East Asia Econ

East Asia Today

Lots to update on Japan today, with the flash PMI, machine orders, foreign trade and the flow of funds. And on Korea, there are the minutes from yesterday of the November MPB meeting, and today's release of the Q3 financial statement analysis data.

Paul Cavey

Dec 17, 2025 • 2 min read

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Japan – strong cycle and savings

Data releases the last couple of days give more evidence that tariffs haven't derailed exports or capex. Even so, the flow of funds for Q3 show corporates remain net savers. With the fiscal deficit now also now narrowing to the lowest level since the 1990s, the result is a growing CA surplus.

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Korea – BOK optimistic on exports, and consumption

The BOK minutes shed more light on the improvement in cycle optimism that was clear at the November meeting. In terms of exports, that appears justified, because of strong semi exports and firmer profits. I am less sure about consumption, even though corporate earnings will lift bonuses.

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East Asia Today

Today has been very quiet for releases, so just a few charts on Japan after the release of the full Tankan survey for Q4.