| Biden's top Asia czar says U.S. standing in the region has slipped. Didi plunges as China intensifies its crackdown on companies listing abroad. Nomura copes with Archegos losses by axing a chunk of its hedge-fund business. A secret Nintendo cafe in Tokyo quietly opens to the public. Here's what you need to know. The White House's top official for Asia said America's position in the region has "slipped" with a more assertive China making advances. "I think we recognize that the United States has a lot of work to do," Kurt Campbell, the U.S. coordinator for Indo-Pacific affairs on the National Security Council, said Tuesday at an event hosted by the Asia Society. He added that American policies in Asia were aimed in large part at dissuading Chinese President Xi Jinping and his advisers from a belief that the U.S. is in a "hurtling" decline. Asian stocks look set to fall after U.S. shares snapped a winning streak. While the S&P 500 dipped from a record, Amazon helped power the Nasdaq 100 to a fresh peak. Oil pared losses after falling toward $73 a barrel. The dollar's climb spurred a commodities selloff, and uncertainty shrouds the next move in the OPEC+ saga. Didi shares tumbled 20% Tuesday, wiping out about $15 billion of market value and taking the stock below its IPO price. A new sweeping warning from China's State Council to the country's biggest companies may chill investor sentiment at a time when there are as many as 34 pending filings for U.S. listings by firms based in the mainland or Hong Kong announced this year. Meanwhile, Weibo denied a report of plans to take the Chinese Twitter-like service private. Nomura has decided to stop offering cash prime-brokerage services in the U.S. and Europe, a big chunk of its hedge-fund business, following deep losses sustained from Archegos's collapse. The move deals a blow to CEO Kentaro Okuda and his plans to expand in the U.S., which has the world's largest pool of banking fees. The Japanese bank has already informed regulators in those jurisdictions and some clients of the decision, and given them about six months to find a new provider. Japanese Prime Minister Yoshihide Suga is likely to unveil another economic stimulus package worth at least $180 billion in the coming months, according to a Bloomberg survey of 18 economists. All but one expected the announcement before national elections that must be held by early fall. Meanwhile, Japan and the U.S. would have to defend Taiwan together in the event of a major problem, Kyodo News reported Deputy Prime Minister Taro Aso as saying, marking some of the highest-level remarks from Tokyo on the sensitive subject. What We've Been ReadingThis is what's caught our eye over the past 24 hours: And finally, here's what Tracy's interested in todayAlibaba was about to list Ant Group before the proverbial IPO plug got pulled by Beijing last year as part of what grew to become a major crackdown on Big Tech. Now, China has targeted ride-hailing app Didi, wiping billions off its market cap just days after it completed the biggest-ever listing of a Chinese company in the U.S. Coincidence? Probably not. As my Bloomberg colleague Ye Xie points out, "Beijing is sending an unequivocal message to leading Chinese tech companies: Seeking initial public offerings in the U.S. is not something to be encouraged." So far the emphasis of China's "tech crackdown" has been squarely on the country's growing concern over tech's vast reams of data and how they might pose a threat to its national security. But it's also a story of continued balkanization of financial markets and ongoing tensions between the world's two biggest economies as the U.S. has stepped up its regulatory scrutiny of Chinese listings in the states in recent years. Chinese firms that choose to go public in the U.S. are subject to American regulation, including requirements to potentially share their data with U.S. authorities. So discouraging Chinese companies from listing in the U.S. arguably does two things for Beijing. First, it ensures valuable data don't fall into American hands. Second, it goads more Chinese tech companies into listing in Shenzhen, Shanghai and Hong Kong at a time when Beijing is keen to boost its financial market clout. So far investors have reacted to China's tech crackdown by awarding U.S. tech firms more of a premium. The below chart, for instance, shows the divergence between the Invesco China Technology ETF and the Nasdaq-tracking QQQ ETF growing in recent days, as traders reprice risks for Chinese tech. But that could change as more investors come to understand the ultimate goals of China's stance, or as the U.S. starts its own tech crackdown.  You can follow Tracy Alloway on Twitter at @tracyalloway. | 
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