Chief Economist, Aletheia Capital

Dr. Jim Walker

Jim Walker is the chief economist at Aletheia Analyst Network Limited, an independent research platform for the Asia Pacific region. Prior to joining Aletheia he was the founder and chief economist at Asianomics Group an economics and strategy research consultancy company formed in late 2007. 

Before establishing Asianomics he was the chief economist at CLSA Asia-Pacific Markets. He joined CLSA in late 1991. Over the years Dr Jim achieved numerous ‘best economist’ rankings in the Asiamoney, Institutional Investor and Greenwich surveys of fund managers. In 1995 he wrote about the prospect of Asia being forced off its de facto dollar peg “within the next two-three years”. The Asian Crisis, precipitated by the Thai baht devaluation, began in July 1997.

In recent years he is best known for forecasting the US 2007 downturn and financial sector meltdown in his series of ‘Apocalypse’ reports. He remains deeply sceptical of the prevailing wisdom in central banks’ approach to monetary policy.

Over the years he has also developed an approach to analysing Asian economies based on profit and credit cycles where the importance of investment spending as the driver of economic activity is explained.

Early in his career he worked in his native Scotland as a research fellow at the Fraser of Allander Institute for Research on the Scottish Economy, and then at The Royal Bank of Scotland’s Edinburgh headquarters. He holds a Bachelor of Arts Honours degree and a doctorate in economics from the University of Strathclyde, Glasgow.

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>It was with a large pang of sadness this week that we saw the news of the passing of Tung Chee-hua, the first chief executive of Hong Kong post 1997. We were sad not because he was a particularly good leader and that everything in Hong Kong was rosy under his administration, but because he was a perfectly good man with the territory’s best interests at heart. </li><li>On the other hand, the current US Treasury Secretary, Scott Bessent simply leaves the impression of being arrogant and egotistical. He challenges the markets to take him on as regards what he's going to do with the bond market and more so with the yen. He says “Don’t mess with my Yen agenda”, but seems to forget he is US Treasury Secretary, not the Finance Minister of Japan (or a hedge fund manager).</li><li>We published a Peregrinations report earlier this week, called Japan: Through AI Glasses. It forms part of the argument behind our long yen call, which at the moment is working because markets are frightened of Bessent and intervention. But it won't work long term unless the yield differential closes. In our view, the way that it will close is through an accelerated hiking pace by the BoJ, not the way that most analysts expected.</li></ul>

It was with a large pang of sadness this week that we saw the news of the passing of Tung Chee-hua, the first chief executive of Hong Kong post 1997. We were sad not because he was a particularly good leader and that everything in Hong Kong was rosy under his administration, but because he was a perfectly good man with the territory’s best interests at heart. On the other hand, the current US Treasury Secretary, Scott Bessent simply leaves the impression of being arrogant and egotistical. He challenges the markets to take him on as regards what he's going to do with the bond market and more so with the yen. He says “Don’t mess with my Yen agenda”, but seems to forget he is US Treasury Secretary, not the Finance Minister of Japan (or a hedge fund manager).We published a Peregrinations report earlier this week, called Japan: Through AI Glasses. It forms part of the argument behind our long yen call, which at the moment is working because markets are frightened of Bessent and intervention. But it won't work long term unless the yield differential closes. In our view, the way that it will close is through an accelerated hiking pace by the BoJ, not the way that most analysts expected.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 11 Sep 2026