Deputy Chief Economist

Sharmila Whelan

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

We are overweight Japanese equities. It is one of our high conviction calls for 2018.Growth faltered in the first quarter, but that was an aberration or at worst a blip. The Japanese business cycle is firmly in the upswing phase. Corporate profits are rising strongly and on the back of it investment spending. As for exports - Japan like the EU is finding out that the US under Mr Trump’s leadership, is neither the loyal friend nor the reliable trading partner it was. Japan has been permanently…

We are overweight Japanese equities. It is one of our high conviction calls for 2018.Growth faltered in the first quarter, but that was an aberration or at worst a blip. The Japanese business cycle is firmly in the upswing phase. Corporate profits are rising strongly and on the back of it investment spending. As for exports - Japan like the EU is finding out that the US under Mr Trump’s leadership, is neither the loyal friend nor the reliable trading partner it was. Japan has been permanently…

Japan Wages & Consumption - Catching up Finally!

‘Modesty is a virtue’ is a value clearly Japanese companies believe in and one that my mother tried hard to inculcate in me albeit a slightly different version which went along the lines of ‘An Indian woman must always be modest’.  So it would appear Japanese companies and Indian mothers have much in common. In Japan’s case though its companies are being unduly modest. Things are good and getting better.The latest March 2018 Tankan Survey report sits at odds with the reality on the ground as…

‘Modesty is a virtue’ is a value clearly Japanese companies believe in and one that my mother tried hard to inculcate in me albeit a slightly different version which went along the lines of ‘An Indian woman must always be modest’.  So it would appear Japanese companies and Indian mothers have much in common. In Japan’s case though its companies are being unduly modest. Things are good and getting better.The latest March 2018 Tankan Survey report sits at odds with the reality on the ground as…

Japanese Capex - Of Japanese Firms and Indian Mothers

Japan Economist, Japan Macro Advisors

Takuji Okubo

Japan Economist

Concise and Insightful Analysis on Japan Economy

Japan Macro Advisors

Our mission is to provide a concise and timely analysis on the Japanese economy for the benefit of global audiences. Communication, especially in foreign languages, has always been a weakness for the Japanese, which was fine when Japan's economic might attracted foreign media and various other institutions to study and report on Japan - such days are long gone. In the last two decades, we saw foreign institutions reallocating their resources from Japan to other more exciting parts of the world. As a result, when we read reporting on Japan in foreign media, we sense a subtle but noticeable decline in the depth of understanding what is actually happening in Japan.

After 2 years of consistent growth, the Japanese economy contracted in the 2018 January-March quarter. While it is a disappointing result, we think it was a temporary dip and the growth is likely to return in the following quarters. The news should be a wake-up call for Japanese policymakers. Japan has made a progress in reflating the economy, but they should not take continued growth for granted. The BoJ needs to maintain, or better, strengthen its stimulus and clearly communicate its intention…

After 2 years of consistent growth, the Japanese economy contracted in the 2018 January-March quarter. While it is a disappointing result, we think it was a temporary dip and the growth is likely to return in the following quarters. The news should be a wake-up call for Japanese policymakers. Japan has made a progress in reflating the economy, but they should not take continued growth for granted. The BoJ needs to maintain, or better, strengthen its stimulus and clearly communicate its intention…

A Wake-Up Call for Japanese Policymakers.

China, Korea and Japan, met in Tokyo this week for a trilateral business summit, the first since 2015, to discuss regional trade and North Korea. Following the summit, China the new champion of global free trade, urged Japan and Korea to stand firmly together with it in resisting the rising wave of protectionism while deepening intra-regional trade by accelerating talks on a China-Japan-Korea free trade area and the completion of the Regional Comprehensive Economic Partnership (RCEP). Mr Trump…

China, Korea and Japan, met in Tokyo this week for a trilateral business summit, the first since 2015, to discuss regional trade and North Korea. Following the summit, China the new champion of global free trade, urged Japan and Korea to stand firmly together with it in resisting the rising wave of protectionism while deepening intra-regional trade by accelerating talks on a China-Japan-Korea free trade area and the completion of the Regional Comprehensive Economic Partnership (RCEP). Mr Trump…

China-Korea-Japan Trade: Thank You Mr Trump!

BoJ Governor Kuroda is starting to resemble these government officials being hauled into the parliament to give explanations they themselves do not believe in and prove counter-factual. On April 27, the BoJ policy board concluded its first policy meeting in Kuroda's second term. BoJ kept its policy unchanged but made an important change to its policy outlook. Since 2013, the BoJ under Governor Kuroda kept an explicit mention of when it expects its 2% inflation target to be achieved. In the April…

BoJ Governor Kuroda is starting to resemble these government officials being hauled into the parliament to give explanations they themselves do not believe in and prove counter-factual. On April 27, the BoJ policy board concluded its first policy meeting in Kuroda's second term. BoJ kept its policy unchanged but made an important change to its policy outlook. Since 2013, the BoJ under Governor Kuroda kept an explicit mention of when it expects its 2% inflation target to be achieved. In the April…

Japan

TOPIX-Banks Index is a capitalization-weighted index of all the banks listed on the First Section of the Tokyo Stock Exchange and is one of the 33 industry sectors of the TOPIX Index (TPX). The index was developed with a base value of 1000 as of January 6, 1992. The parent index is TPX.

TOPIX Banks Index (TPNBNK INDEX)

Japan Wages & Consumption - Catching up Finally!

We are overweight Japanese equities. It is one of our high conviction calls for 2018.Growth faltered in the first quarter, but that was an...

Sharmila Whelan

Japanese Capex - Of Japanese Firms and Indian Mothers

‘Modesty is a virtue’ is a value clearly Japanese companies believe in and one that my mother tried hard to inculcate in me albeit a slightly...

Sharmila Whelan

A Wake-Up Call for Japanese Policymakers.

After 2 years of consistent growth, the Japanese economy contracted in the 2018 January-March quarter. While it is a disappointing result, we think...

Takuji Okubo

China-Korea-Japan Trade: Thank You Mr Trump!

China, Korea and Japan, met in Tokyo this week for a trilateral business summit, the first since 2015, to discuss regional trade and North Korea....

Sharmila Whelan

Governor Kuroda, Please Stop Lying

BoJ Governor Kuroda is starting to resemble these government officials being hauled into the parliament to give explanations they themselves do not...

Takuji Okubo