JAPAN REAL ESTATE: Miki Shoji data show Tokyo 5 central wards ofc vacancy rate at 2.07% in May, trending to lowest since 2019. Rents trending up as vacancies -> 1% with shortage of new supply. Mizuho u/g Mitsui Fudosan $8801 yday, laggard sector has priced in BoJ hike and fundamentals are good. $8802; $8830; $3289; $8804

Shopify President @harleyf says small businesses are benefiting the most from agentic commerce. "The merchants that seem to be benefiting the most from agentic commerce are not the big-box stores. It is the long tail of these specialized independent businesses." "On agentic alone, AI-driven traffic to Shopify stores was up 3x, orders were up 3x, and conversion from our Shopify catalog was 2x more than general AI scraping." "The volume in agentic commerce is small relative to the $116B [in Q2 merchant sales], but the trend and growth is real."