Luke Vargas

and Chinese governments.

Situate this within the broader U.S.-China relationship, if you could.

And Stu, in terms of what persuaded Beijing to do this, ByteDance had initially been really adamant it was not going to sell U.S.

TikTok, and Beijing for a while had backed that up.

In America, where the app has a big fan in President Trump, just yesterday he was touting his popularity on TikTok.

That was the journal's Stu Wu joining me this morning from Singapore.

Stu, thank you so much.

Thanks, Luke.

Coming up, gold is outshining everything as it hits a new all-time high.

But another safe haven, Japanese bonds, lost their luster this week.

We'll look at what a wild few days of politics has meant for markets after the break.

In markets news, gold prices are nearing $5,000 an ounce just three months after crossing the once unthinkable $4,000 mark.

The metal has surged amid geopolitical uncertainty, sky-high stock prices, and as central banks pile in as fellow buyers pushing up prices.

On the other hand, Japanese government bond yields are edging lower today, restoring a degree of stability after a topsy-turvy week that saw yields surge after the country's prime minister took steps to try and address cost-of-living concerns.

Our Tokyo bureau chief, Jason Douglas, has more.

And as affordability takes center stage in U.S.

politics, social media is blowing up with one particular New Year's resolution.

The Journal's Jennifer Williams says the month-long No Buy January Challenge is particularly popular this year as consumers look to reset their lifestyle or offset heavy holiday spending.

To capitalize on the minimal spend trend, Europe's largest secondhand retailer, Vinted, is pouring tens of millions of dollars into expanding in the U.S.

It's Vinted's second attempt to penetrate the U.S.