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Yen Extends 20-Year Low on Widening U.S. Yield Gap
April 14, 2022--Japanese currency falls for 11th straight day against dollar
Yen is the worst performing Group-of-10 currency this year
The yen's relentless drop continued Friday, as it weakened for an 11th straight day against the dollar on bets further divergence between U.S. and Japanese interest rates are inevitable.
The Japanese currency was down just over 0.5% to 126.60 per dollar at 3.30 p.m. in Tokyo--extending a 20-year low. Benchmark Treasury yields surged in the U.S. overnight, widening the gap with their peers in Japan.
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Source: bloomberg.com
South Asia Sees Slower Growth as War in Ukraine Impedes Recovery, Worsens Existing Challenges
April 13, 2022--Growth in South Asia, already uneven and fragile, will be slower than previously projected, due to the impacts of the war in Ukraine and persistent economic challenges, says the World Bank in its twice-a-year regional update.
Released today, the latest South Asia Economic Focus Reshaping Norms: A New Way Forward projects the region to grow by 6.6 percent in 2022 and by 6.3 percent in 2023. The 2022 forecast has been revised downward by 1.0 percentage point compared to the January projection.
Countries in South Asia are already grappling with rising commodity prices, supply bottlenecks, and vulnerabilities in financial sectors.
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Source: worldbank.org
IMF Executive Board Concludes 2022 Article IV Consultation with Japan
April 6, 2022--The Japanese economy is recovering from the pandemic amid strong policy support and high vaccination levels. Japan had much lower rates of COVID-related infections and deaths than most advanced economies, including due to containment measures. Following a contraction of 4.5 percent in 2020, real GDP growth is estimated to have grown by 1.6 percent in 2021. Reflecting high energy prices, inflation has risen gradually during 2021 but remains well below the 2 percent inflation target.
The current account surplus was 2.9 percent of GDP in 2021, and, on a preliminary basis, the external position is assessed as broadly in line with medium-term fundamentals and desirable policies. Business bankruptcies and non-performing loans are at historical lows due to strong fiscal and monetary support as well as liquidity and credit supply facilitated by regulatory easing measures. The banking system remains well-capitalized and liquid, and near-term vulnerabilities are contained.
GDP growth is projected at 2.4 percent in 2022 amid continued strong policy support, the high vaccination rate, and easing global supply constraints. Consumption will lead the recovery, with pent-up demand being unwound.
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Source: imf.org
The private sector advances in China: The evolving ownership structures of the largest companies in the Xi Jinping era
April 5, 2022--This paper documents recent structural changes in China's corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics.
This paper documents recent structural changes in China's corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics. We classify China's largest companies by revenue since 2004 (based on Fortune Global 500 rankings), and largest listed companies by market capitalisation since 2010, into state and private-sector categories, using a conservative definition of the private sector. Among the largest companies by revenue, the private sector was non-existent in the mid-2000s but has grown steadily in the past decade, even though the state sector still dominates. The aggregate revenue of private-sector companies grew from zero in Fortune's ranking in 2005 (based on 2004 revenue) to $104 billion in the 2011 ranking, or merely 3.8 percent of the $2.78 trillion in aggregate revenue for all Chinese companies in the ranking, and to $1.7 trillion in the latest 2021 ranking (based on 2020 revenue), or 19 percent of the Chinese companies' aggregate revenue.
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Source: bruegel.org
East Asia and Pacific Economic Recovery Faces Risks from the War in Ukraine, U.S. Monetary Tightening, and China Slowdown
April 4, 2022--The war in Ukraine threatens the uneven recovery of developing East Asia and Pacific (EAP) countries from the COVID-19 shock, the World Bank said on Monday. The war comes on top of the economic distress caused by the lingering COVID-19 pandemic, the financial tightening in the United States, and the pandemic resurgence amidst zero-COVID policies in China.
Shocks emanating from the war in Ukraine and the sanctions on Russia are disrupting the supply of commodities, increasing financial stress, and dampening global growth, according to the World Bank's East Asia and Pacific Economic Update: Braving the Storms. Countries in the region that are large importers of fuel- like Mongolia and Thailand, and food-like the Pacific Islands- are seeing a decline in real incomes. Countries with large debt -like Lao People's Democratic Republic and Mongolia - and high dependence on exports- like Malaysia and Vietnam-are susceptible to global financial and growth shocks.
view the World Bank East Asia and Pacific Economic Update: Braving the Storms April 2022
Source: worldbank.org
Samsung AM buys 20% stake in US ETF issuer Amplify
April 4, 2022--The strategic alliance between the Korean ETF pioneer and Amplify will see both companies develop new ETFs for Asia following record inflows into passives in the region last year.
Samsung Asset Management has acquired a 20% equity stake in US firm Amplify to offer its exchange-traded products in Asia, tapping into record inflows into passives in the region last year.
The strategic alliance between the Korean exchange-traded fund (ETF) pioneer and Amplify will see both companies developing new ETFs for the region.
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Source: citywireasia.com
Mirae Asset targets ESG and active strategies with new Hong Kong ETF listings
March 31, 2022--Seoul-based group cites growing investor awareness of sustainability as it unveils three Global X funds
Mirae Asset Global Investments- Hong Kong unit has rolled out three new exchange traded funds in the territory.
The Seoul-headquartered fund firm has listed the Global X Hang Seng ESG ETF, Global X Metaverse Theme Active ETF and Global X Electric Vehicle and Battery Active ETF, bringing the total number of Hong Kong-listed Global X ETFs to 35.
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Source: ft.com
China ETF investors endure 'dark' month as macro factors take over
March 31, 2022--Fund managers say fundamental growth story, especially tech, has been overshadowed by events
Investors in China equity exchange traded funds have needed nerves of steel in recent weeks.
Spooked by the war in Ukraine, anxiety over regulatory crackdowns and Chinese Covid outbreaks, they were in no mood for more bad news.
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Source: ft.com
Japan asks how low can the yen go, and will it hurt
March 23, 2022--Bears see currency hitting 125 to the dollar by year's end
Not long ago, Japan would have welcomed the yen weakening to a six-year low.
But now the energy-poor economy is feeling the pain as well as the gain.
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Source: asia.nikkei.com
Double-digit rise in Asian active ETF assets set to spur more growth
March 22, 2022--JPMAM and Federated Hermes are among managers planning to expand their regional offering
Global exchange traded fund issuers are looking to capitalise on the double-digit growth in active exchange traded fund assets among Asian institutional investors last year.
Assets allocated to active ETF strategies last year in Asia Pacific ex-Japan stood at $51.25bn, a nearly 19 per cent increase from the $43.12bn in 2020, according to data from Brown Brothers Harriman.
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Source: ft.com
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