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 and a lot more optimistic than the government and Japanese companies about the outlook for growth and corporate earnings. Expect both to surprise on the upside. Like elsewhere in Asia, Japanese policymakers are worried about the impact of rising trade tensions on economic growth. Last week the Cabinet Office lowered its real GDP forecast for FY18 to 1.5% from 1.8% in January. Certainly the yen has weakened against the US dollar and the stock market having…

We are overweight Japanese equities and a lot more optimistic than the government and Japanese companies about the outlook for growth and corporate earnings. Expect both to surprise on the upside. Like elsewhere in Asia, Japanese policymakers are worried about the impact of rising trade tensions on economic growth. Last week the Cabinet Office lowered its real GDP forecast for FY18 to 1.5% from 1.8% in January. Certainly the yen has weakened against the US dollar and the stock market having…

Japanese Firms - Growing Resilience, Overweight Equities

It was a given that the Quebec G7 Summit was going to be tense, possibly acrimonious. But it turned unexpectedly ugly following Mr Trump’s highly personalised attack on Justin Trudeau, Canada’s Prime Minister which culminated in the US withdrawing from the joint G7 communique. Mr Trump managed in the short time he deigned to attend the summit to further isolate America’s allies and continued to deliver a barrage of insults from Singapore via his favourite medium of communication - Twitter…

It was a given that the Quebec G7 Summit was going to be tense, possibly acrimonious. But it turned unexpectedly ugly following Mr Trump’s highly personalised attack on Justin Trudeau, Canada’s Prime Minister which culminated in the US withdrawing from the joint G7 communique. Mr Trump managed in the short time he deigned to attend the summit to further isolate America’s allies and continued to deliver a barrage of insults from Singapore via his favourite medium of communication - Twitter…

Trade Wars - The Good, The Bad And The Ugly

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.

Japan

TOPIX ETF is an Exchange-traded fund which holds a portfolio representing all stocks in the Tokyo Price Index (TOPIX).  The objective of the trust is to provide investment results that corresponds to the price and yield performance of the component securities of the Tokyo Price Index.

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Japanese Firms - Growing Resilience, Overweight Equities

We are overweight Japanese equities and a lot more optimistic than the government and Japanese companies about the outlook for growth and corporate...

Sharmila Whelan

Trade Wars - The Good, The Bad And The Ugly

It was a given that the Quebec G7 Summit was going to be tense, possibly acrimonious. But it turned unexpectedly ugly following Mr Trump’s highly...

Sharmila Whelan

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

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52-week Range

Market Cap (USDm)

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