Julie Nicol

Julie Nicol is the Office Administrator in Singapore, working closely with the London office as well as providing support to the local sales team.

Japan Data Response

External Trade (Aug.)

Export volumes rose the most since 2010 in August which suggests that net trade should have started to support growth in the third quarter.

20th September 2017 1 min read

India Economics Update

Widening current account deficit no major concern

While there was a widening in India’s current account deficit in Q2, the more important point is that the external shortfall remains small. Given also that FDI inflows remain strong, the economy looks...

19th September 2017 1 min read

Japan Economics Weekly

Yen caught between Kim Jong-un and US Fed

With long-term interest rates at home anchored by the Bank of Japan, the key determinants of the value of the yen are both outside Japanese policymakers’ control: geopolitics and the actions of the US...

15th September 2017 1 min read

India Data Response

Wholesale Prices (Aug.)

Indian wholesale price inflation rose in August, and looks set to accelerate further over the coming months. This is another reason to think that there is no scope for further monetary loosening.

14th September 2017 1 min read

China Data Response

Activity & Spending (Aug.)

The activity and spending data for August all came in below expectations. The main culprit was a slowdown in infrastructure investment, which also weighed on industrial output. We expect further...

14th September 2017 1 min read

Bank of Japan Watch

Stronger growth still failing to generate inflation

The Bank of Japan at its upcoming meeting will acknowledge that the economic recovery has accelerated. But policymakers will again leave policy settings unchanged and, with inflation set to continue...

14th September 2017 1 min read

Japan Chart Pack

Taper without the tantrum

While the Bank of Japan didn’t reduce the pace of its bond purchases any further in August, they are much lower now than they were when Yield Curve Control was launched. Nonetheless, bond yields have...

14th September 2017 1 min read

India Economics Focus

Which states are set to shine?

There are vast differences in the economic prospects of India’s 36 states and union territories. The three richest large states – Maharashtra, Tamil Nadu and Gujarat – should continue to drive growth...

13th September 2017 1 min read

Japan Economics Update

Is online retailing keeping price pressures subdued?

One reason put forward recently for the weakness of price pressures in Japan is that a boom in e-commerce is keeping a lid on prices. However, we find no evidence that this is having a major impact.

13th September 2017 1 min read

Japan Data Response

Machinery Orders (Jul.)

The rebound in machinery orders in July was overdue, but the figures have become increasingly less reliable as an indicator of capital spending. The bigger picture is that investment should continue...

11th September 2017 1 min read

China Data Response

Trade (Aug.)

Export growth slowed by more than anticipated last month. Unfavourable base effects appear largely to blame. Nonetheless, outbound shipments remain softer than in Q2. Inbound shipments have held up...

8th September 2017 1 min read

Japan Data Response

Economy Watchers Survey (Aug.)

The EWS showed a rebound in manufacturing conditions which points to solid gains in industrial output. However, household conditions weakened which suggests that the recovery in consumer spending is...

8th September 2017 1 min read

Japan Data Response

GDP (Q2 Revised) & Current Account (Jul.)

Revised data show that GDP growth last quarter wasn’t quite as strong as initially reported, and the early indications point to a slowdown in Q3. But the bigger picture is that the economy is...

8th September 2017 1 min read

India Economics Update

Has demonetisation been a complete failure?

On the face of it, demonetisation has been an abject failure given its lack of success in rooting out illicit wealth while also causing growth to slow sharply. But demonetisation is likely to have...

6th September 2017 1 min read

Japan Data Response

Labour Cash Earnings (Jul.)

The fall in labour cash earnings in July was entirely due to a slump in bonus payments, whereas regular pay is holding up. Nonetheless, there is still a long way to go to reach the Bank of Japan’s 2%...

6th September 2017 1 min read

Japan Economics Update

How vulnerable would Japan be if war broke out in Korea?

South Korea is an important trading partner so Japan would not remain unscathed even if war in Korea didn’t involve Japan directly. And if North Korea fired missiles at Japan, potential losses could...

4th September 2017 1 min read