William Pesek
Asia Times
Japan
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Past articles by William:
In SVB collapse, Asia sees 1997 all over again
To understand the Silicon Valley Bank (SVB) collapse spooking markets, look no further than events in Jakarta. The Indonesian rupiah’s 3.2% drop since February 1 demonstrates how quickly Asia has r… → Read More
Xi’s next crackdown is on local government debt
As China watchers try to get their heads around the myriad policy shifts at this week’s National People’s Congress (NPC), at least one thing is clear: the bubble just burst for local governments ar… → Read More
China in a hard pivot to more supply-side reforms
Ten years ago, when China’s leader first took power, Xi Jinping pledged to let market forces play a “decisive” role in economic policy and financial regulation. At the time, and since, foreign inve… → Read More
NPC is Xi’s big chance for a reform reboot
Xi Jinping’s big coronation as China’s longest-serving leader since Mao Zedong is suddenly going a bit closer to plan. Three months ago, a cratering economy, massive protests over “zero Covid… → Read More
US-China fight puts Taiwan’s economy in a firing line
TOKYO – The best one can say about the freefall in Taiwanese exports in January is that it could have been worse. The 19.3% drop from a year ago was less severe than the 24% economists feared. It’s… → Read More
Ueda the right choice for BOJ’s post-QE era
TOKYO – Global markets are experiencing two firsts for Japanese Prime Minister Fumio Kishida. One, Kishida surprised the investment world for the very first time in 16 months leading Asia’s N… → Read More
China’s ‘Bismarck’ moment is finally afoot
In its latest assessment of China’s economy, the International Monetary Fund channeled Otto von Bismarck in ways global investors would be wise to consider. No, the IMF didn’t mention the 19th cent… → Read More
Can India survive Adani’s $100 billion collapse?
Indian Prime Minister Narendra Modi can’t be happy about the Adani Group market meltdown stealing his thunder. Modi’s Bharatiya Janata Party (BJP) had planned to use this week’s annual budget to la… → Read More
Japan, Korea risk blowing rare economic tailwinds
TOKYO – With China set to boom and the US economy holding up better than feared, 2023 is an ideal moment for Japan and South Korea to get their respective reform programs back on track. What … → Read More
Jerome Powell’s China problem is just beginning
TOKYO – Investors betting that the US Federal Reserve is throttling back on interest rate hikes aren’t paying attention to events in China. The jump in oil and other key commodity prices alre… → Read More
McCarthy’s House rule is a gift to China
TOKYO – In a year littered with economic and geopolitical landmines, China has at least one reason for optimism: Kevin McCarthy. Observers are plenty busy detailing why the US House of Representati… → Read More
Vietnam’s ‘mini-China’ days may be numbered
With so many headwinds zooming Vietnam’s way, now seems an incredibly inopportune moment for Hanoi to carry out a major political shakeup. That’s precisely the dilemma global investors faced this w… → Read More
Bank of Japan doubles down on QE addiction
TOKYO – On Wednesday (January 18), the Bank of Japan did what officials in Tokyo do best: take the economic path of least resistance. The betting that Governor Haruhiko Kuroda would shock mar… → Read More
China’s demand surge is Xi’s reform opportunity
China’s Covid reopening is spurring an econometric arms race of sorts as analysts scramble to raise their growth forecasts for Asia’s top trade power. If 2022 was the year of red ink, the 12 months… → Read More
US recession alarm bells ringing far and wide
TOKYO – For a central bank with such a fabled research apparatus, the US Federal Reserve sure is missing some big clues that the US economy is stalling. Minutes of the December Fed policy meeting s… → Read More
Dollar’s demise about to explode Asia’s 2023
TOKYO — If you want to know how worried Asian officials are over a sliding US dollar this year, look no further than the frantic scene at Bank of Japan (BOJ) headquarters. For at least five days no… → Read More
BOJ at mercy of US, China zigs and zags
It’s hard to think of a central banker who had a more precarious year than Japan’s Haruhiko Kuroda. Though US Federal Reserve chairman Jerome Powell drew most of the angst with his aggressive inter… → Read More
Might 2023 be Jack Ma’s lucky year?
In October 2020, Jack Ma delivered what might go down as history’s costliest speech. At an event along Shanghai’s fabled Bund, the Alibaba Group founder criticized regulators in Beijing for not und… → Read More
BOJ fires shot across US Treasury market’s bow
The Bank of Japan’s surprise policy tweak sent US government bonds down sharply, but US Treasury Secretary Janet Yellen probably hasn’t seen anything yet. As the BOJ allows the yen to appreciate at… → Read More
Markets hear BOJ roar but China has little to fear
The Bank of Japan shook world markets on Tuesday in a monetary move that at the least reminded everyone the entity still exists. It’s been a long, long while since Governor Haruhiko Kuroda logged i… → Read More