Taiwan – TSMC, Trump and the TWD

I can't claim to have expected the 10% surge in the TWD in the last couple of days. But I have been arguing for a while that the risks of a structural appreciation of the currency were real and rising. This is a brief presentation from March that highlights the issues.

Paul Cavey

May 5, 2025

tw_themes_mar_25

tw_themes_mar_25.pptx

4 MB

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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.

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Korea – the rising tide

Last week's GDP data showed nominal growth of over 25% YoY in Q2. Most of that was in the form of corporate profits, but employee compensation still rose 8% YoY. With the government planning growth in fiscal spending of 12% in 2027, there are more signs of the IT sector lifting the broader economy.

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Last week, next week

I am away the next few days, so this week's summary focuses on what appeared on the site in the last week. I am back on Monday 14th September.