Good morning and welcome back to FirstFT Asia. In today’s newsletter:

• Washington’s silence over the Japan-China rift

• Hong Kong’s low turnout election

• Are Singapore’s investment giants falling behind?

• The FT’s 2025 Influence List

Japan has urged the US to give Prime Minister Sanae Takaichi more public support after expressing frustration at the level of backing she received following comments about Taiwan that enraged China.

What to know: Tokyo thinks top US officials have not offered enough support for Japan, after China lashed out at Takaichi for saying a Chinese attack on Taiwan could pose an “existential threat” that would justify Japan deploying its military. Shigeo Yamada, Japan’s ambassador in Washington, has asked the Trump administration to step up its public support for Tokyo, according to people familiar with the diplomatic discussions.

China has attacked Takaichi, threatened economic retaliation and warned its citizens to avoid Japan. Takaichi said yesterday that Chinese warplanes had locked their radars on to Japanese fighter jets south-east of Okinawa on Saturday, in what she described as an “extremely regrettable” incident.

Disappointment in Tokyo: Washington has offered some support to Takaichi with George Glass, ambassador to Japan, last month telling reporters Trump and his team “have her back”. But there has been little other direct public support. One Japanese official said Tokyo did not believe the US was wavering in its commitment to Japan, but added that there was deep disappointment at the lack of public support from top officials in Washington. Read the full story.

• More US foreign policy: US defence secretary Pete Hegseth vowed to “restore US military dominance” in the western hemisphere as the Trump administration released a national security policy that cut Washington’s emphasis on countering China and Russia.

Here’s what else we’re keeping tabs on today:

• Economic data: Japan reports revised third-quarter GDP figures and China publishes November trade data.

• Ice cream IPO: The Magnum Ice Cream Company will launch on the Amsterdam, New York and London stock exchanges. The trading debut of Unilever’s ice cream spin-off comes amid a row between its boss and the founders of a key brand, Ben & Jerry’s.

Five more top stories

1. A majority of Hongkongers have sat out legislative elections held after last month’s deadly fire in a residential high-rise as authorities struggle to win a mandate for their new, “patriots only” system of governance. The low turnout vote came as Hong Kong authorities have struggled to manage public feelings about the fire in the Tai Po district that killed 159 people.

2. Chinese phonemakers are promoting apps that help users switch from the iPhone, seizing on Apple’s struggles to roll out AI features in the world’s largest smartphone market. The country’s smartphone market is highly competitive, with no company holding a share greater than 20 per cent. Here’s how Chinese groups are trying to convert Apple users.

• Trade: Chinese exports to south-east Asia are growing at almost twice the rate of the past four years, as Trump’s trade war pushes Beijing to tighten trade links with its neighbours.

3. Hollywood is bracing itself for more belt-tightening and job losses if Netflix’s $83bn deal to acquire Warner Bros goes through. The industry’s powerful unions have urged regulators to block the transaction, while actress Jane Fonda said the proposed deal “threatens the entire entertainment industry”. Read the full story.

• How Netflix won WBD: Warner Bros appeared to be Paramount’s to lose. But once again, Hollywood underestimated the streaming pioneer that has upended the industry.

4. The Federal Reserve is set to cut interest rates this week despite deep divisions among its officials on the direction of the US economy, according to leading academic economists. Respondents to the latest FT-Chicago Booth survey cited concern among officials about the impact of a weak jobs market and high prices on Americans.

5. Lawmakers and legal experts have warned the US Department of Justice against heavily redacting files linked to late sex offender Jeffrey Epstein as a Congressionally-mandated deadline approaches for their release. The December 19 deadline to release the DoJ files is a test for the Trump administration as it tries to contain dissent among its most loyal backers.

News in-depth

Emmanuel Macron went to China last week bearing gifts of Hermès scarves and returned with promises of pandas. But the apparent bonhomie between the French president and Chinese counterpart Xi Jinping could not hide what Macron called “unbearable imbalances” in ties between their two nations.

We’re also reading . . . 

Chart of the day

Contributions from Singapore’s Temasek and GIC — along with the central bank — account for about 20 per cent of the city-state’s budget. But recent returns for the two investment groups have compared unfavourably with many global peers. Are they falling behind?

Take a break from the news . . . 

The FT’s inaugural Influence List includes those in politics, business, media, the arts and sports who are shaping the way we live today. Here are the 25 people who stood out this year.