Vietnam Strengthens Global Credibility as US Confirms No Currency Manipulation

Economic

Summary:

The US Treasury’s June 2025 report confirms Vietnam does not manipulate its currency, affirming the country’s commitment to financial transparency and macroeconomic stability....

Clear Verdict from the United States Bolsters International Standing

Vietnam has received strong validation from the United States in the latest June 2025 Treasury report on macroeconomic and foreign exchange policies. Despite meeting two out of three monitoring criteria under the Trade Facilitation and Trade Enforcement Act of 2015—including a significant bilateral trade surplus with the US and a current account surplus—Vietnam was found not to engage in one-sided foreign exchange interventions to artificially weaken the dong (VND). The report’s conclusion helps reinforce Vietnam’s international reputation for financial transparency and integrity.

Sustained Trade Surplus and Healthy Current Account

Vietnam’s bilateral trade surplus with the US reached $122 billion in 2024, ranking third globally and marking an 18.1% increase from the previous year. This performance was driven largely by exports of machinery, electronics, and textiles. At the same time, the country maintained a current account surplus equivalent to 6.1% of GDP. These figures highlight Vietnam’s strong role in global supply chains and underline its export-driven economic resilience.

According to the US Treasury, Vietnam’s bilateral surplus now accounts for 33.6% of total trade between the two nations—well above the $15 billion threshold that signals monitoring concern. Yet, no evidence was found of consistent, one-directional forex intervention aimed at gaining unfair trade advantage. This affirms Vietnam’s compliance with international monetary norms and enhances its policy credibility.

Robust Foreign Exchange Reserves Offer a Financial Buffer

Vietnam’s foreign exchange reserves were reported at $81.2 billion, amounting to 18% of GDP and exceeding short-term external debt by a factor of 3.18. This far surpasses the 100–150% adequacy ratio set by the IMF’s Assessing Reserve Adequacy (ARA) metric, demonstrating a strong financial buffer against external volatility.

Such reserve strength provides Vietnam with significant capacity to manage capital outflows and mitigate exchange rate pressure in turbulent markets. It also signals macroeconomic stability, which is essential for sustaining investor confidence and supporting long-term growth.

Decline in One-Sided Interventions Reflects Policy Maturity

The report acknowledged that the State Bank of Vietnam has significantly reduced one-directional forex interventions since 2022. This behavior reflects a commitment to market-based currency management and compliance with international best practices. By avoiding manipulative devaluations, Vietnam positions itself as a responsible participant in the global financial system, reinforcing its credibility with foreign investors and trading partners.

In 2024, the Vietnamese dong depreciated by 4.5% against the US dollar, yet appreciated by 0.8% on a nominal effective exchange rate basis and by 0.6% on a real effective exchange rate basis. These trends demonstrate that currency movements were largely consistent with market fundamentals rather than the result of deliberate intervention. The report emphasized that VND/USD exchange rate volatility remained subdued in early 2025, and currency trends were shaped more by global financial pressures than by domestic policy choices.

Vietnam’s transparent and flexible exchange rate approach ensures that its macroeconomic tools are aligned with broader stability goals rather than short-term trade advantages. The moderate depreciation of 2.4% in the first four months of 2025 also suggests a responsive but non-disruptive monetary stance.

Reinforcing Vietnam’s Position as a Trusted Global Partner

With a combination of solid trade performance, a current account surplus, disciplined exchange rate management, and ample reserves, Vietnam has cemented its status as a trustworthy and resilient player in international finance. The US Treasury’s clear affirmation that Vietnam is not manipulating its currency is not only a diplomatic success but also a strategic economic advantage.

This position allows Vietnam to remain an attractive destination for foreign direct investment and enhances its role in global production networks. It also enables the country to navigate global uncertainty with a high degree of macroeconomic flexibility, reinforcing its upward trajectory in international financial rankings.

By staying the course on policy transparency and avoiding short-term interventions, Vietnam is building the financial credibility necessary for long-term, sustainable growth. The US recognition reaffirms Vietnam’s reliability as a trade partner and lays the groundwork for deeper bilateral cooperation and stronger integration into the global economic architecture.

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Economic

Unmasking the Discrepancy Between Official and Actual Employment Figures

In April 2025, the U.S. Bureau of Labor Statistics (BLS) reported a low official unemployment rate of 4.2%, accompanied by the creation of 177,000 new jobs. While this would typically be seen as a sign of economic health, a separate report from the Ludwig Institute for Shared Economic Prosperity (LISEP) reveals a sharply contrasting reality. According to LISEP’s analysis, 24.3% of working-age Americans are experiencing "functional unemployment," a condition that includes not only the jobless but also those underemployed or earning below a basic living threshold.

Rethinking the Definition of Employment

The divergence between official statistics and the figures reported by LISEP stems from fundamental differences in how employment is defined. The BLS limits its unemployment calculations to individuals who are actively seeking full-time work and currently not employed. In contrast, LISEP applies a broader and arguably more realistic criterion. Individuals working involuntarily in part-time roles or earning less than $25,000 annually before taxes—regardless of their employment status—are included under the label of functionally unemployed.

This methodological variation does not merely represent a theoretical disagreement; it reflects a more nuanced understanding of labor market conditions. Many Americans technically counted as employed by government metrics are in fact financially insecure and unable to sustain a basic standard of living. Thus, employment in itself does not necessarily correlate with economic security or mobility.

The Hidden Labor Divide

The LISEP report also highlights critical disparities in how different demographic groups are affected. Functional unemployment is particularly acute among African American and Hispanic communities, as well as among women. These patterns suggest persistent structural inequalities in access to stable and adequately compensated employment. The correlation between racial and gender identity and employment outcomes in this context may stem from limited access to higher education, systemic discrimination, and uneven job market participation.

Although causality is complex, these patterns reveal the disproportionate burden of insecure labor conditions carried by marginalized communities. Without targeted interventions, these gaps may widen, deepening existing socioeconomic divides.

A Question of Policy and Perspective

Gene Ludwig, chair of LISEP and a former U.S. Comptroller of the Currency, warns that relying solely on official labor statistics could misguide economic policy decisions. If policymakers continue to base strategic planning on data that underrepresents the scope of economic hardship, programs intended to stimulate employment or reduce poverty may fail to reach those in need. Ludwig advocates for an evidence-based policy framework anchored in comprehensive metrics that capture the full picture of labor market distress.

His argument implies that the persistence of low-wage, precarious jobs undermines the notion of recovery even during periods of growth. Therefore, sustainable economic development should prioritize not just job quantity but also job quality and wage adequacy.

Towards a More Honest Economic Narrative

The stark contrast between official unemployment figures and the "functional unemployment" rate calls into question the effectiveness of current labor market indicators. While the U.S. economy may appear resilient on the surface, a significant portion of the population remains financially vulnerable. Recognizing and addressing these hidden realities is crucial for building inclusive economic policies that ensure prosperity extends beyond headline statistics. Moving forward, reframing how employment is defined could be the first step toward a more equitable and transparent labor strategy.

Source: Yahoo Finance

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Economic

China–U.S. Trade War

Resilience Over Retreat: U.S. Businesses Endure in China

Even as U.S. tariffs on Chinese goods spike to as high as 145%, American firms are showing notable resilience. According to a survey conducted by the American Chamber of Commerce in China (AmCham China) between May 23 and 28, only 13% of the 112 participating companies indicated intentions to relocate production outside of China in response to tariff hikes. More strikingly, not a single respondent reported plans to repatriate manufacturing back to the U.S., highlighting the complexity and stickiness of global supply chains.

Instead of exiting, 21% of respondents said they would increase manufacturing and sales operations within China itself, a strategic pivot aimed at localizing supply and insulating operations from tariff-related cross-border frictions. Meanwhile, 41% of companies signaled no major adjustments to their existing China strategies.

Business Continuity in the Face of Trade Pressure

These findings underscore that for many American firms, China remains too critical a market to abandon. From giants like Microsoft and Coca-Cola to smaller enterprises with sub-$1 million global revenue, companies see long-term value in maintaining their Chinese footprint, despite near-term headwinds. For multinationals, China offers not only a vast consumer base but also a deeply integrated manufacturing ecosystem that cannot be easily replicated elsewhere.

Nonetheless, the trade environment remains harsh. Nearly one-third of surveyed companies reported losses tied to elevated tariffs during April and early May. Around 11% experienced contract cancellations or order withdrawals from Chinese partners following the enforcement of new tariffs on April 2. An additional 7% indicated they were actively considering shutting down operations in China due to mounting financial strain.

No Rush to Reshoring: Cost and Complexity a Barrier

The absence of any firm intending to shift production back to the U.S. reveals the structural challenges in reshoring. American production remains significantly more expensive in terms of labor, infrastructure, and regulatory compliance. Moreover, the ecosystem of suppliers, logistics providers, and skilled labor that Chinese industrial zones offer cannot be easily replicated domestically in the short term.

This reality tempers expectations about "decoupling" and illustrates why even punitive tariffs may not lead to mass exits from China. Instead, companies appear more inclined to adapt locally—through supply chain localization, pricing strategies, or absorbing costs—rather than undertake disruptive and expensive relocation strategies.

Trade Truce Offers Temporary Relief, Not Resolution

The 90-day temporary trade truce announced in Geneva at the end of May provides a critical window of stability. The follow-up phone call on June 5 between Presidents Donald Trump and Xi Jinping confirmed both sides’ commitment to resume negotiations. While the ceasefire may ease short-term uncertainty, companies remain cautious, aware that underlying tensions have not been resolved.

U.S. Trade Envoy David Perdue’s outreach to American firms in China reflects Washington’s dual approach: maintain political toughness while reassuring businesses of continued support. Perdue’s comments signal a willingness to find pragmatic middle ground, even as geopolitical rivalry persists.

Despite tariffs soaring to triple-digit percentages, the majority of U.S. businesses in China are staying put. Their response reveals a rational calculus: China’s importance as a consumer and production hub outweighs even aggressive trade headwinds. Rather than trigger an exodus, the trade war is prompting strategic recalibrations—localized operations, cost absorption, and supply chain restructuring—while firms continue to lobby for long-term stability. The coming months of resumed U.S.-China negotiations will be critical in determining whether this resilience translates into recovery or further risk.

Source: Yahoo Finance

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The Spark: A Fed Experiment with Global Consequences

In May 2013, then-Fed Chair Ben Bernanke made an ill-fated move: he floated the idea of tapering QE, essentially testing how markets would react to a shift away from ultra-loose monetary policy. What followed was a financial storm. Bond yields surged uncontrollably, equity indices plummeted, repurchase markets came under intense pressure, and liquidity evaporated in the shadow banking system. This “taper tantrum” was a clear demonstration that mere speculation about tightening could destabilize the global financial system, even if policy remained unchanged.

The event forced Bernanke to retreat in the Fed’s September meeting, continuing QE despite rising inflation concerns. It highlighted an uncomfortable truth: the global financial ecosystem had grown addicted to cheap money, and tapering could not be approached casually.

Artificially Low Rates and the Volatility of Normalization

QE’s chief legacy was an artificially suppressed interest rate environment, which fueled asset inflation and handed banks enormous profits. But when the Fed signaled its withdrawal, the pent-up volatility released with explosive force. Analysts estimate that QE policies distorted normal interest rates by at least 800 basis points—400 from the zero-rate policy, and another 400 from $3 trillion in bond purchases.

From May to September 2013, a modest 100 basis point rise in 10-year US Treasury yields was enough to shake markets worldwide. An eightfold increase, as feared in subsequent exit scenarios, could create a financial shockwave beyond the control of even the most powerful central banks.

Vanishing the "Diamond Floor" in Bond Markets

QE turned the Fed into the largest buyer of Treasuries and mortgage-backed securities, effectively creating a psychological “diamond floor” under bond prices. With the Fed absorbing risk, investors were willing to accept ultra-low yields, betting on perpetual capital appreciation.

But once the Fed began signaling withdrawal, that floor collapsed. Investors demanded higher yields to compensate for rising risk, driving up long-term rates. The perception of tightening—even without a rate hike—triggered a preemptive stampede to exit.

Liquidity Squeeze and Forced Liquidations

As yields soared and bond prices fell, leveraged institutions—hedge funds, pension funds, insurance firms—faced mark-to-market losses. Repo markets, which rely heavily on the stability of collateral value, began seizing up. Margin calls surged. Hedge funds were forced into fire sales of risk assets to maintain liquidity.

This dynamic created a cascading effect: rising yields prompted bond sell-offs, which eroded collateral values, which in turn triggered more margin calls and deeper sell-offs. London, the central hub of global repo transactions, became the eye of the storm, with shockwaves felt across Germany, Hong Kong, Singapore, and Latin America.

Stage Two: Short-Term Rates Follow Suit

While long-term rates led the charge, a second shock wave loomed—spiking short-term rates. Central banks, including the Fed, Bank of England, ECB, and Bank of Japan, were in no position to hike policy rates quickly. But interbank lending benchmarks like LIBOR began climbing in reflexive panic, outside central bank control.

This divergence illustrated a dangerous reality: when central banks lose control of rate expectations, financial systems begin to unravel from within. The assumed safe haven of short-term debt became an unexpected source of stress, amplifying liquidity shortfalls across the board.

The Cost of Communication Missteps in Monetary Policy

The 2013 taper tantrum remains a cautionary tale for central banks navigating QE exit strategies. Markets are not merely rational observers—they are volatile ecosystems that react instinctively to perceived threats. Bernanke’s “signal test” proved that even verbal shifts, if poorly timed or inadequately cushioned, can ignite systemic risk.

As global central banks today confront renewed balance sheet tightening and post-pandemic inflation, the past offers a sobering reminder: in the age of financial leverage and algorithmic trading, trust, timing, and transparency are the most valuable currencies in monetary policy. When those break down, as they did in 2013, the fallout can spread far beyond the intended policy objectives.

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Economic

Prolonged Sales Decline Signals Market Fragility

China’s real estate industry—once a cornerstone of national growth—continues to falter, with new data showing that sales have yet to find a bottom. According to the China Real Estate Information Corporation (CRIC), sales among the top 100 developers dropped 7.1% year-on-year in the first five months of 2025, totaling 1.3 trillion yuan ($180.4 billion). This decline was steeper than the 6.7% recorded in the January–April period, underscoring the worsening pressure on the industry.

Parallel data from China Index Holdings (CIH) further reinforces the downturn, reporting a sharper 10.8% fall in sales over the same period, reaching 1.4 trillion yuan. These figures, although slightly different due to methodology, converge on the same conclusion: the Chinese property market is still in the grip of a broad-based slump.

Monthly figures provide limited consolation. May saw a modest 3.5% month-on-month uptick according to CRIC, yet year-on-year comparisons remained negative, with sales dropping 8.6%. CIH’s figures were even more discouraging, indicating a 17.3% decline compared to May 2024.

Recovery in Major Cities Masks Deeper Structural Weakness

One of the most striking patterns emerging is the growing divide between top-tier cities and lower-tier markets. Shanghai and Beijing have shown signs of vitality. For instance, a Greentown China project in Shanghai sold out 120 units in a single day, generating nearly 7 billion yuan at a price of 195,000 yuan per square meter. This reflects not only recovering sentiment but also supply shortages in premium locations.

However, smaller cities—Tier 3 and Tier 4—continue to struggle. In these areas, income levels are lower, demographic growth is stagnant or even negative, and housing saturation has reached unsustainable levels. As one senior real estate executive noted, households often already own two to three homes, diminishing fundamental demand. Additionally, speculative interest in real estate has significantly cooled, with homes no longer viewed as guaranteed investments.

Imbalance Between Supply and Demand Adds Pressure

CRIC’s report points to a marked drop in new housing supply, especially in major cities such as Shenzhen, Hangzhou, and Chengdu. While this may help prevent a further glut, it also limits upside potential in locations that might otherwise lead a market rebound.

What’s more, developers are navigating a policy landscape still heavily influenced by the government’s broader deleveraging efforts. With many firms still grappling with liquidity issues and unsold inventory, capacity to initiate new projects remains subdued.

Policy Adjustments Are Key to Stabilization

Experts suggest that a one-size-fits-all stimulus approach may no longer be effective. EH Consulting recommends shifting away from blanket policy tools and adopting more targeted interventions tailored to specific city profiles and buyer segments. Such policies would help restore balance between supply and demand, especially in areas where fundamentals support recovery.

June will be a pivotal month, as developers enter what is known as the “mid-year sales window.” Analysts expect a wave of new project launches and aggressive promotional campaigns, particularly in first- and second-tier cities. However, even with renewed activity, CIH warns that regional disparities will persist and must be addressed through nuanced policy frameworks.

Despite slight recovery signs in select urban hubs, China’s real estate market remains under intense pressure. The deepening slump in nationwide sales, combined with structural overcapacity in lower-tier cities, paints a picture of an industry still far from stabilization. While targeted policy support and localized strategies may help stimulate recovery in core markets, the overall sector remains fragile. Unless demand can be reignited across broader geographies and investor confidence restored, China’s property downturn may continue to test the resilience of the world’s second-largest economy.

Source: Nikkei Asia

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From Market Leader to Margin Pressure: A Tactical Misfire

BYD, long considered the dominant force in China’s electric vehicle (EV) market, is grappling with intensifying investor skepticism. Despite a strong stock rally earlier in 2025, the company has seen its market value erode by $20 billion in just two weeks following its latest round of sharp price cuts—up to 34% on select models. Intended to revive flagging demand, the strategy has instead triggered doubts about the company’s long-term profitability and the effectiveness of price-driven growth in a maturing industry.

The recent decline of 11% in BYD’s Hong Kong-listed shares reflects dual concerns: shrinking profit margins and a broader loss of EV sector momentum. Short interest in BYD stock has climbed to a three-month high, suggesting mounting bearish sentiment. This reaction underscores a turning point in the narrative around BYD—from a growth juggernaut to a firm under pressure to protect share at the cost of profitability.

Sales Plateau Despite Promotions and Price Incentives

Although BYD’s cumulative 2025 sales by May have reached only 32% of its 5.5 million vehicle target, aggressive promotional tactics—including free advanced driver-assist systems like God’s Eye—have yielded underwhelming returns. Investors and analysts now question whether price reductions can still deliver meaningful volume boosts in a highly competitive and increasingly saturated EV market.

The economic backdrop compounds these difficulties. With China’s macroeconomic recovery still fragile and consumer confidence subdued, discounting alone may not be sufficient to trigger a broad surge in vehicle purchases. This highlights the limits of demand elasticity in today’s market, especially for a company already perceived as the incumbent rather than the disruptor.

New Entrants Reshape Competitive Landscape

BYD’s troubles are exacerbated by the rapid rise of new-generation competitors. Tech companies like Xiaomi and Huawei are entering the EV space with bold ambitions and high-spec models. At the same time, legacy automakers such as Geely are innovating quickly—offering feature-rich models like the Xingyuan hatchback and Xingyue L SUV that cater directly to mass-market consumers. Leapmotor, another fast-growing rival, more than doubled its vehicle deliveries in May compared to the same month last year.

The influx of credible challengers compresses the value BYD can extract from its brand and scale. With high-functionality models now available at similar or lower prices, BYD’s premium positioning is becoming increasingly difficult to justify without technological differentiation or service innovation.

Policy Signals and Industry Shakeout

In a sign of regulatory concern, Chinese authorities have warned automakers against irrational price wars and under-cost sales. While not an explicit ban, the message to industry leaders—including BYD—is clear: profit erosion at the industry level could destabilize broader financial systems and employment.

Market watchers like Bing Yuan from Edmond de Rothschild Asset Management believe this phase of pricing turbulence could trigger a new wave of industry consolidation. However, unlike previous shakeouts, surviving firms today are already well-capitalized and technologically competitive. This sets the stage for a more brutal form of attrition where only those with deep product pipelines, financial discipline, and strategic agility will endure.

Valuation Context and Forward Outlook

Despite the recent decline, BYD shares are still up 54% year-to-date, though lagging behind Leapmotor (+70%) and Xpeng. The stock currently trades at 19 times forward earnings, up from 14x earlier this year. This valuation implies investor confidence in BYD’s eventual stabilization, even as its immediate strategy remains under scrutiny.

Analysts remain divided. Some, like Macquarie Capital’s Eugene Hsiao, see the price cuts as a short-term tactic designed to stimulate demand during seasonal lulls rather than a fundamental shift in business model. He argues that BYD is aware price-led growth is unsustainable and will likely revert to a more balanced strategy after this promotional phase.

BYD’s recent volatility reflects the pressures of defending market share in an EV industry that has entered a more mature and competitive stage. The company’s aggressive pricing strategy has failed to generate the expected sales surge, instead triggering a sharp correction in market value. While the brand retains considerable strength and investor optimism is not entirely lost, future growth will hinge on BYD’s ability to innovate beyond pricing—through technology, design, and ecosystem integration—to remain a market leader in China’s evolving EV landscape.

Source: Bloomberg

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Economic

New Policy Blueprint Signals Geopolitical Shift

For the first time, Japan’s annual economic and fiscal policy guidance will explicitly designate China as the top strategic threat to its vision of a rule-based international order. Traditionally focused on domestic fiscal planning, this year’s document represents a significant departure by incorporating strong geopolitical language, signaling Tokyo’s intent to align economic resilience with national security priorities.

Leaked excerpts from the draft underscore that China’s use of "economic pressure"—particularly through trade restrictions and efforts to internationalize the renminbi via the Belt and Road Initiative (BRI)—is now seen as a tool to reshape the global financial order. This move implicitly challenges the dominance of the US dollar and raises alarms in Tokyo over the erosion of institutional norms governing global trade and finance.

Security Concerns Over China’s Regional Behavior

Beyond economic pressure, the draft expresses “serious concerns” about China’s growing military assertiveness, particularly in the East China Sea, South China Sea, and Taiwan Strait. These areas are flashpoints of long-standing territorial and maritime disputes where China’s unilateral moves—such as increased naval patrols and island militarization—are viewed as destabilizing regional security. For Japan, such actions directly threaten its territorial integrity and maritime freedom, especially in the context of the contested Senkaku/Diaoyu Islands.

This marks a hardening stance compared to previous policy statements, which typically avoided overt geopolitical confrontation in economic planning documents. By connecting fiscal strategy with national defense, Japan is signaling a paradigm shift toward a more integrated approach to comprehensive national power.

Trade Relations with the United States Amid Protectionist Trends

While taking a tough stance on China, Japan remains committed to maintaining strong ties with the United States, even under the unpredictable leadership of President Donald Trump. The draft confirms Japan’s intention to persist in negotiations over punitive tariffs imposed by Washington. At the same time, Tokyo is preparing to deploy policy tools to cushion its economy from the fallout of protectionist measures, ensuring domestic industries and consumers are not unduly harmed.

This dual-track approach reflects Japan’s pragmatic recognition of the US as a key security ally but also as a source of economic friction. Maintaining a stable US-Japan trade framework is therefore essential not only for bilateral relations but also for regional economic confidence.

Domestic Strategy: Income Growth over Consumption Tax Cuts

Domestically, the policy draft resists calls to lower the consumption tax as a means of stimulating demand. Instead, it prioritizes real wage growth as a more sustainable and structurally sound solution to boost consumer spending. By advocating economic expansion as the route to increasing household purchasing power, the government signals its reluctance to weaken fiscal discipline without clear revenue offsets.

This position also implies confidence in Japan’s labor market reforms and productivity enhancement initiatives. However, without meaningful progress in wage negotiations or labor mobility, the strategy risks underdelivering on short-term support for household consumption, especially amid global headwinds.

Japan’s upcoming policy blueprint marks a historic shift in tone and substance. By identifying China as its top strategic threat, Tokyo is reorienting its fiscal and economic strategies to address the realities of intensifying great power rivalry. This repositioning also reinforces Japan’s role as a frontline actor in defending liberal norms in the Indo-Pacific. With regional stability under strain and global financial architecture in flux, Japan’s approach offers a calibrated mix of assertiveness, alliance management, and domestic prudence in an increasingly unpredictable geopolitical landscape.

Source: The Japan Times

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Data

Vietnam Strengthens Global Credibility as US Confirms No Currency Manipulation

Clear Verdict from the United States Bolsters International Standing

Sustained Trade Surplus and Healthy Current Account

Robust Foreign Exchange Reserves Offer a Financial Buffer

Decline in One-Sided Interventions Reflects Policy Maturity

Reinforcing Vietnam’s Position as a Trusted Global Partner

The Illusion of Low Unemployment: A Deeper Crisis Behind U.S. Labor Statistics

Unmasking the Discrepancy Between Official and Actual Employment Figures

Rethinking the Definition of Employment

The Hidden Labor Divide

A Question of Policy and Perspective

Towards a More Honest Economic Narrative

Source: Yahoo Finance

Despite Tariff Shocks Up to 145%, U.S. Firms Stand Firm in China Amid Trade War Uncertainty

Resilience Over Retreat: U.S. Businesses Endure in China

Business Continuity in the Face of Trade Pressure

No Rush to Reshoring: Cost and Complexity a Barrier

Trade Truce Offers Temporary Relief, Not Resolution

Source: Yahoo Finance

Interest Rate Panic Triggered by Speculation: When Central Bank Signals Go Wrong

The Spark: A Fed Experiment with Global Consequences

Artificially Low Rates and the Volatility of Normalization

Vanishing the "Diamond Floor" in Bond Markets

Liquidity Squeeze and Forced Liquidations

Stage Two: Short-Term Rates Follow Suit

The Cost of Communication Missteps in Monetary Policy

China’s Property Slump Deepens Despite Urban Hotspots: Sales Fall and Uneven Recovery Persist

Prolonged Sales Decline Signals Market Fragility

Recovery in Major Cities Masks Deeper Structural Weakness

Imbalance Between Supply and Demand Adds Pressure

Policy Adjustments Are Key to Stabilization

Source: Nikkei Asia

BYD’s $20 Billion Slide: Discount Strategy Backfires Amid EV Market Saturation

From Market Leader to Margin Pressure: A Tactical Misfire

Sales Plateau Despite Promotions and Price Incentives

New Entrants Reshape Competitive Landscape

Policy Signals and Industry Shakeout

Valuation Context and Forward Outlook

Source: Bloomberg

Japan Reframes China as Primary Strategic Threat in New Economic-Defense Policy Blueprint

New Policy Blueprint Signals Geopolitical Shift

Security Concerns Over China’s Regional Behavior

Trade Relations with the United States Amid Protectionist Trends

Domestic Strategy: Income Growth over Consumption Tax Cuts

Source: The Japan Times

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