3 February 2026 China+ Monitor China's PMIs show export-oriented sectors outperforming

• China’s manufacturing PMIs for January diverged, pointing to robust high-tech versus weak low-tech.
• Soft data for output prices improved, but this likely  reflects a narrow set of prices, like non-ferrous metals.
• Construction-sector sentiment slumped to its lowest since the outbreak of Covid, despite policy support.

CHINA+ DATA WRAP 2 February 2026: China's manufacturing PMIs diverge

In one line: China's manufacturing PMIs indicate sharp divergence between old and new industries; Korean PMI lifted by AI-related chip sector

CHINA+ DATA WRAP 30 January 2026: Sharp drop in Tokyo inflation

In one line: Sharp drop in Tokyo inflation largely due to one-off factors; won't change BoJ outlook

2 February 2026 China+ Monitor BoJ likely more focused on JPY than slowing Tokyo inflation

• Tokyo headline inflation fell 0.5pp to 1.5% in January, but driven mainly by one-off factors.
• Inflation should slow this year, be cause of cooling food prices, despite the recent bout of JPY weakness.
• The BoJ is likely to next hike rates in Q4, providing currency moves are manageable.