You hear a lot of talk about “decoupling,” but what’s happening on the ground feels different. It’s not a break. It’s a reshuffle. Factories in Shenzhen aren’t empty. They’re just no longer the only centre of gravity. Companies are adding second and third bases across the region. You see assembly lines show up in Vietnam. Chip ­packaging plants open in Malaysia. Battery­ material projects grow in Indonesia. India pushes for more electronics production through local incentives

In recent months, gold prices have experienced a notable surge throughout Asia, with Tokyo emerging as a primary hub for this precious...