares that have been exchanged since the open. a a lot of buying into sony. watch the headlines from the company. we also have more lines about the vue tv service. sony said it surpassed 100,000 subscribers as of the march 2015 debut. this is according to sources telling bloomberg. this will be good news for this entertainment companies living paid tv subscribers. -- companies losing pay-tv subscribers. since sony began the relevant in the u.s. three-month ago.

sony has declined to comment on that number, but one person familiar with the matter putting that total number of prescriptions near 120,000. sony shares up. whitef's number 2 on political uncertainty in the u.k. will send ripples for some time yet. that is ahead on bloomberg. ♪

>> the republicans have ended their $7 million in greek into the benghazi attack -- $7 million inquiry into the benghazi attack. but no smoking gun pointed at hillary clinton. she was secretary of state when 4 americans died when militants attacked the u.s. consulate. clinton testified for nearly 11 hours. ikea recalling 27 million

dressers after it has been found to kill 3 children since 1989. they tend to over, pinning children to the floor. 82 incidents have been reported to the commission. refunds and free kits. a shanghai investor will become the first part of the nba franchise. they are buying 5% of the minnesota timberwolves, work 570 -- decadeshas spent cultivating fans in china. and a chinese owner is helping raise the sports profile. financial details of not been released. global news, 24 hours a day, powered by more than 2600 journalists in 120 entries. -- 120 countries.

this is bloomberg. >> as we assess the followed from the uk's decision to leave the eu, the director of the imf sees further market volatility on the way. speaking at tianjin, he said that gdp growth of the u.k. would be affected. the question is -- by how much? >> obviously they will have an impact on the u.k. we forecast in the next three loseshe was, the u.k. 1.4% of gdp. down,estments really slow consumer confidence drops further, and trade laws slow much bigger than we thought, in three years to politically they can lose 5.6% of gdp. that is quite a bit. i think that is the first round of issues. but this referendum created high political uncertainty.

we will see a few other referendums on the table. you heard a few other countries talk about possible referendums. this could create huge political uncertainty. i would say those were transformed into the market, and the growth on downsized pressures. why did we transfer into the market? anytime you have political uncertainties, the market is concerned. in the past two days, you have a response to the political uncertainty. in the next two years, even though nothing will happen, markets are really looking forward the response to the uncertainty. i think there is political uncertainty tied with market volatility.

>> still ahead, a bigger push into china. details coming up. ♪

>> stocks have jumped in asia, following the traction on wall street overnight. 1% on the nikkei to d5. there are local reports of the local stimulus proposal and it

to --proposal handed to minister shinzo abe, roughing up meetings with the job governor. crude oil happening josh jumping up 1.1%. a lot of buying coming in after the first gains we saw in wall street after the brexit vote. singapore starts trading just in 15 minutes time. looks like we could see some modest gains today as well. adidas is extending its push into china, signing a deal to develop soccer and basketball and sponsor the group ironman triathlons. juliet is following all this for us. they see potential in china, where in particular? juliet: some of those rural cities, they plan to open a new store there,

they see that the chinese are becoming more health-conscious, so they are willing to put more money into sport. as we know, chinese consumers have a lot of disposable income. a lot more than what these committees are seeing in the u.s. and more developed countries. --y are seeking a mess adidas are seeing a lot of consumers wanting to buy their products. they want develop soccer and basketball products, but to try and get their products into the market in china. essentially they are hoping this will pay off. we have seen an opera companies start to trickle in china, specifically in consumer brands. but we saw its shares rise in germany after this announcement. >> shareholders like that idea, but is it going to pay off? there are a lot of comedies in china with a focus on the consumer that are struggling. >> but a lot of the sports comedies are doing well. nike has sponsored 16 teams in

the olympics. they have quite a few stores across china. nike and adidas being main rivals. they hope that with they will be able to do the same. we have seen sales in greater in china, going 8% to $2.2 billion. their revenue in shanghai a must as much in portugal and poland combined. they are seeing a lot more interest in demand for sport in china. the soccer store opening was actually attended by a former management star david beckham. he always generates a lot of interest. they had about 500 stores -- they will feature 9000 stores across china. we know that china has pledged $750 -- $750s

million sporting industry by 2025. nike and adidas capitalizing on that, seating areas of growth deliver consumer brands in sports do not see. >> pretty bullish on china. he is renowned for his taste. for decades, hong kong's richest man working simple seiko watch. he recently upgraded to a $500 one and told us why he likes it so much. >> can i ask you what time it is? can i see your watch? [laughter] what do your friends say? >> three years ago i changed. you have about five minutes --

you don't have to change your battery. few hundred u.s. dollars, around 400 u.s. dollars. >> do your friends, do they tease you about your watch? >> no, they know my character. u.s.is a few hundred dollars. --any size.am i don't need to be careful. any time. for make appointments anywhere in hong kong -- half an hour, i can be there. >> yeah, that is very fast. it is about half an hour fast. [laughter] >> yeah, that is good for me. >> it is also very light.

>> very practical. i could have this for another 10 years at least. [laughter] >> a humble man. you can watch some of the first major interview with him in four years. we have a special in-depth the show. hours i should say four from now. that is at 6:00 p.m. hong kong time, 8:00 :00 p.m. if you're watching from sydney. that is us -for "daybreak asia" -- rich, what is coming up in the next two hours? rich: chinese markets open in about 30 minutes from now. intotories in europe play what is happening in the u.s. too, when ittion comes to all that. resistanceh of least

from the bank of singapore, suggesting that it's premature to suggest that the level of sterling could go down even further. tim, who willo tell us about how the brexit leave could help japan's biggest messaging service. we will talk about the possibility that it goes that even further. is attracting tourists into britain, with chinese going to london and buying those burberry trench coats even cheaper than they are at the moment. ♪

♪ wednesday, the 29th of june. i am rishaad salamat. this is "trending business". ♪ right, live in tokyo, singapore, and taipei. japan leading markets on the upside. taken to limit the fallout from brexit. europe demanding an urgent exit strategy from the u.k. japan's