Region – slide pack

A slide pack summarising my views on the region, and each economy.

Paul Cavey

Nov 6, 2025 • 5 min read

Japan – soft headline wages, details a bit better

Wage growth was softer in September. The continued slowdown in part-time wages per hour will be a bigger concern if it persists beyond the October rise in the minimum wage. Per hour full-time wage growth is stronger than the headline, though the data are noisy.

Subscribers Only

East Asia Today

The S&P services PMI for China remained better than the official version, while PBC's liquidity injections eased off in October. In Taiwan, fx reserves fell last month. That is consistent with the weakening of the currency, but contrasts with this year's remarkable growth in exports.

Subscribers Only

East Asia Today

High-frequency data for China through end-October show the stability in upstream prices has persisted. The implication is PPI deflation isn't worsening. In Korea, October CPI inflation ticked up. That's probably temporary, but inflation has remained stickier than I'd expected.