Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: Welcome to the Daybreak Asia Podcast. I'm Doug Krisner. The
Speaker 2: government of Japanese Prime Minister son of Ataki Ichi appears
Speaker 2: to be supportive of a near term rate hike from
Speaker 2: the Bank of Japan. We are told the next move
Speaker 2: is likely to be either in September or October. Now,
Speaker 2: the Bank of Japan's fears over yen weakness driving up
Speaker 2: prices further seems to be aligning with the government's desire
Speaker 2: to strengthen the impact of the recent US Japan currency intervention. Earlier,
Speaker 2: Bloomberg spoke with BlackRock's Rick Reader.
Speaker 3: Is the Bank of Japan going to be hawkish to
Speaker 3: support the currency? And heretofore they've been a bit deliberate
Speaker 3: in terms of moving it. This moving in September to
Speaker 3: sort of stabilize the currency is a big deal intervention.
Speaker 3: In our watched intervention happen over time. You need to
Speaker 3: really keep going with a lot of firepower. I would argue,
Speaker 3: it's not another most durable way to get there.
Speaker 4: That's Rick Reader.
Speaker 2: He is Global Fixed Income CIO at Blackrock. For a
Speaker 2: closer look at the end and the overall price action
Speaker 2: in the foreign exchange. I'm joined by Bloomberg FX and
Speaker 2: rate strategist David Finnerty. David joins from our studios in Singapore.
Speaker 2: Thank you for being here. Give me your sense of
Speaker 2: what we're seeing play out right now in terms of
Speaker 2: the yen and whether it's really incumbented at this point
Speaker 2: on the boj to move more aggressively otherwise we're going
Speaker 2: to be stuck here at at around one fifty nine
Speaker 2: fifty or one sixty against the greenback.
Speaker 5: Yes, so you've heard the classic case of the intervention,
Speaker 5: dolly in goes down and basically bounds quickly. I mean, honest,
Speaker 5: it seems to be bound quicker and quicker every time
Speaker 5: after the intervention I think now, So, so you're back
Speaker 5: up to round one fifty nine fifty around that area.
Speaker 5: The market at the moment is definitely a bit split
Speaker 5: on where it goes from here. Obviously, Mark's very aware
Speaker 5: of potential for the intervention if it went above one
Speaker 5: sixt so're there's not much enthusiasm to sort of buy
Speaker 5: at these levels. Having said that, there's people going why
Speaker 5: would I sell at these levels? Either of the Really
Speaker 5: the fundamental picture hasn't changed yes, the BOJ it looks
Speaker 5: like maybe hiking in September or October. But the market's going.
Speaker 5: But even before Bloomberg put up story yesterday, the market's
Speaker 5: going when I sort of thinking that anyway, So the
Speaker 5: market pricing changed a little bit, but the markets were
Speaker 5: quite there was quite heavily factored into markets already. Hence
Speaker 5: you didn't see a bit bit of a bump. So
Speaker 5: the point being is even the BOJ hikes, I think,
Speaker 5: let's say your hike now they hike another quarter, say
Speaker 5: in January, whatever the market's going, I've already factored that in.
Speaker 5: So for you the move, something else really has to happen.
Speaker 5: So I think BOJ policy is a factor, but it's
Speaker 5: not the only factor. And I think it comes more
Speaker 5: back to the dollar side of the equation. I think
Speaker 5: I think what's interesting is even last night you had
Speaker 5: well this week you've had you know, lower than expected
Speaker 5: straight CPI or tame CPI. PPI came alone and expected,
Speaker 5: and yet and so the market diarback expectations for federal
Speaker 5: reserve cuts. Still looking for basically hike this year, sorry hikes,
Speaker 5: not cuts. Still looking for hike basically this year. But
Speaker 5: it's not fully priced in now, and yet Dolly and
Speaker 5: can't go anywhere. You know, it doesn't, then they're very
Speaker 5: little sell off. So I think at the moment you
Speaker 5: are in this lull period, we say where people going,
Speaker 5: you know, do I want to buy it?
Speaker 1: No?
Speaker 5: Do I want to sell it? No? And therefore it's
Speaker 5: not really going anywhere. It's really going to be data
Speaker 5: driven I grind anywhere at best. But you'd have to
Speaker 5: think at the moment, given that it can't, it's struggling
Speaker 5: to go lower. Therefore you go, what doesn't it sort
Speaker 5: of go down, will go up by default at some point,
Speaker 5: So I'd say that risks are still skewed to the upside.
Speaker 5: But again, I just because no one's jumping on this
Speaker 5: bang wag, and I can't blame them to be fair.
Speaker 5: Then I think at the moment it's you know, a
Speaker 5: grind high at best.
Speaker 2: What is your sense of the role that the US
Speaker 2: is playing in this intervention? And I'm wondering whether or
Speaker 2: not you can give any credence to this idea that
Speaker 2: the bigger worry for the US Treasury is that Japan
Speaker 2: would essentially sell US treasury as a way of raising
Speaker 2: dollars to fund defense of the Japanese currency.
Speaker 5: I think, look, that's always been bantered around. Reality is
Speaker 5: I think, you know, and the inn of lats around
Speaker 5: holes quite a lot of treasury, so we have to
Speaker 5: put that in mind. So giving useld some of them,
Speaker 5: it could still be relatively a small dip in the pie,
Speaker 5: given how the liquidity in the treasury market. And then
Speaker 5: I think also Japan itself has be aware of it
Speaker 5: has a very good relationship with the US. So you go,
Speaker 5: you know, is that something you want to do? Obviously
Speaker 5: not saying you won't do it or can't do it,
Speaker 5: but I think at then day, is that really the
Speaker 5: last measure? And historically they really haven't done it, so
Speaker 5: why start it now? I think what's interesting is you've
Speaker 5: had the US come in and support the coordinate intervention,
Speaker 5: so you know that has happened a long long time,
Speaker 5: and I think that's interesting. I do think the interesting
Speaker 5: thing though we don't know, maybe only Scott's bestant knows this,
Speaker 5: but was it like because Scott doesn't has said that
Speaker 5: he'd like BEOJ to hike a bit faster historically, so
Speaker 5: was it a question for me? Becomes it is okay,
Speaker 5: what's like, we'll come and help you this time, but
Speaker 5: you've got to hike quicker as more. As a result
Speaker 5: of course, the catches even within an intervention, and even
Speaker 5: now with boj seems to be hiking at a faster pace.
Speaker 5: We save than once every six months, Dottie. And still
Speaker 5: one fifty on fifty. So you know, at the end
Speaker 5: of the day we can talk about leftar and center.
Speaker 5: But the market has spoken, he goes, we're still one
Speaker 5: fifty on fifty, So something different has to change for
Speaker 5: that dynamic therefore to change.
Speaker 2: What about the shape of the yield curve in Japan
Speaker 2: right now? Do you expect that to change much going forward?
Speaker 5: I think that there's certainly can be pressure on the
Speaker 5: long term part of the your curve. Obviously we're to
Speaker 5: see a bit more information on tackage spending plans, and
Speaker 5: we know tack etanomics. We know that you know that
Speaker 5: basically involves spending, and you know that's the case. She's
Speaker 5: going to you'll pay for growth down the line, and
Speaker 5: we'll see that the market's obviously more worried about Okay, well,
Speaker 5: how much more spending is gonna is it gonna net
Speaker 5: spending on in te because obviously, you know, very lowering
Speaker 5: if they are the consumption tax and they go, okay,
Speaker 5: it's less revenues, therefore you need the fund more. So
Speaker 5: I think that the pressure remains on the long end
Speaker 5: of the curve because of what the Prime minister is
Speaker 5: looking to do. You know, I think as we move forward,
Speaker 5: you know, these plans always evolve. You know, the budget
Speaker 5: plans keep tweaking. There's always sort of a supplemental budget.
Speaker 5: You know, if the expansory plans, if the funding plans build,
Speaker 5: then I think it will just remain. But I think
Speaker 5: from a long term perspective, you know, the pressure is
Speaker 5: going to remain on the on the long end of
Speaker 5: a curve, the short term end of the curve to
Speaker 5: some degree. But again, the market's already priced in the hike,
Speaker 5: so I don't see the boj going really really aggressive now.
Speaker 5: You know, they may do once or said once in September, October,
Speaker 5: months in January, but the market goes factor that in already.
Speaker 2: So if there's a little more slope to the curve
Speaker 2: in Japan, that's going to be a positive for Japanese financials,
Speaker 2: for the banks as well, right, it.
Speaker 5: Will be positive for them, and so you know, Nick
Speaker 5: guys obviously, like most stock inticses has been forming well.
Speaker 5: So say from a backstock perspective, they'll go. They'll certainly
Speaker 5: quite quite happy to take that. But yeah, in terms
Speaker 5: of overall in dollar yen, you know, I just think
Speaker 5: at the end they unless yields shoot I which again
Speaker 5: I don't think, you know, bankage vans always very wary
Speaker 5: about whenever long term yeals go a bit unruly, should
Speaker 5: we say, they try and rain those in a bit.
Speaker 5: So that's the last thing they want as well. So
Speaker 5: I think, you know, stepman of the YLK cleve or
Speaker 5: movement of the elk Cub's fine, but it will be in
Speaker 5: an orderly fashion, should we say, or I would expect
Speaker 5: it to be. So.
Speaker 2: You mentioned the price reports in the US this week
Speaker 2: we had both CPI PPI. The numbers came in on
Speaker 2: the cool side, and if you look at them together,
Speaker 2: I think the July price reports have essentially lowered the
Speaker 2: implied probability of a FED rate hike in September. I
Speaker 2: think we're below around forty percent put September aside for
Speaker 2: the moment, are you still expecting the FED to move?
Speaker 2: Maybe twenty five basis points worth of tightening between now
Speaker 2: and the end of the year.
Speaker 5: For me, I'm be honest, it's more of a coin
Speaker 5: to its the market's basically priced it in at the moment,
Speaker 5: it's a bit more of a coin toss. I mean again,
Speaker 5: there's a big variable of how long is it are
Speaker 5: more go on, how high does oil go, how long
Speaker 5: is it stay elevated, and even then how much does it
Speaker 5: feed through. It's fed through less into inflation data than
Speaker 5: the market is expected. Does that continue or do we
Speaker 5: actually start seeing the bump. So there is a lot
Speaker 5: of variables out there. I think the Fed's very split.
Speaker 5: I think we can safely say that there's sending some
Speaker 5: hawks for some people wait for more data. You start
Speaker 5: and see a little cracks in the labour side, nothing major,
Speaker 5: but I think they're cound be wary of that. So
Speaker 5: I think if let's say data kept coming in as is,
Speaker 5: I don't think they'll hid. But then I think, obviously
Speaker 5: the catch is that we know there's these inflation pressures
Speaker 5: about So for me, I think it's more of a
Speaker 5: coin to us at the moment. You know, and obviously,
Speaker 5: like everyone will, data dependent, but at the moment you
Speaker 5: go with data has come in on the south side,
Speaker 5: so you know, you go, the market's going, but it
Speaker 5: will change. But so far, you go, but it hasn't.
Speaker 5: We got pretty much strong economy, inflation not too bad,
Speaker 5: higher than you'd want. But I think it really we
Speaker 5: need to uptick or stay elevated for longer. Certainly it's
Speaker 5: not upticking, then I think the probabilities rise. But again,
Speaker 5: let's see what this month's in September stata comes in out.
Speaker 2: I think that's a good point because the real question
Speaker 2: I think for the market as wether or not this
Speaker 2: cooling is temporary. We had the head of the Cleveland Fed,
Speaker 2: Beth Hammock, saying on Thursday in the US, maybe the
Speaker 2: recent signs of a slow down in inflation will continue,
Speaker 2: but it's none of the less. She reiterated a call
Speaker 2: to raise rates now. So she seems to be of
Speaker 2: the opinion that you really got to nip this in
Speaker 2: the bud immediately rather than wait for that cooler data
Speaker 2: to continue to trickle in. And I'm wondering what she
Speaker 2: is looking at right now to justify an immediate move
Speaker 2: to raise rates.
Speaker 5: Well, she could go, look, inflation is still too high. Yeah,
Speaker 5: I mean, I mean you can thissually just go as
Speaker 5: simple as that. You go, look, how how long can
Speaker 5: we keep let inflation be a by target? And Kevin
Speaker 5: Walsh has repeated that himself in his press conferences, and
Speaker 5: of course we still quite don't know where he standing
Speaker 5: in this matter of you know, hike or no hike,
Speaker 5: but certainly the reality is that it's just gone to
Speaker 5: it's still elevated, it's be elevated for a long long time,
Speaker 5: and we have oil elevated and up ticking. Now we've
Speaker 5: all moved still closed. Then you go, look, the pressure
Speaker 5: is sort of just building. So again it's one of
Speaker 5: those things where you know, hindsight's a beautiful thing, but
Speaker 5: that's not what the FED or markus have. They only
Speaker 5: have all we have to look forward, and we use
Speaker 5: the data that we have to look forward and try
Speaker 5: and estimate what we think the data will be. And
Speaker 5: obviously that's half time long if we're honest. But at
Speaker 5: the moment, you know, she could simply she has grounds
Speaker 5: to say, look, inflation has been too high for too
Speaker 5: long and enough's enough. And I think that alone is
Speaker 5: fair to say, yeah, okay, that's good grounds, I like.
Speaker 2: All right, we'll leave it there. David, It's always a pleasure.
Speaker 2: Thank you so very much for making time for us.
Speaker 2: Bloomberg strategist David Finnerdy joining from Singapore. Coming up, we'll
Speaker 2: hear from Tim Waterer, chief market analyst at KCM Trade.
Speaker 2: That's ahead on the Daybreak Asia podcast. Welcome back to
Speaker 2: the Daybreak Asia Podcast time Doug Krisner. In the US session,
Speaker 2: the auction of thirty year US treasury sold at the
Speaker 2: highest interest rate in a quarter of a century. This
Speaker 2: twenty five billion dollars sale was awarded at a rate
Speaker 2: of five point two one six percent. Now that reflects
Speaker 2: the markets need to be compensated for financing the nation's
Speaker 2: growing deficit. Just yesterday, the government recorded the fourth largest
Speaker 2: monthly deficit in the history of the US. That's where
Speaker 2: we start our conversation with Tim water Tim is the
Speaker 2: chief market analyst at KCM Trade. He spoke with Bloomberg
Speaker 2: TV host Heidi Strald Watson Sherry on let's start off.
Speaker 1: With what's going on with treasuries at the moment. How
Speaker 1: much more pressure are we going to see, particularly when
Speaker 1: it comes to the long end.
Speaker 6: Good to be with you hardy, and I think he
Speaker 6: really mentioned it there, is that the market's really demanding
Speaker 6: an increased premium to absorb that government dead at the moment.
Speaker 6: So I think what's interesting to note is that the
Speaker 6: ten year yields pretty much where it was a week ago,
Speaker 6: and in that time we've had soft CPI, soft PPI
Speaker 6: and a dismal jobs report, So the fields aren't reacting
Speaker 6: to that economic picture at the moment. So I think
Speaker 6: what's that telling us is that maybe the bond market
Speaker 6: a little bit more worried about the US economy longer
Speaker 6: term than what the Fed is perhaps.
Speaker 1: In the shorter term, though there's obviously but this week's
Speaker 1: data gives a little bit more credibility to the doves
Speaker 1: that want to be patient. But not out of the
Speaker 1: woods yet for September, I would have thought.
Speaker 6: Not out of the woods. A lot can happen between
Speaker 6: now and then. Certainly with the oil prices, they're the
Speaker 6: rogue element for central banks at the moment, so that's
Speaker 6: a difficult one to predict, but certainly inflation figures heading
Speaker 6: in the right way. A bit of a less less
Speaker 6: for a headache now in terms of the jobs market,
Speaker 6: for the Fed now that there are more cracks appearing,
Speaker 6: So if there are some doves on the FED board
Speaker 6: maybe looking for rate cuts, that could get a few
Speaker 6: more dissenting votes on that side of the ledger may
Speaker 6: become September.
Speaker 1: In the meantime, broader equity markets, the AI exuberance continues
Speaker 1: to build. Obviously there's a bit more volatility be introduced,
Speaker 1: but I Erry mentioned volatility has frollen well down even
Speaker 1: when it comes to the Korean market.
Speaker 4: That's right, of course.
Speaker 6: July we had a number of episodes where you know,
Speaker 6: AI was shunned. But then I think what happens is
Speaker 6: once the dust settles, once I try to start searching
Speaker 6: for yield again, they tend to gravitate back towards that
Speaker 6: AI and tech picture, and I think that's what we're
Speaker 6: seeing at the moment. I think that the US earning
Speaker 6: season that went some way to dispelling some of the
Speaker 6: fears that we're building up about valuations and the sustainability
Speaker 6: of operating margins. They're still lingering to some degree, but
Speaker 6: like I said, it has been less and somewhat because
Speaker 6: of some of the bumper results we've seen from the
Speaker 6: likes of Microsoft and Amazon and the likes, so I
Speaker 6: trade looking a bit better now than it was, but
Speaker 6: still some lingering fears about sustainably lity moving forward.
Speaker 1: Well, the question is always going to be return on investment, right,
Speaker 1: Are we getting a better answer out of China on that?
Speaker 1: And then China ai names given the spend.
Speaker 6: Well, that's the big deal at the moment, isn't it
Speaker 6: sort of how China will compare to the US counterparts
Speaker 6: and that efficiency standpoint. I think the US earning season,
Speaker 6: I think that gave us a better idea of what
Speaker 6: the sweet spot is for CAPEX so in terms of,
Speaker 6: you know, CAPEX to revenue ratio, I think what we're
Speaker 6: learning is at the cloud companies, they're sort of the
Speaker 6: gold stand for CAPEX efficiency Microsoft and Amazon for example,
Speaker 6: So difficult to put a number on that ratio thirty
Speaker 6: five thirty percent. Perhaps side of that, when there's a
Speaker 6: bit more of a cloud over sort of punt intended
Speaker 6: about sort of what the window will be to get
Speaker 6: a return on that investment. I think that's when the
Speaker 6: market gets the anxiety levels up a notch and isn't
Speaker 6: willing to have the same patience that they have for
Speaker 6: the likes of Microsoft and Amazon.
Speaker 1: As it also when it comes to picks and shovels
Speaker 1: and across the supply chain, has it given you a
Speaker 1: better idea of where perhaps valuation entry points should be.
Speaker 6: Yes, I mean I think that on that front, I'm
Speaker 6: still quite bullish on the chip manufacturers themselves. I think
Speaker 6: the supply demand dynamics are still in their favor. I
Speaker 6: think when you have full order books moving forward, then
Speaker 6: you know that the risk to your revenue is not
Speaker 6: on the order book side, it's on the factory through put.
Speaker 6: So I think while that's looking healthy, I think at
Speaker 6: least through the end of twenty seven, I think they're
Speaker 6: still looking in fairly good stead at the moment, and
Speaker 6: pullbacks are probably buying opportunities longer term. Yes, there are
Speaker 6: questions about say Chinese competitors moving forward increasing supply and
Speaker 6: demand and supply matching more down the track, but markets
Speaker 6: are forward looking. But we know what Cain said about
Speaker 6: the longer term. So I think in the here and now,
Speaker 6: I think through twenty twenty seven, I think the chip
Speaker 6: names are still looking pretty good.
Speaker 1: Do you worry about the froth, you know, I guess
Speaker 1: it's a bit more of an existential question, but when
Speaker 1: you start having these circular funding scenarios, circular financing scenario
Speaker 1: is do you start to question whether things are getting
Speaker 1: a little bit concerning.
Speaker 6: Yeah, there is a bit of a concern on that front.
Speaker 6: I mean I think that the Nvidia one, I mean,
Speaker 6: they're certainly pulled in a number of big names on
Speaker 6: wall streets, so I think they're certainly selling the proposition well.
Speaker 4: So I think that come the.
Speaker 6: Market nerves a little bit once again when you're getting
Speaker 6: these names outside of the tech space itself, and that
Speaker 6: on the banker side of things, if they're putting their
Speaker 6: funds into it, I think that's a bit of a
Speaker 6: vote of confidence sentence. But look, let's see what happens
Speaker 6: when we have say IPOs moving forward and whether those
Speaker 6: valuations I'm sure they're probably eyewatering, but whether they're still
Speaker 6: capturing the tension of the market, say.
Speaker 4: As SpaceX did in this year.
Speaker 6: So let's see how that plays out, whether that appetite
Speaker 6: for AI, particularly on the IPO front, where that gets
Speaker 6: sustained moving forward.
Speaker 1: Yeah, what are you finding compelling outside of the AI story?
Speaker 6: Still bullish on gold structurally, so you mentioned that it
Speaker 6: has had certainly a better start of things to August
Speaker 6: compared to July. I think the intervention to boost the
Speaker 6: end gold was an indirect beneficiary of that because it
Speaker 6: dragged the US dollar lower. So I think that to
Speaker 6: move gold above its trading range it had been occupying
Speaker 6: between about thirty nine to fifty to forty two hundred,
Speaker 6: sort of break outside of that range. And I think that,
Speaker 6: combined with ongoing appetite from central banks to create some
Speaker 6: separation away from the dollar, that should underpin gold moving forwards.
Speaker 1: So that's the expectation is see more purchases from China.
Speaker 6: For example, China, Russia, Turkey as well for example. So
Speaker 6: I think that should provide a base of support for
Speaker 6: gold headwinds forward At the moment are still those elevated
Speaker 6: oil prices and a dollar which is hanging just under
Speaker 6: one hundred dollar mark in terms of the dollar index.
Speaker 6: So I think if we did get some reprieve on
Speaker 6: the oil and a dollar front, that could open the
Speaker 6: avenue high for gold above forty five.
Speaker 4: Hundred five thousand. Could be a bit of a stretch
Speaker 4: this year, but perhaps in Q one two twenty seven.
Speaker 1: Reprieve in so far as it came from the joint
Speaker 1: intervention that's probably going to continue to fade.
Speaker 4: That's right, an artificial impact on the market.
Speaker 6: But I think what it has done is brought some
Speaker 6: time for market dynamics to move in favor of the
Speaker 6: end and by extension, in favor of gold as well,
Speaker 6: if we did see a pullback in US yields and
Speaker 6: the dollar. So in terms of you know, what could
Speaker 6: those favorable dynamics be. It's been mentioned about a possible
Speaker 6: Bank of Japan hike next month. If that was combined
Speaker 6: with a US hold for example, that could shrink that
Speaker 6: JGB to treasury yield differential and maybe give the end
Speaker 6: a bit of breathing room, and by extension, help gold
Speaker 6: against the dollar as well.
Speaker 4: So let's see how that plays out.
Speaker 1: I mean, it's interesting that even the government, the Prime
Speaker 1: Minister is now supportive of a hike from the BOJ. Right,
Speaker 1: do you think the window has closed for kind of
Speaker 1: decisive and impactful action here.
Speaker 6: I think I think it'd be more of a measured action.
Speaker 6: I think there's certainly priming in the market for you know,
Speaker 6: I would say an increasing in rates to support the year.
Speaker 6: I mean, on the inflation front in Japan, it's not
Speaker 6: out of control at the moment. Projections are that it
Speaker 6: will move higher in the second half of this year,
Speaker 6: but I think they've got a bit of room to
Speaker 6: play there in terms of the inflation side of things.
Speaker 6: But I think if the banks Japan does hight rates,
Speaker 6: I think it will pretty much just to support the
Speaker 6: end At this point in time. We've heard from Scott Bessent,
Speaker 6: I think further the US intervention, I think that could
Speaker 6: certainly happen. I believe him when he said whatever it takes,
Speaker 6: echoing Maria Draguis. So I think the US doesn't want
Speaker 6: to see Japan dumping those treasuries that they hold in
Speaker 6: great numbers and put higher pressure on the US yields
Speaker 6: at the moment. So I think certainly mutual interest from
Speaker 6: Japan and the US to keep US yields under control
Speaker 6: and get the end on more even footing. So are
Speaker 6: the loads in for the end for the year. Quite possibly, certainly,
Speaker 6: not a certainty, but I think we could see it
Speaker 6: maybe operating and sort that one fifty three to one
Speaker 6: sixty range for the rest of the year. Approach is
Speaker 6: above that, that's when we'll get those murmurs of further intervention.
Speaker 6: Let's see if the that FEMA facility comes into play
Speaker 6: against to facilitate US or Japan not dumping those.
Speaker 4: Treasuries, which is really the fear of US officials at
Speaker 4: the moment.
Speaker 2: That's Tim Waterer. He is the chief market analyst at
Speaker 2: KCM Trade, speaking with Bloomberg TV host Heidi Stroud, Watts
Speaker 2: and Sherry On bringing you their conversation here on the
Speaker 2: Daybreak Asia Podcast. Thanks for listening to today's episode of
Speaker 2: the Bloomberg Daybreak Asia Edition podcast. Each weekday, we look
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