East Asia Today

Today, some charts on a longer examining fiscal policy in Japan. In today's data releases, exports in the first ten days of August ticked down. Likewise, growth in tax revenue in Taiwan slowed.

Paul Cavey

Aug 11, 2026 • 2 min read

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Japan – fiscal reality v rhetoric

A longer note on fiscal policy: the rhetoric of loosening versus reality of tightening of Abenomics and the early part of Takaichi's administration, the costs of that for the household sector versus the benefits for corporates, and what all that means for Takaichi's stance going forward.

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East Asia Today

Summaries of three notes, covering: 1) yesterday's weak July inflation print in China; 2) today's summary of opinions of the July BOJ meeting and a few data releases in Japan; and 3) Taiwan's June wage data showing the slow but steady acceleration in wage growth is continuing.

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Taiwan – wage growth above 3%

Annualised regular wage growth in both manufacturing and services has been above 3% since 2024. In Q2 in manufacturing, it has been near 4%. The risk remains that the export cycle now slows, but TSMC's strong sales and elevated manufacturing overtime don't suggest that is happening yet.