A few more profits charts from yesterday's release in China. The BOJ's underlying measures of inflation show core at or above target for 50 of the last 53 months. And consumer confidence in July in Korea remained elevated, though that was before today's brutal equity sell-off.

18 charts today, covering profits data in China in June, which rose sharply in electronics; services PPI inflation in Japan, which was mixed; and Taiwan's official leading indicator in June, indicating an economy that continues to boom.

Korea Q2 GDP beat market expectations, with the highlight for me being the strength of real GDI and nominal GDP. Strong growth in Taiwan also continues, with both industrial production and retail sales rising in June, and M2 growth accelerating above 8% YoY.

In Japan, June export data and Q1 household incomes. Korea's Q3 loan officer survey was mixed, while PPI inflation was strong. Taiwan's labour market remains tight, with the unemployment rate anchored at 20-year lows.

Korean export growth for the first 20 days of July accelerated again to over 60%, led by semiconductors, which in turn produced a further widening of the trade surplus. In Taiwan, export orders in June also grew near 60% YoY, and rose in level terms to a new all-time high.

Detailed data for June show the huge impact that global demand for AI hardware is having on China's trade data. In Taiwan, export volumes softened in June and Q2, which is important, though the strength of TSMC's June sales and Q2 results commentary don't suggest the cycle is coming to an end yet.

A Japan outlook piece, arguing that the BOJ is likely to be more hawkish than the market expects given an improving economic outlook, and assuming no new negative shock. Also, results of Japan's senior loan officer survey, and data in China showing continued strong capital inflows in June.

In China, yesterday's monetary data and today's detailed Q2 GDP release. In Japan, the BOJ's consumer survey showing a further rise in inflation expectations. In addition, a hawkish BOK meeting, motivated by the strong semi cycle, which, with bullishness commentary from TSMC, still seems intact.

Longer notes on the Q2 data release in China, and an outlook for Korea before tomorrow's BOK meeting. In addition, services output and machine orders point to the recent lift in economic momentum in Japan sustaining, and terms of trade data for Korea suggest very strong income growth again in Q2.

Strong exports but weaker upstream prices in China. In Taiwan, TSMC's June sales suggest the upcycle in exports isn't over yet. At the same time, rapid growth in GDP is boosting tax revenues.

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%.

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.