William Pesek, Asia Times

William Pesek

Asia Times

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Recent articles by William:

Race to hike rates guarantees global recession

TOKYO — Punchbowls everywhere are becoming endangered species as central bankers scramble to yank them away with increasing urgency. Nowhere more so than here in Asia. This metaphor is courte… → Read More

The amazing and unstoppable collapsing yen

TOKYO – There’s something surreal about the debate at Bank of Japan (BOJ) headquarters over whether to jump into markets to support the yen. Japan’s central bank faces the most intense pressu… → Read More

Falling FX reserves herald Asia financial crisis 2.0

TOKYO – Few narratives spook Asia more than word of trouble in Thailand – even more so when foreign-exchange reserves are involved. It was Bangkok’s devaluation in July 1997 that set in motio… → Read More

Chinese yuan hitting its stride in oil trade

Xi Jinping’s campaign to replace the dollar with the Chinese yuan in the global energy trade is having a seriously great September. Last week, Russian giant Gazprom announced an agreement to invoic… → Read More

Frankenstein yen vs Godzilla dollar in a FX horror show

TOKYO – If you want to know what losing control of a monster you created looks like, Japanese monetary authorities offer a dramatic example. For roughly 25 years now, since at least 1997, a w… → Read More

China bond rally shows US Fed what’s at stake

TOKYO – Naturally, US Federal Reserve officials act with the best interest of the American economy in mind. Yet the actions of US Fed Chairman Jerome Powell and his team are playing into Chin… → Read More

What Powell could learn from Rhee

TOKYO – As US Federal Reserve Chairman Jerome Powell rocks and roils global markets, he may have an unlikely but pivotal ally in Seoul. Markets everywhere are still quaking over Powell’s Augu… → Read More

China-Russia currency alliance shows the way to de-dollarization

TOKYO — Two years ago this month, China’s Xi Jinping and Russia’s Vladimir Putin agreed to a “financial alliance.” It won little attention at the time. The pact to reduce their economies’ dependenc… → Read More

Beijing’s Li talks reform with bond market push

TOKYO – As China scrambles to stimulate growth, it’s comforting to see Chinese Premier Li Keqiang internalizing – apparently – the works of Milton Friedman. How so? By recalling the Nobel Pri… → Read More

China’s liquidity trap growing deep and wide

For years, economists debated whether China might go the way of Japan. Though the jury is still out, Beijing is displaying Tokyo-like symptoms in at least one alarming respect: a liquidity trap. No… → Read More

Singapore’s woes sound a warning for wider Asia

To those betting on a strong Asian rebound from the Covid-19 era, Singapore has a sobering message: “Think again.” On August 11, the city-state’s Ministry of Trade and Industry narrowed… → Read More

US Fed becoming Asia’s Public Enemy No. 1

As Joe Biden revels in a series of legislative victories in Washington, events in Moscow remind the US president that his troubles may be just beginning. On Monday, United Co Rusal International PJ… → Read More

Kishida’s ‘new capitalism’ old wine in a stale bottle

TOKYO – Japanese Prime Minister Fumio Kishida took office last October promising a “new capitalism” to end deflation and boost living standards. Ten months on, the enterprise already looks ra… → Read More

US Fed puts China on edge of a liquidity trap

The volatility in the yuan over the last week dramatizes the difficult road ahead for the People’s Bank of China (PBOC). PBOC Governor Yi Gang spent the last six-plus months trying to pull off a pr… → Read More

Powell pushing Asia into a new financial crisis

TOKYO - The mid-1990s vibe emanating from Federal Reserve headquarters in Washington is becoming harder for dollar bulls to dismiss. In the short run, the → Read More

Is China really abandoning the buck?

TOKYO – For years, currency traders have been bracing for an inevitable Chinese pivot away from the dollar. Now, the debate is heating up anew as Beijing trims its vast US Treasury debt holdi… → Read More

India topping China’s growth is a head fake

TOKYO – There’s palpable excitement across Asia as India blows the doors of China in terms of headline economic growth. Yet the headwinds bearing down on the Indian rupee tell a far more troubling … → Read More

How Abe’s death could set Kishida free

TOKYO — The post-Shinzo Abe era is shaping up to be one of the most unpredictable and impactful Japan has seen in generations, both for economic and security matters. In his 284 days as prime minis… → Read More

Zero-Covid policy killing off China’s growth

Chinese President Xi Jinping’s “zero-Covid” strategy appears to be generating a zero-growth scenario that few saw coming for the world's second-largest → Read More

Biden edging toward trade war truce with China

TOKYO – Joe Biden’s White House is signaling a repeal of tariffs on some Chinese goods, but for multiple reasons, there needs to be a firmer grip and faster action. The US leader said earlier this … → Read More