I don't think it is powder medal. I could be wrong however.
I also don't think it is a forging. They usually bend. I've seen a few 302's that were pushed beyond their limits, and when the block broke, and parts went places they weren't supposed to go, you ended up with some pretty funny shaped rods. The 302 had forged rods.
The Modulars have cracked powder rods (except for the Termi, BOSS 302, Shelby...etc) and when they break, they look like this. Hard to tell from the picture, but normally with a cracked powder rod, you can't tell where the rod is "cracked" between the top and bottom sections. On this rod, there appears to be a distinction where the rod and cap meet. So going by that, I would assume it isn't cracked powder either.
This leaves us with it probably being a cast item, correct? Unless Toyota used forged powder, but didn't crack it?