China+ Publications
Below is a list of our China+ Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep
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In one line: Japan's wage growth slows again, with bonuses hit by tourism weakness
- Japan’s real household spending continued to rise in August, despite falling real incomes.
- Nominal wages took a hit, as bonuses plunged, notably in tourism-related sectors and manufacturing.
- The BoJ will be looking for clues about 2026 wage growth, but is also wary of recent JPY weakness.
- Ms. Takaichi’s win in Japan’s LDP leadership election reduces the likelihood of a BoJ hike in October.
- China’s FX reserves rose in September, fuelled by non-valuation effects, such as capital inflows.
- We think USD strength and the Fed’s rate path will be the key drivers of China’s FX reserves into early 2026.
- Governor Ueda’s upbeat comments on the Q3 Tankan lay the ground for an October policy rate hike.
- Economic conditions are soft, and political and trade risks linger, but the BoJ is keen to normalise policy.
- The Bank is likely to recognise a window of opportunity amid relative market stability to normalise policy.
In one line: China’s industrial profit rebound lacks breadth, with only seven industries show accelerating positive gains.
- Korea’s working-day-adjusted export value growth fell sharply in September, partly due to base effects.
- Manufacturing activity grew the most in 13 months, but the US ‘chip content’ tariff renews uncertainty.
- We expect the BoK to cut rates by 25bp in Q4, once financial stability risk from the housing market lessens.
In one line: Manufacturing sector improved ahead of investment stimulus
- China’s investment stimulus measures, announced on Monday, should spur an investment rebound in Q4.
- Both September manufacturing PMIs point to a modest but broad improvement in activity.
- Services activity slowed as tourism entered the off-peak season; the construction sector remains weak.
Tokyo headline inflation steady, after launch of childcare subsidies
- - CHINA LIKELY TO LAUNCH INVESTMENT STIMULUS SOON
- - BOJ SHOULD STILL HIKE, DESPITE POLITICAL RUCTIONS
- - KOREA’S EXPORTS TUMBLE IN SEPTEMBER
- China is preparing to counter the recent demand and investment slump with targeted stimulus…
- …Policy banks will likely provide RMB500B—leveraged up several times—to unblock local project investment.
- Steady Tokyo consumer inflation won’t shift the BoJ’s determination to normalise interest rates.
In one line: China’s commercial banks keep LPR steady in September; PBoC wary of a buoyant equity market
In one line: Korea’s September WDA exports plunge, led by US and China.
In one line: BoJ stays put on rates in September, starts ETFs and J-REITs offloading plan
Japan's flash PMIs reveal divergence between weakening manufacturing sector and resilient services activity
- Japan’s September flash PMIs reveal worsening manufacturing woes, despite lower US tariffs.
- Services activity remains strong, even though extreme weather dented tourism activity.
- We think the BoJ will hike the policy rate next month, though it will be a close call amid political risks.
- Presidents Xi and Trump’s phone call last Friday to talk about trade paved the way for a summit in October.
- Korean 20-day WDA exports fell sharply in September, thanks to weaker demand across most destinations.
- Most Korean goods are still subject to higher tariffs than pre-Trump. We expect the BoK to cut in Q4.
- The BoJ held the policy rate steady on Friday, as broadly expected; but two dissenters wanted a hike.
- We expect a 25bp hike in October, though it will be a knife-edge decision amid political and trade risks.
- The Bank said it will offload its ETFs and Japan REITs but at a glacial pace to minimise market impact.
- Hong Kong Policy Address proposes to strengthen technology ties with the mainland and boost growth.
- Japan’s annual export growth fell for the fourth straight month, but monthly momentum improves.
- BoJ will keep rates on hold this week, but we expect it to resume its rate hike cycle in late October.
- China’s national residential market continues to fester, as policymakers stick with only targeted support.
- Tier-one city sales are rising on the back of local easing but national sales are still falling.
- More national-level support is likely to be needed to stabilise the market, notably in lower-tier cities.
