A chipmaker just became Japan’s most valuable company, knocking Toyota off a perch it held for years. It is the clearest sign yet of how deeply the chip boom is reshaping Asia.

Korea’s market has doubled in a year on the same wave, but the gains rest on just a few names. In Indonesia, a different worry is building over how the state runs the economy.

Today’s Asia Intelligence Brief covers the region’s finance, markets, economy, and politics. We pulled it together from Japanese, Chinese, Korean, Hindi, Bahasa Indonesia, Vietnamese, and English sources.

Japan — A New Company on Top

Kioxia Passes Toyota