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Japan weighs US$500 billion defence spending plan: sources

Japan’s ⁠government and ruling coalition ⁠are considering nearly doubling defence ⁠spending over the next five years as part of Prime Minister Sanae Takaichi’s push to strengthen the country’s military capabilities, according to two people familiar with the matter.
If adopted, defence build-up spending for the five years ‌from April 2027 would be set at 70 trillion to 80 trillion yen (US$457 billion to US$508 billion), up about 1.8 times from the roughly 43 trillion yen allocated under the…

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Asean seeks to sign FTA with EU. Can Singapore help resolve the Myanmar hurdle?

Singapore is pitching itself as a bridge between the European Union (EU) and Asean, as the two blocs continue their protracted discussions to seal a free trade agreement (FTA).
However, Myanmar’s political uncertainty is a major hurdle towards an EU-Asean FTA, and Singapore will have to play a key role to break the deadlock when it assumes the chairmanship of the Association of Southeast Asian Nations next year, according to an analyst.
At a joint press conference with German Chancellor…

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South Korea’s Kospi Outpaces Nasdaq’s Dotcom-Era Gains as Japan and South Korea Deepen Energy Ties

By Asian Legal Review Staff | May 19, 2026

South Korea’s stock market has delivered extraordinary returns in just the past 18 months as the Kospi index triples in value, fueled by relentless demand for semiconductors from Samsung Electronics and SK Hynix amid the ongoing global AI boom. In a separate but equally significant development, Japan and South Korea have agreed to expand bilateral energy cooperation, including plans for joint hydrogen projects and deeper LNG trade integration.

## The Kospi’s Triple Surge

According to the latest data from the Financial Times, South Korea’s benchmark Kospi index has outpaced even the dotcom-era gains of the Nasdaq, surging more than 200% over the past 18 months. The rally is primarily driven by the global semiconductor supply chain, with Samsung Electronics and SK Hynix serving as the primary beneficiaries of AI infrastructure buildout.

SK Hynix, in particular, has benefited from being one of the few qualified suppliers of high-bandwidth memory (HBM) chips used in NVIDIA’s AI accelerators. Samsung is similarly expanding production capacity to meet the insatiable demand from hyperscale data centers across Asia, the United States, and Europe.

The FT report notes that the surge has fundamentally rewritten the valuation calculus for Korean equities. For years, South Korea’s market was viewed as a cyclical commodity play driven primarily by electronics exports. Today, the Kospi sits at all-time highs, with P/E ratios for leading semiconductor names trading at premiums not seen since the late 1990s tech boom — and yet the earnings backing those valuations are substantially more robust.

“Korean semiconductors are now irreplaceable in the AI stack,” said a Seoul-based equity strategist quoted by the FT, noting that “without HBM memory, there is no path to competitive AI training systems.”

## Japan-South Korea Energy Pact

On the diplomacy front, Tokyo and Seoul have agreed to deepen energy cooperation — a notable shift given the historical frictions between the two economies. The agreement, discussed against the backdrop of the FT’s coverage of talks on Russia’s Power of Siberia 2 gas pipeline, signals a broader realignment in Northeast Asian energy strategy.

Key elements under discussion include:
– Joint development of green hydrogen production facilities
– Expanded liquefied natural gas (LNG) supply partnerships to reduce dependence on Middle Eastern imports
– Shared investment in next-generation nuclear technology
– Coordinated energy procurement strategies in the context of rising global energy prices

The timing is significant. With oil prices reaching their highest levels since the beginning of the Iran conflict — unleaded petrol in the UK has hit 158.52p per litre — energy security has become a pressing concern across the Asia-Pacific. The Japan-South Korea energy pact represents an effort to pool resources and reduce vulnerability to supply shocks.

## What It Means for Southeast Asia

For Southeast Asian investors, the Korean semiconductor surge has dual implications. On one hand, it underscores the growing centrality of Asia in the global tech economy — a trend that could benefit regional supply chain participants in Malaysia, Vietnam, and the Philippines. On the other hand, the elevated valuations raise questions about sustainability if AI capex trends soften or semiconductor demand normalizes.

The Japan-South Korea energy cooperation could also have ripple effects. A more diversified Northeast Asian energy network could stabilize regional power markets and create new trade opportunities for LNG exporters like Australia and Qatar, who are closely positioned to supply both markets.

## Bottom Line

The triple surge of the Kospi and the deepening Japan-South Korea energy alliance point to a broader reconfiguration of Asian economic power. The region is no longer just a manufacturing base; it is becoming the engine of the global AI economy and a critical node in the world’s energy future.

Sources: Financial Times, Nikkei Asia

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South Korea’s Kospi Outpaces Nasdaq’s Dotcom-Era Gains as Japan and South Korea Deepen Energy Ties

By Asian Legal Review Staff | May 19, 2026

South Korea’s stock market has delivered extraordinary returns in just the past 18 months as the Kospi index triples in value, fueled by relentless demand for semiconductors from Samsung Electronics and SK Hynix amid the ongoing global AI boom. In a separate but equally significant development, Japan and South Korea have agreed to expand bilateral energy cooperation, including plans for joint hydrogen projects and deeper LNG trade integration.

## The Kospi’s Triple Surge

According to the latest data from the Financial Times, South Korea’s benchmark Kospi index has outpaced even the dotcom-era gains of the Nasdaq, surging more than 200% over the past 18 months. The rally is primarily driven by the global semiconductor supply chain, with Samsung Electronics and SK Hynix serving as the primary beneficiaries of AI infrastructure buildout.

SK Hynix, in particular, has benefited from being one of the few qualified suppliers of high-bandwidth memory (HBM) chips used in NVIDIA’s AI accelerators. Samsung is similarly expanding production capacity to meet the insatiable demand from hyperscale data centers across Asia, the United States, and Europe.

The FT report notes that the surge has fundamentally rewritten the valuation calculus for Korean equities. For years, South Korea’s market was viewed as a cyclical commodity play driven primarily by electronics exports. Today, the Kospi sits at all-time highs, with P/E ratios for leading semiconductor names trading at premiums not seen since the late 1990s tech boom — and yet the earnings backing those valuations are substantially more robust.

“Korean semiconductors are now irreplaceable in the AI stack,” said a Seoul-based equity strategist quoted by the FT, noting that “without HBM memory, there is no path to competitive AI training systems.”

## Japan-South Korea Energy Pact

On the diplomacy front, Tokyo and Seoul have agreed to deepen energy cooperation — a notable shift given the historical frictions between the two economies. The agreement, discussed against the backdrop of the FT’s coverage of talks on Russia’s Power of Siberia 2 gas pipeline, signals a broader realignment in Northeast Asian energy strategy.

Key elements under discussion include:
– Joint development of green hydrogen production facilities
– Expanded liquefied natural gas (LNG) supply partnerships to reduce dependence on Middle Eastern imports
– Shared investment in next-generation nuclear technology
– Coordinated energy procurement strategies in the context of rising global energy prices

The timing is significant. With oil prices reaching their highest levels since the beginning of the Iran conflict — unleaded petrol in the UK has hit 158.52p per litre — energy security has become a pressing concern across the Asia-Pacific. The Japan-South Korea energy pact represents an effort to pool resources and reduce vulnerability to supply shocks.

## What It Means for Southeast Asia

For Southeast Asian investors, the Korean semiconductor surge has dual implications. On one hand, it underscores the growing centrality of Asia in the global tech economy — a trend that could benefit regional supply chain participants in Malaysia, Vietnam, and the Philippines. On the other hand, the elevated valuations raise questions about sustainability if AI capex trends soften or semiconductor demand normalizes.

The Japan-South Korea energy cooperation could also have ripple effects. A more diversified Northeast Asian energy network could stabilize regional power markets and create new trade opportunities for LNG exporters like Australia and Qatar, who are closely positioned to supply both markets.

## Bottom Line

The triple surge of the Kospi and the deepening Japan-South Korea energy alliance point to a broader reconfiguration of Asian economic power. The region is no longer just a manufacturing base; it is becoming the engine of the global AI economy and a critical node in the world’s energy future.

Sources: Financial Times, Nikkei Asia

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South Korea’s Kospi Outpaces Nasdaq’s Dotcom-Era Gains as Japan and South Korea Deepen Energy Ties

By Asian Legal Review Staff | May 19, 2026

South Korea’s stock market has delivered extraordinary returns in just the past 18 months as the Kospi index triples in value, fueled by relentless demand for semiconductors from Samsung Electronics and SK Hynix amid the ongoing global AI boom. In a separate but equally significant development, Japan and South Korea have agreed to expand bilateral energy cooperation, including plans for joint hydrogen projects and deeper LNG trade integration.

## The Kospi’s Triple Surge

According to the latest data from the Financial Times, South Korea’s benchmark Kospi index has outpaced even the dotcom-era gains of the Nasdaq, surging more than 200% over the past 18 months. The rally is primarily driven by the global semiconductor supply chain, with Samsung Electronics and SK Hynix serving as the primary beneficiaries of AI infrastructure buildout.

SK Hynix, in particular, has benefited from being one of the few qualified suppliers of high-bandwidth memory (HBM) chips used in NVIDIA’s AI accelerators. Samsung is similarly expanding production capacity to meet the insatiable demand from hyperscale data centers across Asia, the United States, and Europe.

The FT report notes that the surge has fundamentally rewritten the valuation calculus for Korean equities. For years, South Korea’s market was viewed as a cyclical commodity play driven primarily by electronics exports. Today, the Kospi sits at all-time highs, with P/E ratios for leading semiconductor names trading at premiums not seen since the late 1990s tech boom — and yet the earnings backing those valuations are substantially more robust.

“Korean semiconductors are now irreplaceable in the AI stack,” said a Seoul-based equity strategist quoted by the FT, noting that “without HBM memory, there is no path to competitive AI training systems.”

## Japan-South Korea Energy Pact

On the diplomacy front, Tokyo and Seoul have agreed to deepen energy cooperation — a notable shift given the historical frictions between the two economies. The agreement, discussed against the backdrop of the FT’s coverage of talks on Russia’s Power of Siberia 2 gas pipeline, signals a broader realignment in Northeast Asian energy strategy.

Key elements under discussion include:
– Joint development of green hydrogen production facilities
– Expanded liquefied natural gas (LNG) supply partnerships to reduce dependence on Middle Eastern imports
– Shared investment in next-generation nuclear technology
– Coordinated energy procurement strategies in the context of rising global energy prices

The timing is significant. With oil prices reaching their highest levels since the beginning of the Iran conflict — unleaded petrol in the UK has hit 158.52p per litre — energy security has become a pressing concern across the Asia-Pacific. The Japan-South Korea energy pact represents an effort to pool resources and reduce vulnerability to supply shocks.

## What It Means for Southeast Asia

For Southeast Asian investors, the Korean semiconductor surge has dual implications. On one hand, it underscores the growing centrality of Asia in the global tech economy — a trend that could benefit regional supply chain participants in Malaysia, Vietnam, and the Philippines. On the other hand, the elevated valuations raise questions about sustainability if AI capex trends soften or semiconductor demand normalizes.

The Japan-South Korea energy cooperation could also have ripple effects. A more diversified Northeast Asian energy network could stabilize regional power markets and create new trade opportunities for LNG exporters like Australia and Qatar, who are closely positioned to supply both markets.

## Bottom Line

The triple surge of the Kospi and the deepening Japan-South Korea energy alliance point to a broader reconfiguration of Asian economic power. The region is no longer just a manufacturing base; it is becoming the engine of the global AI economy and a critical node in the world’s energy future.

Sources: Financial Times, Nikkei Asia

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Bhutan builds 108 stupas for mindfulness city in tourism push

Tens of thousands of volunteers helped raise 108 Buddhist stupas in Bhutan on Sunday, marking the Himalayan kingdom’s ambitious plans for a “mindfulness” city aimed at driving economic growth.
The 15-metre tall solid towers – sacred Buddhist monuments found across the Himalayas – stretch along 12 kilometres (7.5 miles) of riverbank near the Indian border, at the site of the future Gelephu Mindfulness City.
More than 40,000 volunteers took part in building the structures as “a physical form of…

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South Korea’s Kospi Outpaces Nasdaq’s Dotcom-Era Gains as Japan and South Korea Deepen Energy Ties

By Asian Legal Review Staff | May 19, 2026

South Korea’s stock market has delivered extraordinary returns in just the past 18 months as the Kospi index triples in value, fueled by relentless demand for semiconductors from Samsung Electronics and SK Hynix amid the ongoing global AI boom. In a separate but equally significant development, Japan and South Korea have agreed to expand bilateral energy cooperation, including plans for joint hydrogen projects and deeper LNG trade integration.

## The Kospi’s Triple Surge

According to the latest data from the Financial Times, South Korea’s benchmark Kospi index has outpaced even the dotcom-era gains of the Nasdaq, surging more than 200% over the past 18 months. The rally is primarily driven by the global semiconductor supply chain, with Samsung Electronics and SK Hynix serving as the primary beneficiaries of AI infrastructure buildout.

SK Hynix, in particular, has benefited from being one of the few qualified suppliers of high-bandwidth memory (HBM) chips used in NVIDIA’s AI accelerators. Samsung is similarly expanding production capacity to meet the insatiable demand from hyperscale data centers across Asia, the United States, and Europe.

The FT report notes that the surge has fundamentally rewritten the valuation calculus for Korean equities. For years, South Korea’s market was viewed as a cyclical commodity play driven primarily by electronics exports. Today, the Kospi sits at all-time highs, with P/E ratios for leading semiconductor names trading at premiums not seen since the late 1990s tech boom — and yet the earnings backing those valuations are substantially more robust.

“Korean semiconductors are now irreplaceable in the AI stack,” said a Seoul-based equity strategist quoted by the FT, noting that “without HBM memory, there is no path to competitive AI training systems.”

## Japan-South Korea Energy Pact

On the diplomacy front, Tokyo and Seoul have agreed to deepen energy cooperation — a notable shift given the historical frictions between the two economies. The agreement, discussed against the backdrop of the FT’s coverage of talks on Russia’s Power of Siberia 2 gas pipeline, signals a broader realignment in Northeast Asian energy strategy.

Key elements under discussion include:
– Joint development of green hydrogen production facilities
– Expanded liquefied natural gas (LNG) supply partnerships to reduce dependence on Middle Eastern imports
– Shared investment in next-generation nuclear technology
– Coordinated energy procurement strategies in the context of rising global energy prices

The timing is significant. With oil prices reaching their highest levels since the beginning of the Iran conflict — unleaded petrol in the UK has hit 158.52p per litre — energy security has become a pressing concern across the Asia-Pacific. The Japan-South Korea energy pact represents an effort to pool resources and reduce vulnerability to supply shocks.

## What It Means for Southeast Asia

For Southeast Asian investors, the Korean semiconductor surge has dual implications. On one hand, it underscores the growing centrality of Asia in the global tech economy — a trend that could benefit regional supply chain participants in Malaysia, Vietnam, and the Philippines. On the other hand, the elevated valuations raise questions about sustainability if AI capex trends soften or semiconductor demand normalizes.

The Japan-South Korea energy cooperation could also have ripple effects. A more diversified Northeast Asian energy network could stabilize regional power markets and create new trade opportunities for LNG exporters like Australia and Qatar, who are closely positioned to supply both markets.

## Bottom Line

The triple surge of the Kospi and the deepening Japan-South Korea energy alliance point to a broader reconfiguration of Asian economic power. The region is no longer just a manufacturing base; it is becoming the engine of the global AI economy and a critical node in the world’s energy future.

Sources: Financial Times, Nikkei Asia

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Malaysia’s Loke decries school dinner alcohol claims as political attack

Malaysian Transport Minister Anthony Loke Siew Fook has dismissed a recent claim on social media that students were forced to serve alcohol at an old boys’ association reunion and centenary dinner, calling the allegations a politically motivated attack against him.
The DAP secretary general, who is also a former student of St Paul’s Institution, claimed the individual who allegedly uploaded the post had been looking for every possible opportunity to attack him.
“In the social media post, the…

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South Korea’s Kospi Outpaces Nasdaq’s Dotcom-Era Gains as Japan and South Korea Deepen Energy Ties

By Asian Legal Review Staff | May 19, 2026

South Korea’s stock market has delivered extraordinary returns in just the past 18 months as the Kospi index triples in value, fueled by relentless demand for semiconductors from Samsung Electronics and SK Hynix amid the ongoing global AI boom. In a separate but equally significant development, Japan and South Korea have agreed to expand bilateral energy cooperation, including plans for joint hydrogen projects and deeper LNG trade integration.

## The Kospi’s Triple Surge

According to the latest data from the Financial Times, South Korea’s benchmark Kospi index has outpaced even the dotcom-era gains of the Nasdaq, surging more than 200% over the past 18 months. The rally is primarily driven by the global semiconductor supply chain, with Samsung Electronics and SK Hynix serving as the primary beneficiaries of AI infrastructure buildout.

SK Hynix, in particular, has benefited from being one of the few qualified suppliers of high-bandwidth memory (HBM) chips used in NVIDIA’s AI accelerators. Samsung is similarly expanding production capacity to meet the insatiable demand from hyperscale data centers across Asia, the United States, and Europe.

The FT report notes that the surge has fundamentally rewritten the valuation calculus for Korean equities. For years, South Korea’s market was viewed as a cyclical commodity play driven primarily by electronics exports. Today, the Kospi sits at all-time highs, with P/E ratios for leading semiconductor names trading at premiums not seen since the late 1990s tech boom — and yet the earnings backing those valuations are substantially more robust.

“Korean semiconductors are now irreplaceable in the AI stack,” said a Seoul-based equity strategist quoted by the FT, noting that “without HBM memory, there is no path to competitive AI training systems.”

## Japan-South Korea Energy Pact

On the diplomacy front, Tokyo and Seoul have agreed to deepen energy cooperation — a notable shift given the historical frictions between the two economies. The agreement, discussed against the backdrop of the FT’s coverage of talks on Russia’s Power of Siberia 2 gas pipeline, signals a broader realignment in Northeast Asian energy strategy.

Key elements under discussion include:
– Joint development of green hydrogen production facilities
– Expanded liquefied natural gas (LNG) supply partnerships to reduce dependence on Middle Eastern imports
– Shared investment in next-generation nuclear technology
– Coordinated energy procurement strategies in the context of rising global energy prices

The timing is significant. With oil prices reaching their highest levels since the beginning of the Iran conflict — unleaded petrol in the UK has hit 158.52p per litre — energy security has become a pressing concern across the Asia-Pacific. The Japan-South Korea energy pact represents an effort to pool resources and reduce vulnerability to supply shocks.

## What It Means for Southeast Asia

For Southeast Asian investors, the Korean semiconductor surge has dual implications. On one hand, it underscores the growing centrality of Asia in the global tech economy — a trend that could benefit regional supply chain participants in Malaysia, Vietnam, and the Philippines. On the other hand, the elevated valuations raise questions about sustainability if AI capex trends soften or semiconductor demand normalizes.

The Japan-South Korea energy cooperation could also have ripple effects. A more diversified Northeast Asian energy network could stabilize regional power markets and create new trade opportunities for LNG exporters like Australia and Qatar, who are closely positioned to supply both markets.

## Bottom Line

The triple surge of the Kospi and the deepening Japan-South Korea energy alliance point to a broader reconfiguration of Asian economic power. The region is no longer just a manufacturing base; it is becoming the engine of the global AI economy and a critical node in the world’s energy future.

Sources: Financial Times, Nikkei Asia

Posted on

South Korea’s Kospi Outpaces Nasdaq’s Dotcom-Era Gains as Japan and South Korea Deepen Energy Ties

By Asian Legal Review Staff | May 19, 2026

South Korea’s stock market has delivered extraordinary returns in just the past 18 months as the Kospi index triples in value, fueled by relentless demand for semiconductors from Samsung Electronics and SK Hynix amid the ongoing global AI boom. In a separate but equally significant development, Japan and South Korea have agreed to expand bilateral energy cooperation, including plans for joint hydrogen projects and deeper LNG trade integration.

## The Kospi’s Triple Surge

According to the latest data from the Financial Times, South Korea’s benchmark Kospi index has outpaced even the dotcom-era gains of the Nasdaq, surging more than 200% over the past 18 months. The rally is primarily driven by the global semiconductor supply chain, with Samsung Electronics and SK Hynix serving as the primary beneficiaries of AI infrastructure buildout.

SK Hynix, in particular, has benefited from being one of the few qualified suppliers of high-bandwidth memory (HBM) chips used in NVIDIA’s AI accelerators. Samsung is similarly expanding production capacity to meet the insatiable demand from hyperscale data centers across Asia, the United States, and Europe.

The FT report notes that the surge has fundamentally rewritten the valuation calculus for Korean equities. For years, South Korea’s market was viewed as a cyclical commodity play driven primarily by electronics exports. Today, the Kospi sits at all-time highs, with P/E ratios for leading semiconductor names trading at premiums not seen since the late 1990s tech boom — and yet the earnings backing those valuations are substantially more robust.

“Korean semiconductors are now irreplaceable in the AI stack,” said a Seoul-based equity strategist quoted by the FT, noting that “without HBM memory, there is no path to competitive AI training systems.”

## Japan-South Korea Energy Pact

On the diplomacy front, Tokyo and Seoul have agreed to deepen energy cooperation — a notable shift given the historical frictions between the two economies. The agreement, discussed against the backdrop of the FT’s coverage of talks on Russia’s Power of Siberia 2 gas pipeline, signals a broader realignment in Northeast Asian energy strategy.

Key elements under discussion include:
– Joint development of green hydrogen production facilities
– Expanded liquefied natural gas (LNG) supply partnerships to reduce dependence on Middle Eastern imports
– Shared investment in next-generation nuclear technology
– Coordinated energy procurement strategies in the context of rising global energy prices

The timing is significant. With oil prices reaching their highest levels since the beginning of the Iran conflict — unleaded petrol in the UK has hit 158.52p per litre — energy security has become a pressing concern across the Asia-Pacific. The Japan-South Korea energy pact represents an effort to pool resources and reduce vulnerability to supply shocks.

## What It Means for Southeast Asia

For Southeast Asian investors, the Korean semiconductor surge has dual implications. On one hand, it underscores the growing centrality of Asia in the global tech economy — a trend that could benefit regional supply chain participants in Malaysia, Vietnam, and the Philippines. On the other hand, the elevated valuations raise questions about sustainability if AI capex trends soften or semiconductor demand normalizes.

The Japan-South Korea energy cooperation could also have ripple effects. A more diversified Northeast Asian energy network could stabilize regional power markets and create new trade opportunities for LNG exporters like Australia and Qatar, who are closely positioned to supply both markets.

## Bottom Line

The triple surge of the Kospi and the deepening Japan-South Korea energy alliance point to a broader reconfiguration of Asian economic power. The region is no longer just a manufacturing base; it is becoming the engine of the global AI economy and a critical node in the world’s energy future.

Sources: Financial Times, Nikkei Asia