China+ Datanote: Tokyo CPI / BoJ Summary of Opinions, Japan, December

Japan CPI outturn signals upside risks to prices; BoJ’s summary of opinions highlights diverse December views

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 23 December 2024

Korea’s WDA 20-day exports remain steady ahead of Trump inauguration

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: National CPI, Japan, November

In one line: Sharp rise in Japan’s CPI highlights energy and fresh food costs, BoJ holds steady

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Loan Prime Rates, China, December

In one line: China’s commercial banks kept LPRs unchanged in December.

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 19 December 2024

BoJ holds rates in December; Eyes on Ueda for rate path clues

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Exports, Japan, November

In one line: Japan’s exports were a mixed bag in November; expect more headwinds in 2025.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Flash PMIs, Japan, December

In one line: Japan’s manufacturing PMI rebounds, Services activity improves ahead of festive season

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 16 December 2024

China's November activity data disappoints again, but property prices show improvement

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Money and Credit, China, November

In one line: China's credit demand from the real economy slows to two-decade low

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 13 December 2024: Central Economic Work Conference (CEWC) 2024, China, December

In one line: CEWC Takeaway: China prioritises demand-boosting policies for 2025, but details revealed remain underwhelming.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: CEWC, China, December

In one line: CEWC Takeaway: China prioritises demand-boosting policies for 2025, but details revealed remain underwhelming.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Exports, China, November

In one line: China’s export growth weakens amid slowing global demand

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Politburo Statement, China, December

In one line: China’s Politburo sets the tone for 2025: "Moderately loose" monetary policy and “more" proactive fiscal plans

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: PPI, China, November

In one line: China’s producer price deflation eases in November amid signs of stimulus impact

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: CPI, China, November

In one line: China’s consumer inflation sinks further in November, led by weaker food prices, but core inflation shows signs of stabilisation

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Foreign Reserves, China, November

In one line: China’s foreign reserves rise unexpectedly in November, with policy banks likely shouldering some outflow pressures

Kelvin Lam (Senior China+ Economist)China+

December 2024 - China+ Chartbook

• - CHINA’S POLICY MACHINES POINT TO MORE EASING IN 2025
• - THE ‘TRUMP FACTOR’ GIVES THE BOJ PAUSE FOR THOUGHT
• - BOK SWAYED BY DOMESTIC AND EXTERNAL FACTORS

Kelvin Lam (Senior China+ Economist)China+

23 December 2024 China+ Monitor China's exports slow in November; "Trump factor" weighs on outlook

• China export momentum weakened in November, driven by slowing shipments across key markets.
• The slowdown was broad-based, with both high-tech and low-tech exports decelerating sharply.
• Export demand is unlikely to offset domestic demand deficiencies in 2025 amid Trump policy uncertainty.

Kelvin Lam (Senior China+ Economist)China+

20 December 2024 China+ Monitor 'Trump factor' gives Bank of Japan pause for thought

• Japan’s central bank left the policy rate unchanged yesterday, with one dissenter voting for a rate hike.
• Governor Ueda was less hawkish; he needs more clarity on wages and Mr. Trump’s policy before hiking.
• The BoJ didn’t want to tie its hands, keeping a January hike alive while making March plausible.

Kelvin Lam (Senior China+ Economist)China+

18 December 2024 China+ Monitor China's muted retail sales growth highlights urgent need for stimulus

• China’s activity data largely disappointed the market, especially consumption and investment.
• A ray of light in the property sector, with new- and second-home prices falling at a much slower pace.
• The President’s CEWC speech pointed to expansion of existing stimulus to boost domestic demand.

Kelvin Lam (Senior China+ Economist)China+