Pantheon Publications

23 June 2025 China+ Monitor Japan's inflation still elevated, largely due to food inflation

• Japan’s headline national consumer inflation inched down in May, with energy inflation cooling.
• The new rice distribution system is star ting to yield results, but rice prices are still double the target range.
• The BoJ is likely to sit tight on interest rates this year, given the impact of higher US tariffs.

CHINA+ DATA WRAP 19 June 2025: Japanese exports fall

Japanese exports fall as US tariff hikes slam auto shipments

CHINA+ DATA WRAP 17 June 2025: Japanese exports fall

Japanese exports fall as US tariff hikes slam auto shipments

19 June 2025 China+ Monitor Japanese auto exports bear the brunt of US tariff hikes

• Japan’s exports fell in May for the first time since September, hit by US tariff hikes.
• Still, exports held up better than the market expected, as exporters cut prices and shipments to the EU rose.
• The bond market faces risks from July’s upper house election, despite the BoJ’s supportive policy tweak.

CHINA+ DATA WRAP 16 June 2025: China's activity slowing, except retail sales

China's investment and industrial output data point to slowing growth, despite the bright retail sales reading

17June 2025 China+ Monitor China's activity data reveal pockets of slack, despite policy support

• China’s solid retail sales figure for May was boosted by earlier online retail sales and subsidy policies.
• Manufacturing and infrastructure investment growth are slowing; expect the policy banks to step up soon.
• Policymakers are likely to opt for a mid-year top-up and refinement of targeted support; no big stimulus.

China+ Datanote: PPI, China, May

Producer deflation slammed by weakening international energy prices, weather-hit construction activity

CHINA+ DATA WRAP 9 June 2025: China's CPI still in mild deflation

China's CPI still in mild deflation, while producer deflation worsens due to weak global oil prices

Global Datanote: Caixin Manufacturing PMI, China, May

 Plunge in Caixin manufacturing gauge won't trigger a knee-jerk policy response

CHINA+ DATA WRAP 2 June 2025: Korean PMI shows domestic demand tanking

Korean PMI shows domestic demand tanking, but sentiment is improving thanks to tariff war pause