Philippines–Japan Security Boost: President Marcos met former PM Fumio Kishida on Japan’s $10B Powerr Asia plan, while Tokyo and Manila agreed to start talks on sharing classified military info, maritime border delimitation, and transferring Abukuma-class destroyers—plus a double-tax deal—under an upgraded “Comprehensive Strategic Partnership.” Japan Demographics & Industry: Japan’s population fell to 123.05 million in 2025, a record drop, as aging accelerates; meanwhile April industrial output rose 0.8% on machinery and chip-related gains. Japan Rice Crisis Fallout: Japan’s government blamed overestimating supplies and slow emergency response for the rice shortage, with tourism and distribution misreads worsening price surges. China’s Marine Biopharma Push: China issued its first national policy for marine biopharmaceuticals, targeting $19B value added by 2030 and a stronger resource-to-drug pipeline. India–Iran Shipping & US Pressure: An India-bound oil tanker cleared the Strait of Hormuz as Iran’s IRGC allowed transits; US Treasury’s Bessent said “kinetic action” and economic pressure pushed Iran toward nuclear talks. India Money Modernization: RBI is reportedly preparing polymer rupee notes to cut maintenance costs and boost durability. Markets & Policy Mood: EU regulators opened a full probe into JD’s Ceconomy deal over possible foreign subsidies; China’s Shangri-La Dialogue spotlighted Indo-Pacific tensions and doubts about US priorities.