Pantheon Publications

China+ Datanote: FX Reserves, China, August

In one line: Valuation effects lift China’s FX reserves in August; expect them to drive reserves higher in H2

Global Datanote: Exports, China, August, 2025

In one line: China exports slow on low-tech weakness; US, Africa and LatAM slump offsets ASEAN strength

China+ Datanote: Exports, China, August

In one line: China exports slow on low-tech weakness; US, Africa and LatAM slump offsets ASEAN strength

China+ Datanote: Wages, Japan, July

In one line: Japan's real wage turned positive for the first time in seven months, paving the way for an October BoJ hike.

China+ Datanote: Flash Services PMI, Japan, August

In one line: Japan’s private sector activity posts its fastest rise since February, with broad based services and manufacturing improvements.

Global Datanote: Flash Mfg PMI, Japan, August, 2025

In one line: Japan’s flash manufacturing PMI nears 50, boosted largely by domestic demand.

China+ Datanote: Flash Mfg PMI, Japan, August

In one line: Japan’s flash manufacturing PMI nears 50, boosted largely by domestic demand.

Global Datanote: Exports, Japan, July, 2025

In one line: Japan’s export show strain from tariffs, with cars and steel leading declines.

China+ Datanote: Exports, Japan, July

In one line: Japan’s export show strain from tariffs, with cars and steel leading declines.

Global Datanote: 20-Day Exports, Korea, August, 2025

In one line: Korea’s 20-day exports rebound in August, monthly momentum firms despite fading US front-loading.

China+ Datanote: 20-Day Exports, Korea, August

In one line: Korea’s 20-day exports rebound in August, monthly momentum firms despite fading US front-loading.

China+ Datanote: Preliminary GDP, Japan, Q2

In one line: Japan Q2 GDP: Net trade and business investment lift growth; likely to bolster BoJ’s determination to hike.

Global Datanote: PPI, China, July, 2025

• In one line: China’s producer prices continue to fall amid involution and weak demand

China+ Datanote: PPI, China, July

In one line: China’s producer prices continue to fall amid involution and weak demand

China+ Datanote: CPI, China, July

In one line: China’s CPI stays flat in July as disinflation pressure lingers on weak demand 

9 September 2025 China+ Monitor China's exports lose steam on low- techs; slump in US exports persists

• China exports slowed for third successive month in August, dragged down by low-tech shipments.
• US was largest drag on growth; monthly exports fell 12.8% seasonally adjusted, offsetting ASEAN's gains.
• Export growth is set to slow in H2 on the back of a weaker US economy and less stockpiling.

8 September 2025 China+ Monitor Japan's car-tariff deal sealed; wage growth paves way for October hike

• A US executive order finally formalises its trade deal with Japan, ending uncertainty for Japan’s economy.
• Real wages have risen for the first time since December, boosting October rate-hike bets.
• The BoJ is likely to look past weaker ‘same-sample’ data, with trade worries fading.

August 2025 - China+ Chartbook

• - CHINA’S WEAK DEMAND CONTRASTS WITH BUOYANT STOCKS
• - BOJ WAITING FOR DUST TO SETTLE BEFORE HIKING RATES
• - ROCKY EXPORT OUTLOOK KEY TO KOREAN GROWTH

22 August 2025 China+ Monitor Japan's exports show tariff strain; declines led by cars and steel

• Higher tariffs hurt Japan’s car and steel exporters in July, with export values seeing precipitous declines.
• Car export prices to the US are still falling in USD terms, but more slowly. Exporters are absorbing costs.
• Japan’s flash composite PMI has slid for three straight months but points to stronger domestic demand in July.

Global Datanote: BoJ Decision, Japan, July

In one line: BoJ stands pat today, nudges up its inflation forecast; Ueda dovish at presser