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

Concerns about Asian external debt sustainability and corporate foreign currency leverage are overblown. If investors are worried about the EM6 group of countries ((Argentina, Brazil, Mexico, Venezuela, Turkey and South Africa) it is with good reason. Asia is a different story altogether. Regional fundamentals are strong. There are a few warning flags but none that suggest that an external debt crisis is about to engulf the region.Stress testing for vulnerability – Summary resultsWe start off…

Concerns about Asian external debt sustainability and corporate foreign currency leverage are overblown. If investors are worried about the EM6 group of countries ((Argentina, Brazil, Mexico, Venezuela, Turkey and South Africa) it is with good reason. Asia is a different story altogether. Regional fundamentals are strong. There are a few warning flags but none that suggest that an external debt crisis is about to engulf the region.Stress testing for vulnerability – Summary resultsWe start off…

EM External Debt Sustainability Scoreboard - Asia Stands Out

Japan-China trade relations – Reaching a pivoting pointMr Trump’s trade war on the rest of the world is uniting friends and foes. This week Japan and the EU signed the world’s largest bilateral trade pact, creating a trade zone covering almost a third of global GDP. Japan like the EU is realising that the US under the leadership of the maverick Mr Trump is no longer a reliable trading partner. The EU-Japan bilateral trade agreement (which still needs to be ratified) is potentially interesting…

Japan-China trade relations – Reaching a pivoting pointMr Trump’s trade war on the rest of the world is uniting friends and foes. This week Japan and the EU signed the world’s largest bilateral trade pact, creating a trade zone covering almost a third of global GDP. Japan like the EU is realising that the US under the leadership of the maverick Mr Trump is no longer a reliable trading partner. The EU-Japan bilateral trade agreement (which still needs to be ratified) is potentially interesting…

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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
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Highlights: Currently 15 pair trade opportunities persist across four markets and seven sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently 15 pair trade opportunities persist across four markets and seven sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (18 May 2026)

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

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.

Price Gauge
52-week Range	0.00 - 0.00
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Nomura ETF Topix (1306 JP)

EM External Debt Sustainability Scoreboard - Asia Stands Out

Concerns about Asian external debt sustainability and corporate foreign currency leverage are overblown. If investors are worried about the EM6...

Sharmila Whelan

Japan- China Relations - At Pivot Point?

Japan-China trade relations – Reaching a pivoting pointMr Trump’s trade war on the rest of the world is uniting friends and foes. This week Japan...

Sharmila Whelan

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

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (18 May 2026)

Discover 15 pair trade opportunities across four markets and seven sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EM External Debt Sustainability Scoreboard - Asia Stands Out

Concerns about Asian external debt sustainability and corporate foreign currency leverage are overblown. If investors are worried about the EM6...

Sharmila Whelan

Japan- China Relations - At Pivot Point?

Japan-China trade relations – Reaching a pivoting pointMr Trump’s trade war on the rest of the world is uniting friends and foes. This week Japan...

Sharmila Whelan

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

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (18 May 2026)

​Discover 15 pair trade opportunities across four markets and seven sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

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

Discover 15 pair trade opportunities across four markets and seven sectors using statistical mean-reversion methodology for actionable insights.