Region – podcast

There are a lot of dynamics at play, but the three areas I think are most interesting are:

• Macro stabilisation in China as the hangover from the property/covid shocks that started in 2021 clears
• Policy problems in Japan as the latest energy shock challenges the BOJ's cautiousness on rates
• Taiwan and Korea, whose imported-energy dependence is offset by the world's far greater dependence on their semiconductor exports