East Asia Today

Money supply growth in Japan is starting to slow. In Korea, exports are off to a strong start in November, and the labour market is stating to tighten. Taiwan's tax income is surging, weighing on reserve money, but labour demand is strong. Also today, my first....rap. Youtube link is attached!

Paul Cavey

Nov 11, 2026 • 4 min read

Public Post

China – no Japanification

With some trepidation, I am releasing my first....rap. Perhaps not the vibe you would expect from me, or from a rap, given both it and the accompanying video are another attempt to argue against the idea of Japanification.

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East Asia Today

There were a number of releases in Japan today, so today's note includes a review of those. In China, exports dipped in October, and while that is probably noise, auto exports have flattened out since June. In Taiwan, October was another strong month for TSMC.

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Japan – cycle update

I think the curve should flatten, as the BOJ continues to hike because of decent growth and strong inflation, while the longer-end is dampened by medium-term headwinds for inflation and a repatriation flow. These I think remain the themes, though the message from today's releases is mixed.