Bank Indonesia and the People’s Bank of China are both expected to maintain current interest rate levels. Key releases include Japan's GDP, trade figures, and inflation, Taiwan's export orders and Singapore's GDP
ile stocks continue to hit new highs, the worldwide sell-off in long-term government bonds is gathering pace. Rates actually rose more in nearly every G10 country than they did in the US last week, which certainly contributed to dollar weakness.
The Nikkei Index can be estimated using nominal GDP, net domestic fund demand (corporate savings rate + fiscal balance), Abenomics dummy and Economic Policy Uncertainty Index. For the current Q225, if we place nominal GDP at around JPY624trn and net domestic fund demand at +1.3%, and assume that global uncertainty continues, the macro fair value would be around JPY34,800, roughly in line with the prevailing Nikkei index
