Markets & Trade: Japan logged a 301.9 billion yen trade surplus in April as exports rose 14.8% and imports climbed 9.7%, with semiconductor demand still powering the numbers. Energy Shock: Crude oil imports from the Middle East plunged 67.2% in April to the lowest on record as the Strait of Hormuz disruption bites, pushing Japan to lean more on alternatives like the U.S. Central Bank Watch: BOJ board member Junko Koeda said rates should rise at an “appropriate pace,” warning Middle East-driven inflation could keep underlying prices above 2%. Politics & Cost of Living: Prime Minister Sanae Takaichi wants a freeze on the food consumption tax “as soon as possible,” while the government weighs a large package to cushion electricity and gas bills. Security & Diplomacy: China and Russia again slammed Japan’s “accelerated remilitarization,” while Japan insists the criticism is unfounded. Society: Fukuoka police arrested teens over a reckless “lure patrol cars” motorcycle stunt, and Japan’s inbound tourism fell 5.5% in April as Chinese arrivals dropped sharply.