In one line: China’s FX reserves dip on stronger dollar and bond loses in July.
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s monthly export momentum fades in July; pharma shipments surged while rare-earth exports rebound.
Kelvin Lam (Senior China+ Economist)China+
In one line : Japan’s nominal wage growth remains sturdy amid trade headwinds, but real wages stay deeply negative.
Kelvin Lam (Senior China+ Economist)China+
In one line: BoJ stands pat today, nudges up its inflation forecast; Ueda dovish at presser
Kelvin Lam (Senior China+ Economist)China+
In one line: NBS non-manufacturing PMI dragged down by construction activity in July.
Kelvin Lam (Senior China+ Economist)China+
In one line: China PMI signals weakening manufacturing momentum at the start of H2; policy support likely ahead
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s industrial profits slid further in June, weighed down by oversupply, weak demand and excessive competition.
Kelvin Lam (Senior China+ Economist)China+
In one line: China keeps LPR unchanged, further easing expected in the second half of 2025
Kelvin Lam (Senior China+ Economist)China+
In one line: Korea’s early export data remains sturdy on WDA basis amid US trade uncertainty
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan’s exports slip unexpectedly in June, raising risk of a technical recession
Kelvin Lam (Senior China+ Economist)China+
- China’s consumer prices are teetering on the brink of deflation, with July’s rate falling back to 0.0%.
- Producer deflation has deepened further. Any progress on anti-involution will take time to appear.
- Trade uncertainty will weigh on factory-gate prices regardless; all eyes are on the 15th five-year plan.
Kelvin Lam (Senior China+ Economist)China+
- China’s FX reserves fell less than the market expected, but still staged the first drop since December.
- The currency-valuation effect was the main downward driver, and the bond-valuation effect to a lesser extent.
- The evolution of China’s FX reserves in H2 hinges critically on the outlook for USD and the Fed.
Kelvin Lam (Senior China+ Economist)China+
- - CHINA’S PRICE WARS WILL PROMPT POLICY RESPONSE
- - BOJ STRIKES CAUTIOUS TONE ON GROWTH OUTLOOK
- - BOK LIKELY TO EASE, DESPITE CURRENCY WORRY
Kelvin Lam (Senior China+ Economist)China+
- Involution (内å·), or excessive competition, has been a buzzword in China in recent years.
- Industrial profits are being squeezed by oversupply, weak demand and excessive competition.
- Policymakers started an anti-involution campaign in earnest in July, hoping to restore industrial orders.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s Upper House election is done and dusted; the coalition has now lost its majority in both houses.
- July’s 20-day exports held up on a WDA basis, despite the higher tariffs applied to Korean exports to the US.
- A preliminary US-Korea trade deal may be reached before August 1, but anything agreed will be general.
Kelvin Lam (Senior China+ Economist)China+
- Japanese export growth was surprisingly weak, because of a drop in shipments to Taiwan and Canada.
- Japan’s economy has probably entered a technical recession in Q2, likely dragged down by net trade.
- The LDP coalition is at risk of losing its Upper House majority; this will be bond-and yen-negative.
Kelvin Lam (Senior China+ Economist)China+
In one line: Better external sector performance likely to support Q2 GDP due tomorrow.
Kelvin Lam (Senior China+ Economist)China+
In one line: BoK hold rates in July, keeping an eye on trade developments and overheating property market in Seoul.
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s FX reserves rebounded in June on currency and bond revaluation gains.
Kelvin Lam (Senior China+ Economist)China+
In one line : Japanese wage growth is not as weak as it looks, the wage slump was mostly about bonuses.
Kelvin Lam (Senior China+ Economist)China+
