Asia: China, Japan & the region

Last updated: 2026 15 Oct, 09:46 AWST (Perth). Key charts are shown first; tap Show more under a topic for alternative views. All sections & traffic-light overview.
ChinaJapanAsia region: policy, inflation & yields
Traffic-light key
HEATING running hot / accelerating / tightening pressure building (e.g. inflation above target, rapid credit growth, rising yields, booming asset prices)
STEADY inside its normal range under the stated rule
COOLING slowing / weakening, or a restrictive setting that is exerting cooling pressure (e.g. high real rates, inverted curve)
STRESS dislocation signal: spreads or insolvencies surging, carry unwind, sharp drawdown, labour-market break (Sahm-style)
INFO context chart only, no traffic-light rule
Summary from the latest data. Of the 29 rule-based indicators on this page, 8 are running hot, 16 are steady, 2 are cooling and 3 are flashing stress. The stress readings are in Property: starts, sales & investment, 70-city new home prices and Foreign net buying of Japanese equities & bonds. The hot readings include Producer prices, Exports (US$, 3-mo y/y), BoJ policy rate and 5 others. In the latest data, 10y government bond yields are at their highest since the data begin in 2012, and Korea exports are at their highest since the data begin in 2013.

China 12 charts

2heating 7steady 1cooling 2stress

Credit & property

Credit impulse (BIS, % of GDP)STEADY
0.9 % GDP +1.6pp over 1y
Latest: Q1 2026  |  total non-fin +0.9pp; private -1.1pp of GDP
Down 0.3pt on the previous quarter.
Credit impulse (BIS, % of GDP)
Why it matters for Australia: China's credit impulse has historically led its steel and construction demand, i.e. Australian iron ore volumes and prices, by 6-12 months.
Rule, caveat & sources caveat
Rule: 4-quarter change in 4-quarter credit flow as % of GDP: heating > +1pp; cooling < -1pp; otherwise steady. Rule applied to total non-financial sector (incl. government).
Caveat: Derived: GDP implied from BIS credit level / credit-to-GDP ratio. Proxy for TSF-based impulse (PBoC TSF not used). BIS data lag ~2 quarters.
Source: BIS Data Portal (WS_TC): Q.CN.C+P.A.M.XDC+770.A
-24.8% -2.2pp over 3m
Latest: Aug 2026  |  starts -24.8%, sales -13.0%, investment -19.9% YTD y/y
Down 0.8pt on the previous month.
Property: starts, sales & investment (YTD y/y)
Why it matters for Australia: Chinese housing construction is the single biggest end-use of Australian iron ore.
Rule, caveat & sources caveat
Rule: New starts (floor space, YTD y/y): stress < -15%; cooling -15% to 0; heating > +5%; otherwise steady.
Caveat: Year-to-date cumulative growth rates; only releases since ~Aug-2025 parse fully.
Source: China NBS English press releases (scraped): Investment in Real Estate Development releases
Show 1 more credit & property chartHide 1 more credit & property chart70-city new home prices (avg y/y)
-3.3% +0.4pp over 3m
Latest: Aug 2026  |  -3.3% y/y; -0.17% m/m; 48 of 70 cities falling m/m
Up 0.1pt on the previous month.
70-city new home prices (avg y/y)
Why it matters for Australia: Falling prices erode household wealth and developer collateral, the core of China's credit drag.
Rule, caveat & sources caveat
Rule: Stress < -3%; cooling -3% to 0; steady 0 to +3%; heating > +3%.
Caveat: Simple average across cities of NBS Table I indices (computed here; NBS does not publish a national average).
Source: China NBS English press releases (scraped): 70 city table I (new commercial residential)

Activity

NBS manufacturing PMISTEADY
50.1 -0.2 over 3m
Latest: Sep 2026  |  50.1
Up 0.3 pts on the previous month.
NBS manufacturing PMI
Why it matters for Australia: Factory momentum = steel, copper and energy demand from Australia's largest customer.
Rule, caveat & sources caveat
Rule: Heating >= 50.5; cooling < 49.5; otherwise steady (50 = no change).
Caveat: Parsed from NBS English releases; history limited to ~2 years of press releases. Caixin/S&P PMI is proprietary (not used).
Source: China NBS English press releases (scraped): Manufacturing PMI, new orders, non-manufacturing PMI
5.2% +0.7pp over 3m
Latest: Aug 2026  |  IP +5.2%, retail sales +0.4% y/y
Up 0.7pt on the previous month.
Industrial production & retail sales (y/y)
Why it matters for Australia: Supply (industry) vs demand (consumers): China's growth mix and its pull on Australian resources.
Rule, caveat & sources caveat
Rule: Industrial production y/y: heating > 6%; cooling < 4%; otherwise steady.
Caveat: Jan/Feb combined by NBS (no January print).
Source: China NBS English press releases (scraped): Industrial production, retail sales releases
Show 2 more activity chartsHide 2 more activity chartsNBS non-manufacturing PMI · Exports (US$, 3-mo y/y)
NBS non-manufacturing PMISTEADY
50.2 +0.0 over 3m
Latest: Sep 2026  |  50.2
Up 1.2 pts on the previous month.
NBS non-manufacturing PMI
Why it matters for Australia: Services/construction activity: the domestic-demand side of China's rebalancing.
Rule & sources
Rule: Heating >= 50.5; cooling < 49.5; otherwise steady (50 = no change).
Source: China NBS English press releases (scraped): Non-manufacturing business activity index
Exports (US$, 3-mo y/y)HEATING
25.2% +13.3pp over 3m
Latest: Aug 2026  |  3-mo exports +25.2% y/y
Up 1.9pt on the previous month; highest since Oct 2021.
Exports (US$, 3-mo y/y)
Why it matters for Australia: Export strength props up Chinese industry (and steel demand) while property is weak.
Rule, caveat & sources caveat
Rule: 3-month sum of USD exports, y/y: heating > +10%; cooling < 0%; otherwise steady.
Caveat: Verified vs China GAC: Aug-2026 exports US$401.44bn, +25.0% y/y in USD terms (+18.6% in CNY).
Source: OECD Data Explorer (DSD_IMTS@DF_IMTS): CHN.W.X.C.M.USD_EXC.N.N

Prices

CPI (y/y)STEADY
0.8% -0.4pp over 3m
Latest: Aug 2026  |  +0.8% y/y
Up 0.3pt on the previous month.
CPI (y/y)
Why it matters for Australia: Low Chinese inflation exports disinflation (cheap goods) to Australia but signals weak domestic demand.
Rule, caveat & sources caveat
Rule: Cooling if < 0% (deflation); heating if > 2.5%; otherwise steady.
Caveat: BIS series with NBS release values where more recent.
Producer prices (y/y)HEATING
3.8% -0.1pp over 3m
Latest: Aug 2026  |  +3.8% y/y
Up 0.3pt on the previous month.
Producer prices (y/y)
Why it matters for Australia: PPI tracks industrial pricing power; it moves with iron ore and coal prices.
Rule, caveat & sources caveat
Rule: Heating > +2%; cooling < -1%; otherwise steady.
Caveat: Only releases from Aug-2025 parse cleanly from NBS text (short history).

Markets

1.69% -15bp over 1y
Latest: Aug 2026  |  1.69% (-15bp y/y)
Down 0.02pt on the previous month; lowest since Jun 2025.
China 10y government bond yield
Why it matters for Australia: Record-low CGB yields signal deflationary pressure and weak credit demand.
Rule, caveat & sources caveat
Rule: 12-month change: cooling if <= -0.4pp; heating if >= +0.4pp; otherwise steady.
Caveat: Monthly average via OECD (lags ~1-2 months).
Source: OECD Data Explorer (DSD_STES@DF_FINMARK): CHN.M.IRLT.PA.....
USD/CNYSTEADY
6.6917 CNY -1.2% over 3m
Latest: 2026 14 Oct  |  6.6917 (-1.2% 3m)
Down 0.2% over the past week; lowest in the data back to 2023.
USD/CNY
Why it matters for Australia: A weaker yuan exports deflation and usually coincides with softer commodity demand.
Rule, caveat & sources caveat
Rule: 3-month change: stress if CNY weakens > 3%; heating if CNY strengthens > 3%; otherwise steady.
Caveat: Cross rate derived from RBA 4pm AEST AUD rates.
Source: RBA table F11.1: FXRCR / FXRUSD (cross)
Show 1 more markets chartHide 1 more markets chartShanghai Composite & Hang Seng China Enterprises
8,175 -1.7% over 3m
Latest: 2026 13 Oct  |  -14.8% vs 52-week high
Up 0.6% over the past week.
Shanghai Composite & Hang Seng China Enterprises
Why it matters for Australia: Chinese equity stress tends to spill into the AUD and Australian miners.
Rule & sources
Rule: HSCEI: stress if >= 20% below 52-week high; cooling if 10-20% below; heating if within 2% of the 52-week high; otherwise steady.

Japan 10 charts

2heating 7steady 0cooling 1stress

Rates & yen

BoJ policy rateHEATING
1.25% +0.8pp over 1y
Latest: 2026 6 Oct  |  1.25% (+0.75pp y/y)
Unchanged over the past week.
BoJ policy rate
Why it matters for Australia: Each BoJ hike raises the cost of yen funding, the world's cheapest carry-trade leg.
Rule & sources
Rule: 12-month change: heating (tightening) if >= +0.25pp; cooling (easing) if <= -0.25pp; otherwise steady.
JGB 2y & 10y yieldsHEATING
3.019% +30bp over 3m
Latest: 2026 13 Oct  |  10y 3.019% (+30bp 3m); 2y 1.928%
Down 0.08pt over the past week.
JGB 2y & 10y yields
Why it matters for Australia: Higher JGB yields pull Japanese savings home, removing a big buyer of Australian and global bonds.
Rule & sources
Rule: 10y, 3-month change: heating if >= +20bp; cooling if <= -20bp; otherwise steady.
Source: Japan MOF JGB interest rates: jgbcme_all.csv + jgbcme.csv
USD/JPYSTEADY
158.15 JPY +1.6% over 1m
Latest: 2026 14 Oct  |  158.15 (+1.6% 1m, -2.6% 3m)
Down 0.2% over the past week.
USD/JPY
Why it matters for Australia: A sharp yen rally signals carry-trade unwinding, which has historically hit AUD and risk assets together.
Rule, caveat & sources caveat
Rule: Stress if yen strengthens >= 5% in 1 month (USD/JPY falls >= 5%); heating if yen weakens >= 5% over 3 months (carry building); otherwise steady.
Caveat: Cross rate derived from RBA 4pm AEST AUD rates.
Source: RBA table F11.1: FXRJY / FXRUSD (cross)
Show 2 more rates & yen chartsHide 2 more rates & yen chartsJGB 30y yield · AUD/JPY
JGB 30y yieldSTEADY
4.064% +20bp over 3m
Latest: 2026 13 Oct  |  4.064% (-1bp 1m, +20bp 3m)
Down 0.1pt over the past week.
JGB 30y yield
Why it matters for Australia: Super-long JGBs are where fiscal/term-premium stress shows; spikes have hit global duration.
Rule & sources
Rule: Stress if 1-month change >= +40bp; heating if 3-month change >= +25bp; cooling if 3-month change <= -25bp; otherwise steady.
Source: Japan MOF JGB interest rates: jgbcme_all.csv + jgbcme.csv
AUD/JPYSTEADY
110.74 JPY +0.1% over 1m
Latest: 2026 14 Oct  |  110.74 (+0.1% 1m, -2.3% 3m)
Up 0.3% over the past week.
AUD/JPY
Why it matters for Australia: AUD/JPY is the purest carry-trade gauge for Australia: high-yielder vs funder.
Rule & sources
Rule: Stress if 1-month change <= -5%; heating if 3-month change >= +5%; otherwise steady.
Source: RBA table F11.1: FXRJY

Economy & flows

Japan CPI (y/y)STEADY
1.9% +0.6pp over 3m
Latest: Jul 2026  |  1.9% y/y
Up 0.2pt on the previous month.
Japan CPI (y/y)
Why it matters for Australia: Sustained inflation is what lets the BoJ keep hiking (and JGB yields keep rising).
Rule, caveat & sources caveat
Rule: Heating > 2.5%; cooling < 1.5%; otherwise steady.
Caveat: BIS headline CPI (OECD/FRED Japan CPI series are stale); wages/shunto data need e-Stat API key (not used).
-1.8 ¥tn latest week -0.35tn
Latest: 2026 3 Oct  |  -1.8tn over 13 wks (22th pct)
Down +0.1 ¥tn over the past week.
Japanese net buying of foreign bonds (13-wk sum, ¥tn)
Why it matters for Australia: Japanese investors are major holders of Australian and US bonds; repatriation lifts global yields.
Rule, caveat & sources caveat
Rule: Percentile of trailing 10 years: stress <= 10th (heavy repatriation); heating >= 90th (heavy foreign buying); otherwise steady.
Caveat: Weekly designated-investor reports (MOF); sum of 13 weeks; units ¥ trillion (source 100m yen).
Show 3 more economy & flows chartsHide 3 more economy & flows chartsForeign net buying of Japanese equities & bonds (13-wk, ¥tn) · Nikkei 225 · Japan exports (US$, 3-mo y/y)
-3.2 ¥tn latest week equities +2.19tn
Latest: 2026 3 Oct  |  equities -3.2tn, long-term debt +0.8tn over 13 wks (9th pct)
Up +2.2 ¥tn over the past week.
Foreign net buying of Japanese equities & bonds (13-wk, ¥tn)
Why it matters for Australia: Foreign flows into Japan are a read on global risk appetite towards Asia.
Rule & sources
Rule: Equities, percentile of trailing 10 years: stress <= 10th; heating >= 90th; otherwise steady.
Nikkei 225STEADY
67,778 +1.4% over 3m
Latest: 2026 13 Oct  |  -6.3% vs 52-week high
Down 4.1% over the past week.
Nikkei 225
Why it matters for Australia: Japanese equity drawdowns often coincide with yen-carry unwinds.
Rule & sources
Rule: Nikkei 225: stress if >= 20% below 52-week high; cooling if 10-20% below; heating if within 2% of the 52-week high; otherwise steady.
Japan exports (US$, 3-mo y/y)STEADY
9.8% +4.6pp over 3m
Latest: Aug 2026  |  3-mo exports +9.8% y/y
Up 1.2pt on the previous month; highest since Oct 2021.
Japan exports (US$, 3-mo y/y)
Why it matters for Australia: Japanese exports track the Asian manufacturing cycle that Australian LNG and coal feed.
Rule & sources
Rule: 3-month sum of USD exports, y/y: heating > +10%; cooling < 0%; otherwise steady.
Source: OECD Data Explorer (DSD_IMTS@DF_IMTS): JPN.W.X.C.M.USD_EXC.N.N

Asia region: policy, inflation & yields 9 charts

4heating 2steady 1cooling 0stress

Trade & tech cycle

Asia-5 exports (US$, 3-mo y/y)HEATING
27.1% +12.3pp over 3m
Latest: Aug 2026  |  3-mo exports +27.1% y/y
Up 2.3pt on the previous month; highest since Aug 2021.
Asia-5 exports (US$, 3-mo y/y)
Why it matters for Australia: Regional export momentum = demand for Australian energy, metals and services.
Rule, caveat & sources caveat
Rule: 3-month sum of USD exports, y/y: heating > +10%; cooling < 0%; otherwise steady. Aggregate of China, Japan, Korea, India, Indonesia (months where all five report).
Caveat: Taiwan and Vietnam are not in OECD IMTS (Taiwan customs has no free bulk API); aggregate stops at the latest month all five report.
Source: OECD Data Explorer (DSD_IMTS@DF_IMTS): CHN+JPN+KOR+IND+IDN.W.X.C.M.USD_EXC.N.N
48,341 +79.6% over 1y
Latest: 2026 13 Oct  |  TAIEX +80% 12m (-3.0% vs 52w high); KOSPI +68% 12m
Down 3.0% over the past week.
TAIEX & KOSPI (semiconductor cycle proxy)
Why it matters for Australia: Taiwan/Korea equities are dominated by chipmakers: the AI/semis cycle drives Asian capex and trade.
Rule, caveat & sources caveat
Rule: TAIEX: stress if >= 20% below 52-week high; heating if 12-month return > +25%; cooling if < -10%; otherwise steady.
Caveat: Proxy for Taiwan exports/semis billings (no free keyless source found). Verified: TAIEX record close 49,822.55 on 2026 7 Oct, about +70-72% YTD; KOSPI about +60-65% YTD.
Show 2 more trade & tech cycle chartsHide 2 more trade & tech cycle chartsKorea exports (US$, 3-mo y/y) · OECD business confidence (PMI substitute)
Korea exports (US$, 3-mo y/y)HEATING
67.5% +17.1pp over 3m
Latest: Aug 2026  |  3-mo exports +67.5% y/y
Up 5.1pt on the previous month; highest in the data back to 2013.
Korea exports (US$, 3-mo y/y)
Why it matters for Australia: Korea is the canary for Asian trade and the semiconductor cycle.
Rule, caveat & sources caveat
Rule: 3-month sum of USD exports, y/y: heating > +10%; cooling < 0%; otherwise steady.
Caveat: Verified vs MOTIR: Aug-2026 US$98.25bn, +68.7% y/y (semiconductors +209%). Sep-2026 (US$120.9bn, +83.5%) not yet in OECD feed. Customs 10/20-day data not available via free API.
Source: OECD Data Explorer (DSD_IMTS@DF_IMTS): KOR.W.X.C.M.USD_EXC.N.N
99.81 +0.0 over 3m
Latest: Aug 2026  |  CN/JP/KR avg 99.81; China 98.4 (Aug), Japan 101.7 (Sep), Korea 99.4 (Sep), Australia 99.9 (Aug), US 100.3 (Sep), Indonesia 99.0 (Jun)
Unchanged on the previous month.
OECD business confidence (PMI substitute)
Why it matters for Australia: Free proxy for regional PMIs: manufacturing confidence across Australia's main customers.
Rule, caveat & sources caveat
Rule: Average of China, Japan, Korea (months all report): heating > 100.5; cooling < 99.5; otherwise steady (100 = long-run average).
Caveat: S&P Global / Caixin PMIs are proprietary. OECD BCI is amplitude-adjusted (100 = long-term average). India's series ends Feb-2026 (excluded).
Source: OECD Data Explorer (DSD_STES@DF_CLI): CHN+JPN+KOR+IDN+AUS+USA.M.BCICP...AA...H

FX, rates & prices

95.7 +1.5% over 3m
Latest: 2026 14 Oct  |  +1.5% 3m; worst 3m: KRW +10.3%, TWD -0.0%, INR +1.2%, IDR +1.1%, SGD +1.0%, THB -0.1%, MYR -0.1%, PHP -1.8%
Up 0.1% over the past week.
Asian FX basket vs USD (8 currencies, equal weight)
Why it matters for Australia: Asian currency weakness signals dollar funding stress and capital outflow in the region.
Rule, caveat & sources caveat
Rule: 3-month change: stress if Asian FX weakens >= 3%; heating if it strengthens >= 3%; otherwise steady.
Caveat: Built from RBA AUD cross rates (KRW, TWD, INR, IDR, SGD, THB, MYR, PHP); excludes CNY and JPY (own sections).
Source: RBA table F11.1: FXRSKW, FXRNTD, FXRIRE, FXRIR, FXRSD, FXRTB, FXRMR, FXRPHP (crossed with FXRUSD)
3.00% +50bp over 6m
Latest: 2026 28 Aug  |  6m: cut none; hiked KR, ID, JP, AU, US; KR 3.00, IN 5.25, ID 5.75, CN 3.00, JP 1.25, AU 4.60, US 3.88
Up 0.2pt over the past week.
Policy rates: Korea, India, Indonesia, China + AU, JP, US
Why it matters for Australia: Regional easing vs tightening shows whether Asia is fighting slowdown or inflation/currency pressure.
Rule, caveat & sources caveat
Rule: Count of the 7 central banks that moved >= 10bp over 6 months: cooling (easing cycle) if cuts exceed hikes by >= 3; heating if hikes exceed cuts by >= 3; otherwise steady.
Caveat: Latest value field shows Korea. BIS series except Australia (RBA F1 cash rate target, fresher than BIS). China as defined by BIS; US = midpoint of target range.
Source: BIS Data Portal (WS_CBPOL): D.KR+IN+ID+CN+JP+US; RBA table F1: FIRMMCRTD
Show 3 more fx, rates & prices chartsHide 3 more fx, rates & prices chartsCPI inflation across Asia (y/y) · 10y government bond yields (monthly avg) · Hang Seng Index
4.4% +1.0pp over 3m
Latest: Jul 2026  |  no traffic-light rule (context only)
Up 0.06pt on the previous month; highest since Dec 2024.
CPI inflation across Asia (y/y)
Why it matters for Australia: Inflation differentials drive where regional rates (and currencies) head.
Rule, caveat & sources caveat
Rule: Context only (no traffic light).
Caveat: Latest value field shows India.
Source: BIS Data Portal (WS_LONG_CPI): M.KR+IN+ID+CN+JP.771
4.45% +160bp over 1y
Latest: Sep 2026  |  no traffic-light rule (context only)
Up 0.2pt on the previous month; highest in the data back to 2012.
10y government bond yields (monthly avg)
Why it matters for Australia: Australia's 10y now sits above most of Asia: relative yields drive regional demand for AUD bonds.
Rule, caveat & sources caveat
Rule: Context only (no traffic light).
Caveat: Latest value field shows Korea. Indonesia not available in OECD feed.
Source: OECD Data Explorer (DSD_STES@DF_FINMARK): CHN+IND+IDN+JPN+KOR+AUS.M.IRLT.PA.....
Hang Seng IndexCOOLING
24,345 -2.7% over 3m
Latest: 2026 13 Oct  |  -13.0% vs 52-week high
Up 0.3% over the past week.
Hang Seng Index
Why it matters for Australia: Hong Kong is the offshore market for Chinese risk; its drawdowns mark regional risk-off.
Rule & sources
Rule: Hang Seng: stress if >= 20% below 52-week high; cooling if 10-20% below; heating if within 2% of the 52-week high; otherwise steady.
About / sources. A rules-based monitor of the Australian macro and credit cycle from an Asian and US-funding perspective. All data are free public sources: RBA, ABS, BIS, OECD, FRED (St Louis Fed), Federal Reserve Board (H.4.1, GSW yield curve), NY Fed Markets API (reference rates, primary dealer statistics), Japan Ministry of Finance, Cboe index history files, ETF issuer files (State Street, ProShares, Direxion, iShares, Invesco, Roundhill), Fed Financial Accounts (Z.1), Robert Shiller's data, China NBS releases, ASIC, World Bank Pink Sheet, Geopolitical Risk / EPU indices, Yahoo Finance (unofficial chart endpoint). Each card names its series IDs and links to the source; release lags differ by series. Machine-readable latest values: data/latest_summary.csv.
Disclaimer: for information and education only; not financial, investment or tax advice. Data may be revised, delayed or contain errors; check the original source before relying on any figure.