Japan – manufacturing upturn

Japan is now seeing the first real upswing in both manufacturing and non-manufacturing since 2017-18. Rising CPI and the JPY aren't the only factors pushing the BOJ towards hikes.

Paul Cavey

Sep 16, 2026 • 3 min read

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East Asia Today

Lot of data released in China, none of which show any change in the story. Japan's service growth remains strong, but manufacturing output is now also rising too. August terms of trade data in Korea indicate yet faster nominal GDP growth in Q3. Outbound FDI in Taiwan remains strong.

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China – still no break

Domestic demand remains soft, with no break in the property market collapse. But helped by exports, IP is growing near 6% saar, which keeps the GDP growth target for this year in reach. So I doubt much changes in terms of policy, but the emerging weakness in services is something to be monitoring.

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East Asia Today

A longer note today catching up on last week's interesting Q2 GDP release in Korea. Also, charts covering today's release of August monetary data in China, and July wages in Taiwan.