Asia's "just-in-time" supply chain model has been declared structurally broken after three global shocks in six years—Covid, Russia's invasion of Ukraine, and the US-Israel war on Iran—forced a rethink of trade built purely for efficiency. The Strait of Hormuz, a critical artery for global energy shipments, is the latest choke point exposing the fragility of lean logistics.

Trade Routes

• Japan: Eneos Holdings, the country's top refiner, is scrambling to cut its **95%...