East Asia Econ

East Asia Today

Monetary data for China for May and April wage growth were released late in the day, so some charts summarising both. And while semi-driven nominal growth is near 20% in both Korea and Taiwan, the volume and price composition is very different.

Paul Cavey

Jun 12, 2026 • 2 min read

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East Asia Today

Japan's quarterly MOF and Cabinet Office survey showed business sentiment declining, but the labour market still tight and capex intentions firm. Korea's 10-day exports were strong again, especially in KRW terms, another sign of the huge nominal income growth Korea is currently experiencing

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Korea – huge nominal growth

Korea is experiencing a large positive terms of trade. As that isn't being accompanied by any KRW appreciation, the result is enormous growth in KRW nominal indicators. Not all sectors are benefiting. But for monetary policy, the strength of nominal growth is impossible to ignore.

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East Asia Today

PPI inflation in China continues to rise, but CPI is constrained. Imported upstream inflation is even stronger in Japan, but export prices are rising too. The same chip boom that is boosting Japan's export prices is feeding into wages in Korea. TSMC sales rose again in May.