Pantheon Macroeconomics

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  • 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.

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Keywords for: 8 October 2025 China+ Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence