Capital Daily Some more thoughts on the yen’s puzzling weakness Although the yen has recovered a bit of ground against the dollar in the past few days, its prior weakness remains something of a puzzle. 16th January 2026 · 6 mins read
China Economics Weekly Breaking down China’s record trade surplus China’s trade surplus hit 1% of global GDP last year, a new record. This was made possible by reorientating trade toward non-U.S. markets, especially ASEAN but also Europe and Africa. It also involved... 16th January 2026 · 7 mins read
India Economics Weekly Exports to US (and imports from Russia) holding up The December goods trade data released this week continue to show resilience in exports to the US at the headline level. But that probably reflects strength in tariff-exempt sectors such as... 16th January 2026 · 3 mins read
Asia Economics Weekly Taiwan: US trade deal and TSMC earnings add to optimism The trade deal struck between Taiwan and the US, alongside another bumper earnings report from TSMC, strengthens our conviction that Taiwan will record another year of rapid GDP growth in 2026. 16th January 2026 · 8 mins read
Japan Economics Weekly Hawkish BoJ may lift JGB yields even further We aren’t convinced that the continued rise in long-term bond yields coupled with the further weakening of the yen signals a loss of confidence in Japanese assets. But if the BoJ signals a more... 16th January 2026 · 5 mins read
Australia & New Zealand Economics Weekly Spending binge reinforces case for RBA to hike With Australian households continuing to loosen their purse strings, private consumption is almost certain to have recorded a bumper gain last quarter. Moreover, as firms report increasingly severe... 16th January 2026 · 6 mins read
China Economics Update Limited monetary easing won’t boost growth The PBOC has announced plans to cut interest rates on structural policy tools, and suggested broader-based policy rate cuts are on the horizon. But we doubt rate cuts will be enough to drive up loan... 15th January 2026 · 3 mins read
India Economics Update Indian equities: another year of underperformance ahead India’s equity market ended 2025 with its worst underperformance relative to its emerging market peers in three decades. Although we expect India’s economy to remain a global outperformer in 2026, we... 15th January 2026 · 4 mins read
China Rapid Response China Bank Lending & Broad Credit (Dec. 2025) Credit growth in China continued to slow in December, as government bond issuance decelerated. Although the PBOC is signalling that policy rate cuts are on the horizon, this is unlikely to prevent... 15th January 2026 · 2 mins read
Asia Economics Update Vietnam Party Congress: balancing stability and reform Vietnam’s Party Congress, beginning Monday, comes at a critical juncture. Following a period of political turbulence, To Lam looks set to be confirmed as both general secretary and state president... 15th January 2026 · 5 mins read
Asia Economics Update Hawkish BoK rules out near-term interest rate cuts The Bank of Korea today left interest rates unchanged as expected, but the central bank’s accompanying statement and the commentary from Governor Rhee were much more hawkish than anticipated. This... 15th January 2026 · 3 mins read
Bank of Japan Watch BoJ will signal more rate hikes The Bank of Japan’s Board will revise up their GDP growth forecasts next week as downside risks from tariffs have abated. And while the government’s energy subsidies will result in lower forecasts for... 15th January 2026 · 7 mins read
Japan Economics Update Snap elections won’t result in major fiscal loosening While the ruling LDP/Ishin No Kai coalition will probably enhance its majority in the upcoming Lower House elections, we aren’t convinced that this will herald a further major loosening of fiscal... 15th January 2026 · 4 mins read
Capital Daily Making sense of Japan’s financial markets We doubt the recent contrasts in Japan’s financial markets (government bonds and FX down, stocks up) will persist. Our view is that the yen will regain ground against the US dollar before long and... 14th January 2026 · 3 mins read
