China: weekly update

Paul Cavey

Feb 28, 2022 • 4 min read

East Asia Today

Korean early trade data is always noisy, but today's numbers for the first 10 days of July don't show any significant change in underlying strength in exports and the trade surplus. Wage growth in Taiwan of around 3% likely means a floor for core CPI of 2%.

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Weekly – will more hawkish CBs matter?

Cycles show signs of broadening, towards capex and services in Taiwan and Korea, and exports and consumption in Japan. This provides an opportunity for CBs, especially the BOJ, to become more hawkish. The question for markets is whether this can finally stop currencies from weakening.

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East Asia Today

Corporate price data for Japan show the impact on the terms of trade of costlier oil imports continues to be offset by higher prices for chip exports. Nonetheless, rising import costs are pushing up PPI. In Taiwan, headline data show the gradual acceleration in underlying wage growth is continuing.