Pantheon Publications

China+ Datanote: Flash Manufacturing PMI, Japan, June

In one line: Japan's manufacturing PMI rebound on stockpiling activity, but domestic demand softens

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Flash Services PMI, Japan, June

In one line: Japan's services business activity grow faster in June, but slowing input cost increase bode ill for wage growth

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Preliminary Current Account, China, Q1

In one line: China’s current account balance holds up in Q1, but deterioration likely in Q2.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Preliminary GDP, Japan, Q1

In one line: Japan’s GDP shrinks for the first time in a year, reinforcing the BoJ's wait-and-see stance.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: 20 Day Exports, Korea, June

In one line: Korea's 20-day exports rebound in June on front loading ahead of reprieve expiry

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: National CPI, Japan, May

In one line: Japan's core inflation surprised on the upside, but unlikely to sway BoJ into hiking mode

Kelvin Lam (Senior China+ Economist)China+

24 June 2025 China+ Monitor Temporary export surge belies US-Korea trade frictions

• Korea’s 20-day export growth rebounded, likely supported by stockpiling as the US’s deadline nears.
• Shipments to the US, EU and Taiwan were the main drivers, while chip exports were strong in June.
• The trade-talk logjam continues; we expect the grace period to be extended, allowing more negotiating time.

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: Preliminary GDP, Japan, Q1

In one line: Japan’s GDP shrinks for the first time in a year, reinforcing the BoJ's wait-and-see stance.

Kelvin Lam (Senior China+ Economist)Global

China+ Datanote: Loan Prime Rates, China, June

In one line: China's commercial banks hold benchmark lending rates steady in June

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: National CPI, Japan, May

In one line: Japan's core inflation surprised on the upside, but unlikely to sway BoJ into hiking mode

Kelvin Lam (Senior China+ Economist)Global

Global Datanote: Loan Prime Rates, China, June

In one line: BoJ slowed tapering pace for next fiscal year but stood pat on policy rates in June

Kelvin Lam (Senior China+ Economist)Global

Global Datanote: BoJ Decision, Japan, June

In one line: BoJ slowed tapering pace for next fiscal year but stood pat on policy rates in June

Kelvin Lam (Senior China+ Economist)Global

China+ Datanote: BoJ Decision, Japan, June

In one line: BoJ slowed tapering pace for next fiscal year but stood pat on policy rates in June

Kelvin Lam (Senior China+ Economist)China+

June 2025 - China+ Chartbook

• - CHINA’S FLAGGING GROWTH TO PROMPT POLICY TWEAKS
• - BOJ OPTS FOR PRAGMATIC MIDDLE PATH ON BOND-BUYING
• - BOK LIKELY TO EASE, DESPITE CURRENCY WORRY

Kelvin Lam (Senior China+ Economist)China+

18 June 2025 China+ Monitor BoJ pares back the reduction of its JGB purchases from next April

• The BoJ left policy rates unchanged in June, while scaling back its tapering of bond-buying next year…
• …Likely due to bond-market volatility, the stalemate in trade negotiations and tensions in the Middle East.
• We expect the Bank to continue pausing its rate-hiking cycle in the near term as Japan’s economy weakens.

Kelvin Lam (Senior China+ Economist)China+

12 June 2025 China+ Monitor China-US deal upheld after London talks, but still a long way to go

• Handshakes in London iron out implementation of the US-China deal struck in Geneva, subject to approval.
• The 90-day tariff reprieve revived China’s exports in May, temporarily, with trade diversion to the EU…
• …Uncertainty-induced front-loading demand puts a floor under monthly growth ahead of reprieve expiry.

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: Flash Manufacturing PMI, Japan, May

In one line: Japan's manufacturing PMI rose as US importers rushed orders ahead of Tariff reprieve expiry.

Kelvin Lam (Senior China+ Economist)Global

China+ Datanote: Flash Services PMI, Japan, May

In one line: Japan's services sector expands at a slower pace in May

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Flash Manufacturing PMI, Japan, May

In one line: Japan's manufacturing PMI rose as US importers rushed orders ahead of Tariff reprieve expiry.

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: Exports, China, May

In one line: China's monthly exports rebounded in May, thanks to tariff reprieve.

Kelvin Lam (Senior China+ Economist)Global