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Han de Jong, chief economist at ABN AMRO, points out that Japan’s recent data is not hugely positive with its leading index falling from 93.7 in August to 91.8 in September.

Key Quotes

“The Eco Watchers indices were a little mixed. The assessment of current conditions was up: 46.7 in September against 42.8 in August. But the assessment of the outlook fell further: 36.9, versus 39.7, the lowest since 2014.”

“Trade data from Taiwan did not do much to improve my mood either. These reached a low in terms of year-over-year changes in February (-8.3%) and had improved to +2.8% yoy in August. However, the September data came in at -4.6%. China (including Hong Kong) is by far the most important export destination, taking some two thirds of Taiwan’s exports. But these exports to China were down 6.4% yoy in September, the worst since May. This is most likely the result of China’s slowdown and the downturn in the electronics sector worldwide.”