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>The Federal Reserve kept interest rates at 3.75%, but it was a surprise that new Fed chairman, Kevin Warsh, struck a relatively hawkish tone in the post-meeting press conference, suggesting that inflation was still a problem. In the mean time, the Taiwanese central bank again left interest rates at 2% despite the fact that money supply growth is way above the target range.</li>
<li>Bank of Japan, Bank Indonesia, and the Philippines Central Bank all raised interest rates by 25pbs this week. Bank of Japan is seriously behind the curve while Bank Indonesia and Philippines central bank are in trouble with both inflation and exchange rate pressures.</li>
<li>A few Chinese data points are showing signs of softening. Retail sales fell 0.6% YoY in May, a pause after a strong start of this year. Property investment continued to contract, by 16% YoY in May which is pretty significant number in a sector that really should be stabilizing by now, but continues to weaken.</li>
</ul>


The Federal Reserve kept interest rates at 3.75%, but it was a surprise that new Fed chairman, Kevin Warsh, struck a relatively hawkish tone in the post-meeting press conference, suggesting that inflation was still a problem. In the mean time, the Taiwanese central bank again left interest rates at 2% despite the fact that money supply growth is way above the target range.
Bank of Japan, Bank Indonesia, and the Philippines Central Bank all raised interest rates by 25pbs this week. Bank of Japan is seriously behind the curve while Bank Indonesia and Philippines central bank are in trouble with both inflation and exchange rate pressures.
A few Chinese data points are showing signs of softening. Retail sales fell 0.6% YoY in May, a pause after a strong start of this year. Property investment continued to contract, by 16% YoY in May which is pretty significant number in a sector that really should be stabilizing by now, but continues to weaken.


Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 19 June 2026