Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

<ul><li>Bank of Japan (BoJ): BoJ kept rates unchanged at 0.5%, despite 3% inflation — a clear policy mismatch.</li><li>Federal Reserve (US): The Fed cut rates despite inflation running above target (≈3.6% annualized).</li><li>China: Industrial profits up 21.6% YoY in September, marking a two-month streak (August: +20.4%).</li></ul>

Bank of Japan (BoJ): BoJ kept rates unchanged at 0.5%, despite 3% inflation — a clear policy mismatch.Federal Reserve (US): The Fed cut rates despite inflation running above target (≈3.6% annualized).China: Industrial profits up 21.6% YoY in September, marking a two-month streak (August: +20.4%).

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 31 Oct 2025

<ul><li>China: Growth Slows, Stimulus Likely Ahead: Q3 GDP rose 4.8% YoY, below earlier quarters and forecasts (previously expected 5.5% FY growth, now trimmed to 5.1%).</li><li>Japan: Policy Stagnation and Structural Decline: New LDP leader and PM, Mrs. Takaichi, signals more of the same “Abenomics” playbook — fiscal stimulus and ultra-low rates.</li><li>Regional and Market Sentiment: The Bangkok roundtable consensus was broadly cautious — China’s sub-5% growth outlook and Southeast Asia’s softening momentum weighed on sentiment.</li></ul>

China: Growth Slows, Stimulus Likely Ahead: Q3 GDP rose 4.8% YoY, below earlier quarters and forecasts (previously expected 5.5% FY growth, now trimmed to 5.1%).Japan: Policy Stagnation and Structural Decline: New LDP leader and PM, Mrs. Takaichi, signals more of the same “Abenomics” playbook — fiscal stimulus and ultra-low rates.Regional and Market Sentiment: The Bangkok roundtable consensus was broadly cautious — China’s sub-5% growth outlook and Southeast Asia’s softening momentum weighed on sentiment.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 24 Oct 2025

External broker reports, Nordea

Nordea

External broker reports

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<ul>
<li>Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.</li>
<li>Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.</li>
<li>In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.
Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.
In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Bond Investments: The Japanese buying of US bonds continued in June

<ul><li>Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.</li><li>The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.</li><li>Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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Japan Treasury (JAPAN GOVT)

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 31 Oct 2025

Bank of Japan (BoJ): BoJ kept rates unchanged at 0.5%, despite 3% inflation — a clear policy mismatch. Federal Reserve (US): The Fed cut rates...

Dr. Jim Walker

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 24 Oct 2025

China: Growth Slows, Stimulus Likely Ahead: Q3 GDP rose 4.8% YoY, below earlier quarters and forecasts (previously expected 5.5% FY growth, now...

Dr. Jim Walker

Global Bond Investments: The Japanese buying of US bonds continued in June

Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.

Nordea

Macro & Markets: Welcome back

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%. The central bank signalled that it will...

Nordea

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