WEBVTT - Oil Gains Before US CPI, Asian Tech Stocks Rise

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Welcome to the Daybreak Asia Podcast. I'm Doug Chrisner. It's

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<v Speaker 2>proving to be a mixed day for equities across the

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<v Speaker 2>Asia Pacific. In the US session, stocks drifted lower in

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<v Speaker 2>front of a report on consumer prices, and American markets

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<v Speaker 2>also had to contend with a push higher in the

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<v Speaker 2>price of oil given the lack of a deal to

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<v Speaker 2>restore energy flows through the strait of horror moves. Needless

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<v Speaker 2>to say, higher oil prices have renewed concern about escalating inflation,

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<v Speaker 2>and that's where we begin our conversation with Tea Chow,

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<v Speaker 2>Managing director at UBS. She spoke with Bloomberg TV host

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<v Speaker 2>Sherry On and Heidi Stroud Watts on the Asia trade as.

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<v Speaker 1>Usual, There's a lot of cross currents going on for investors.

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<v Speaker 1>How big is this inflation print in terms of broader

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<v Speaker 1>sentiment going forward for you?

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<v Speaker 3>I think we're just not concerned with the inflation at

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<v Speaker 3>this point.

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<v Speaker 4>I mean, we're still pretty focused on the overall market

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<v Speaker 4>and the strength of the economy. So I mean, even

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<v Speaker 4>even with inflation where it is, I mean, the FED

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<v Speaker 4>is uh.

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<v Speaker 3>Is still on hold and the progress and.

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<v Speaker 4>The hopefully the US I RAN negotiations and uh AI growth.

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<v Speaker 3>We feel like the.

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<v Speaker 4>Economy is still going to be pretty much intact and

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<v Speaker 4>uh and we're positive and very optimistic uh towards equities

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<v Speaker 4>even though it might be bumpy, but UH still we

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<v Speaker 4>have a pretty good price UH target for the s

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<v Speaker 4>MP reaching about eighty two hundred. So I think, uh,

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<v Speaker 4>you know, investors should still continue to stay invested. Uh

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<v Speaker 4>and and hopefully you know, the AI and and the

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<v Speaker 4>strength of the markets will continue uh to help push

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<v Speaker 4>equities higher.

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<v Speaker 1>Yeah, tell us about how you're viewing the constructs of

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<v Speaker 1>the AI. The hyper scale is uh some of the

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<v Speaker 1>developments that we've said in that space, particularly in the US,

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<v Speaker 1>because there's been ongoing concern about obviously the amount of

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<v Speaker 1>infrastructure investment capex levels, but then we're also seeing you know,

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<v Speaker 1>the rotation of huge amounts of funds in these circular

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<v Speaker 1>funding arrangements.

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<v Speaker 3>Right absolutely. I mean, I think, you know, lots of concerns.

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<v Speaker 4>Well, we were reinconstructive on the AI story, but we

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<v Speaker 4>investors will you know, manage the concentration, and we're hoping

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<v Speaker 4>that investors can start to manage some of the concentration

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<v Speaker 4>by just diversifying out of you know, complete AI staffs,

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<v Speaker 4>but maybe into other sectors like healthcare, industrials, financials. Even

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<v Speaker 4>though we feel like AI is still going to push

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<v Speaker 4>the growth for the next probably five ten years, but

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<v Speaker 4>there's still a lot of room for investing in other

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<v Speaker 4>defensive sectors as well.

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<v Speaker 1>One of the non US markets you like, is China.

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<v Speaker 1>Tell us about what you're funding compelling within Chinese equities

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<v Speaker 1>at the moment. Is it that AI play on the

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<v Speaker 1>basis of the gap that is being very quickly closed?

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<v Speaker 3>Yeah, absolutely, I mean Chinese equities.

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<v Speaker 4>I mean, we think China's you know, has a lot

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<v Speaker 4>of room for growth in terms of the tech equities.

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<v Speaker 4>But you know, outside of China, you know, we want

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<v Speaker 4>to focus on you.

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<v Speaker 3>Know, India, Japan, uh Europe.

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<v Speaker 4>Those are also a lot of good valuations in some

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<v Speaker 4>of those markets. So I think, of course China is

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<v Speaker 4>going to drive a lot of the growth just because

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<v Speaker 4>we're located and because all the investments they.

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<v Speaker 3>Are also making an AI, I think.

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<v Speaker 4>It's probably worthwhile to stay with with some of the

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<v Speaker 4>Chinese larger tech names, but also diversify among surrounding countries.

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<v Speaker 4>I mean South Korea was also a big you know,

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<v Speaker 4>a big winner in the in the last few months.

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<v Speaker 3>But I mean we're currently.

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<v Speaker 4>Neutral and we are now more attractive on India, So

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<v Speaker 4>I think China, India, some of the surrounding country are

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<v Speaker 4>also a good place in this market, especially with the

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<v Speaker 4>AI growth.

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<v Speaker 1>When it comes to developments on the ceasefire or an

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<v Speaker 1>ultimate piece deal or at least, you know, a specific

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<v Speaker 1>deal to re open the state of hor moves, is

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<v Speaker 1>that meaningful for markets at the moment? Do you see

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<v Speaker 1>any kind of big change that could could come through.

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<v Speaker 4>I mean, I think negotiations are improving and we do

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<v Speaker 4>absolutely hope for a kind of resolution, but we feel

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<v Speaker 4>like eventual agreement with Iran I mean will likely keep

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<v Speaker 4>pressure on oil by allowing more supply to reach global markets.

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<v Speaker 4>I mean it's going to take some time, so I

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<v Speaker 4>mean this can definitely support gold by easing inflation concerns

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<v Speaker 4>and reducing the risk for further central bank tightening.

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<v Speaker 3>So I mean there's going to be some.

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<v Speaker 4>Impact, but I think eventually there will be a resolution,

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<v Speaker 4>but it's it's still going to be a kind of

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<v Speaker 4>a bump you rode ahead to get there.

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<v Speaker 1>What do you lack within bonds at the moment.

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<v Speaker 3>Well, we like a lot about bonds.

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<v Speaker 4>I mean, we think this is a great time to

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<v Speaker 4>lock in eels, especially with US corporate bonds five to

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<v Speaker 4>seven years. We prefer high quality also emerging markets. But

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<v Speaker 4>I think you know where races are right now, this

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<v Speaker 4>is a really good time to uh to to diversify

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<v Speaker 4>your portfolio within bonds and focus on the high quality

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<v Speaker 4>corporate corporate bonds.

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<v Speaker 1>We talked a little bit about the sort of broader

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<v Speaker 1>opportunities within China. I know that India is one of them.

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<v Speaker 1>Are you constructive on broader ams as a result, Yes.

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<v Speaker 3>Emerging markets absolutely.

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<v Speaker 4>I mean, we think EAM has had a good run

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<v Speaker 4>this year, but a lot of that is volatile as well,

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<v Speaker 4>is depending a lot on China, especially on China, so

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<v Speaker 4>we really have to see a stronger recovery in China's economy.

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<v Speaker 3>And I think, uh, you know, Ian is usually.

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<v Speaker 4>Em emerging markets usually as a smaller allocation for US,

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<v Speaker 4>uh you know, Like, I think it's good to be

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<v Speaker 4>be be participating, but we're still focusing more on.

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<v Speaker 3>Just a core US portfolio at this point.

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<v Speaker 4>And some of the larger developing markets such as China

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<v Speaker 4>and Europe and Germany and the your Eurozone.

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<v Speaker 1>Overall, career has of course been front and center. You've

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<v Speaker 1>downgraded from attractive to neutral. Is that over the froth

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<v Speaker 1>over the AI trade for you?

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<v Speaker 4>Uh? No, I mean that's that's actually a really good point.

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<v Speaker 4>I mean, I mean, career has certainly done very well

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<v Speaker 4>with the memory companies and just you know, but but

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<v Speaker 4>that a lot of that has run up pretty high

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<v Speaker 4>in a short time.

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<v Speaker 3>And you know, we have a lot of clients are

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<v Speaker 3>always favorable.

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<v Speaker 4>On the semi SAMESE and equipment's and founderies, but we

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<v Speaker 4>feel like, you know, focusing if you want to diversify

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<v Speaker 4>among the summes, focusing on some of the compute names

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<v Speaker 4>within sames and there's a lot of opportunities that we

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<v Speaker 4>see in smartphonemakers, payment networks, data centers, reads and.

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<v Speaker 3>Also some select consumer electronics. So a lot of that.

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<v Speaker 3>You know, it's still it's still a good play.

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<v Speaker 4>For some of the Korean companies, but you know, just

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<v Speaker 4>just to diversify out on.

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<v Speaker 3>Pure simes, I mean, these are some of the opportunitiesy.

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<v Speaker 2>How we see that was See Chow, managing director at UBS,

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<v Speaker 2>speaking with Bloomberg TV host Heidi Stroud Watts and Sherry On.

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<v Speaker 2>Coming up, we'll take a look at the end story

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<v Speaker 2>with Bloomberg News macro strategist Michael Ball. That's ahead on

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<v Speaker 2>the Daybreak Asia podcast. Welcome back to the Daybreak Asia Podcast.

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<v Speaker 2>I'm Doug Chrisner. The focus now is on the foreign

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<v Speaker 2>exchange and the Japanese hen in particular. We've seen some

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<v Speaker 2>renewed selling pressure as the market looks for a return

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<v Speaker 2>to that one sixty level against the US dollar. Now

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<v Speaker 2>In New York trading on Tuesday, the end was little changed,

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<v Speaker 2>but it remains clear that there is concern about possible intervention. Again.

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<v Speaker 2>We already know that US Treasury Secretary Scott Bessen has

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<v Speaker 2>said the US is willing to support the Japanese currency,

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<v Speaker 2>and many on Wall Street have speculated that part of

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<v Speaker 2>his motivation is to keep Japanese authorities from selling US

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<v Speaker 2>treasuries as a way of raising dollars. For a closer look,

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<v Speaker 2>I spoke with Bloomberg News macro strategist Michael Ball. It

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<v Speaker 2>was pretty surprising move, but everyone had been kind of

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<v Speaker 2>anticipating this, given the fact that the end had been

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<v Speaker 2>so weak for such a long time. It almost felt

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<v Speaker 2>like the market was waiting for the monetary authority in

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<v Speaker 2>Japan to act unilaterally, but they didn't. It was a

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<v Speaker 2>coordinated effort first time since ninety eight. The market obviously

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<v Speaker 2>was caught a little flat footed. Was it a watershed moment?

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<v Speaker 2>Do you think that it's send a kind of an

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<v Speaker 2>important signaled that maybe has the market a bit in

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<v Speaker 2>check right now or do you think we're making too

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<v Speaker 2>much of it.

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<v Speaker 5>No, I don't think we're making too much of it.

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<v Speaker 5>I think again we've crept up back to this one

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<v Speaker 5>sixtieth area. We're a little bit below it now today,

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<v Speaker 5>and again that seems to be the line in the

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<v Speaker 5>sand that the market has in mind for That's where

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<v Speaker 5>coordinated intervention, both the Treasury and them off and the

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<v Speaker 5>BOJ together all have to basically signal that this is

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<v Speaker 5>where we're going to defend until we get to September

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<v Speaker 5>or potentially October, where you could see rate hikes from

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<v Speaker 5>the BOJ to again give a more fundamental story why

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<v Speaker 5>the yen should appreciate and to change this feedback loop.

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<v Speaker 5>It's just a negative feedback loop of weaker yen be

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<v Speaker 5>getting weaker yen because of positioning.

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<v Speaker 2>So from the US position is Treasury Secretary Bestent looking

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<v Speaker 2>more at what's happening in the US treasury market than

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<v Speaker 2>he is the currency market, and he's concerned that we

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<v Speaker 2>may see a backup in US heields.

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<v Speaker 5>Yes, I think that's the primary goal here, and I

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<v Speaker 5>think he's signaled that in several ways. One obviously for

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<v Speaker 5>his worry that the intervention and will not only be

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<v Speaker 5>the selling of bills, which has been up to date

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<v Speaker 5>now how they've done it, but more on actually the

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<v Speaker 5>long end. So again, if they didn't have access, let's say,

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<v Speaker 5>to the THEMA kind of facility as a backstop, or

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<v Speaker 5>they didn't have access to the international repel market or

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<v Speaker 5>even the repo facilities the other ones that are available

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<v Speaker 5>at the FED, then they would have to sell longer

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<v Speaker 5>end treasuries what are the tens or thirties, and the curve,

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<v Speaker 5>which has already been under pressure since July FMC would

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<v Speaker 5>come under further pressure and that would actually force the hands.

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<v Speaker 2>So you mentioned FEMA, just to unpack that a little bit,

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<v Speaker 2>this is a vehicle that it was essentially allowed Japan

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<v Speaker 2>to borrow dollars to post US treasuries essentially as a

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<v Speaker 2>form of collateral. So they wouldn't be net sellers of

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<v Speaker 2>US treasuries to dump that inventory into the market and

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<v Speaker 2>run the risk of pushing US yields even higher, right exactly.

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<v Speaker 5>And there is a limit to that amount. I think

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<v Speaker 5>it's around sixty billion, which in its sense is a

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<v Speaker 5>little bit small for what is needed. Because let's keep

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<v Speaker 5>in mind the initial intervention that happened last week saw

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<v Speaker 5>about eighty billion dollars of bill selling buy them off

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<v Speaker 5>to actually support an buy yen. So this one itself

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<v Speaker 5>is you know, more of a backstop. It hasn't been

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<v Speaker 5>used yet because it's more expensive. It's about twenty five

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<v Speaker 5>basis points over what a normal repo rate would be

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<v Speaker 5>to do something like this, but in its signaling effect

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<v Speaker 5>it's much larger because again what we may see from

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<v Speaker 5>best in with you know, the new FED leader Kevin

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<v Speaker 5>Warsh is to lift the limit there, which then would

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<v Speaker 5>be a much bigger signaling effect. And overall, with all

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<v Speaker 5>the other tools that they have at their expo that

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<v Speaker 5>their can use, the Japanese then could just have this

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<v Speaker 5>as well as a backstop.

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<v Speaker 2>So take me back to the currency market. What this

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<v Speaker 2>means for not only the dollar, but the Japanese yanic gas.

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<v Speaker 5>Yeah, exactly, And again there's other things going on in

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<v Speaker 5>Japan that is making us worry that they'll be selling

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<v Speaker 5>treasury holdings. And as they sell treasury holdings, obviously then

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<v Speaker 5>they weaken sort of the dollars. They bring money back

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<v Speaker 5>into the end. But specific to what this intervention was about, again,

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<v Speaker 5>it was to initially stop official account selling of the

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<v Speaker 5>treasury market. And what it really means for the dollars,

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<v Speaker 5>you know, for that cross itself, it would weaken the

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<v Speaker 5>dollar against the end and effectually put more pressure even

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<v Speaker 5>on long end real rates, which is counterintuitive because the

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<v Speaker 5>rate differential story would be off there. But then it's

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<v Speaker 5>a capital flow account thing. Or basically you're just seeing

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<v Speaker 5>selling of dollar assets by Japanese holders.

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<v Speaker 2>So we know what the disinflation or deflation story in

0:12:14.120 --> 0:12:16.679
<v Speaker 2>Japan has been like for three decades, and we know

0:12:16.920 --> 0:12:20.520
<v Speaker 2>that the boj these days has been very very conservative,

0:12:20.760 --> 0:12:24.120
<v Speaker 2>moving very gradually. You could make a case, given the

0:12:24.200 --> 0:12:26.720
<v Speaker 2>level of inflation now in Japan that the BOG needs

0:12:26.760 --> 0:12:28.959
<v Speaker 2>to be a little bit more aggressive. That's not happening.

0:12:30.120 --> 0:12:32.720
<v Speaker 2>Is there the risk though, that if they begin to

0:12:32.880 --> 0:12:36.040
<v Speaker 2>lean into more of a tightening that we could see

0:12:36.040 --> 0:12:40.600
<v Speaker 2>a repatriation of Japanese assets leaving global markets like the

0:12:40.679 --> 0:12:42.080
<v Speaker 2>US and coming back to Japan.

0:12:42.280 --> 0:12:43.880
<v Speaker 5>Well, it might actually be the interesting I think you

0:12:43.920 --> 0:12:46.000
<v Speaker 5>actually nailed on the head. I think they took so

0:12:46.200 --> 0:12:48.199
<v Speaker 5>long for them to get inflation to kind of get

0:12:48.360 --> 0:12:50.520
<v Speaker 5>going again, and it has gotten going again. Obviously they

0:12:50.559 --> 0:12:52.920
<v Speaker 5>have more energy sensitivity and we know what's going on there.

0:12:53.200 --> 0:12:55.160
<v Speaker 5>But it took them so long to get rates off

0:12:55.160 --> 0:12:57.760
<v Speaker 5>the zirup and get them off the floor and get

0:12:57.800 --> 0:12:59.720
<v Speaker 5>it inflation back in grain and sort of the day

0:12:59.720 --> 0:13:02.199
<v Speaker 5>to day consumer that they're very worried that if they

0:13:02.280 --> 0:13:04.000
<v Speaker 5>sort of even tighten a little bit, they're going to

0:13:04.080 --> 0:13:06.720
<v Speaker 5>lose that progress. But to your point, if they do tighten,

0:13:06.760 --> 0:13:08.760
<v Speaker 5>if they come out and say September and they issue

0:13:08.760 --> 0:13:11.400
<v Speaker 5>maybe a statement that's more hawkish and expecting in october's

0:13:11.440 --> 0:13:13.600
<v Speaker 5>getting priced up again, because right now September is about

0:13:13.600 --> 0:13:15.840
<v Speaker 5>two third price for a hike, and if they don't go,

0:13:15.880 --> 0:13:18.040
<v Speaker 5>then the expectation to be one hundred percent for October.

0:13:18.320 --> 0:13:19.839
<v Speaker 5>But let's say they just do back to back, you

0:13:19.880 --> 0:13:22.320
<v Speaker 5>would see that curve flattened, so you'd see the long

0:13:22.400 --> 0:13:25.079
<v Speaker 5>end of the treasury curve, their treasury curve over there,

0:13:25.360 --> 0:13:27.600
<v Speaker 5>come off and get a rally, and that actually would

0:13:27.640 --> 0:13:31.600
<v Speaker 5>give you less incentive to repatriate back into the Japanese assets,

0:13:31.679 --> 0:13:35.720
<v Speaker 5>effectively into their bonds, because one liquidity is not great there.

0:13:36.000 --> 0:13:37.960
<v Speaker 5>Two then you're just your rate differential story is not

0:13:38.000 --> 0:13:40.640
<v Speaker 5>as compelling anymore because by hiking in the front end,

0:13:40.679 --> 0:13:43.800
<v Speaker 5>they're effectively showing that they have more responsibility towards the

0:13:43.840 --> 0:13:45.160
<v Speaker 5>back end as far as monetary policy.

0:13:45.320 --> 0:13:48.480
<v Speaker 2>So what's your sense in terms of yend weakness, is

0:13:48.520 --> 0:13:50.480
<v Speaker 2>the worst over at least in the near term.

0:13:50.800 --> 0:13:52.360
<v Speaker 5>Yeah, I mean that's a great question. I think a

0:13:52.360 --> 0:13:54.600
<v Speaker 5>lot of that has to do maybe with energy as well.

0:13:54.600 --> 0:13:57.319
<v Speaker 5>Obviously they have some sort of well not some sort

0:13:57.360 --> 0:13:59.400
<v Speaker 5>of they have a higher correlation here with oil prices.

0:13:59.480 --> 0:14:00.840
<v Speaker 5>Oil where it is is now in the rate to

0:14:00.920 --> 0:14:03.120
<v Speaker 5>change their state stable, then it's less of a pressure

0:14:03.160 --> 0:14:05.200
<v Speaker 5>on them there. I think you're right. I think in

0:14:05.200 --> 0:14:06.720
<v Speaker 5>a lot of ways. Well, not that you're right, but

0:14:06.760 --> 0:14:08.480
<v Speaker 5>what you're hinting at is that the worst could be

0:14:08.520 --> 0:14:12.240
<v Speaker 5>over if we see this coordinated intervention lead to basically

0:14:12.280 --> 0:14:14.960
<v Speaker 5>hold a period of time before you see actual rate hikes.

0:14:15.280 --> 0:14:18.800
<v Speaker 2>To what extent could the market be surprised right now,

0:14:19.360 --> 0:14:23.360
<v Speaker 2>is the trade so crowded that we risk maybe a

0:14:23.560 --> 0:14:25.640
<v Speaker 2>kind of a not I don't want to say violent adjustment,

0:14:25.680 --> 0:14:27.680
<v Speaker 2>but something that could be dramatic.

0:14:27.440 --> 0:14:29.640
<v Speaker 5>So the trades come off. To your point, I think, well,

0:14:29.640 --> 0:14:31.640
<v Speaker 5>a lot of that was last week was that people

0:14:31.680 --> 0:14:34.960
<v Speaker 5>were caught off sides by the coordination and now obviously

0:14:35.000 --> 0:14:37.240
<v Speaker 5>the size it was a somewhat large imprint they had

0:14:37.280 --> 0:14:39.880
<v Speaker 5>in the market, and people were basically still leaning very

0:14:39.880 --> 0:14:41.800
<v Speaker 5>short end and that's cleaned up nicely. We get to

0:14:41.840 --> 0:14:43.640
<v Speaker 5>see FTC data. That's one way to look at it.

0:14:43.680 --> 0:14:46.320
<v Speaker 5>But also we're hearing sort of from flow traders that

0:14:46.360 --> 0:14:47.560
<v Speaker 5>a lot of that has come off and it's a

0:14:47.640 --> 0:14:50.200
<v Speaker 5>much flatter position. People are more nervous. Now there's two

0:14:50.240 --> 0:14:52.320
<v Speaker 5>sided risks to where the end can go. And again

0:14:52.400 --> 0:14:54.160
<v Speaker 5>this one to sixty level is sort of the pivot

0:14:54.280 --> 0:14:56.400
<v Speaker 5>where if we drift above one sixty, I think people

0:14:56.440 --> 0:14:58.960
<v Speaker 5>will be mourned and powered to short it. Traders will

0:14:58.960 --> 0:15:00.880
<v Speaker 5>think that the intervention a one off and they're not

0:15:00.920 --> 0:15:03.840
<v Speaker 5>really disciplined or committed to it. And if it goes

0:15:03.880 --> 0:15:06.240
<v Speaker 5>lower then the feedback loop actually people will probably try

0:15:06.280 --> 0:15:08.000
<v Speaker 5>and rush into it to get ahead of maybe a

0:15:08.040 --> 0:15:10.520
<v Speaker 5>more structural change, which will again be real rate hikes

0:15:10.520 --> 0:15:11.240
<v Speaker 5>coming down the road.

0:15:11.600 --> 0:15:13.680
<v Speaker 2>Do you think I'm going to bring up trade policy,

0:15:13.760 --> 0:15:17.880
<v Speaker 2>because sometimes currency levels are very influential in that regard.

0:15:18.880 --> 0:15:21.960
<v Speaker 2>Is this meaningful in the way they could influence the

0:15:22.000 --> 0:15:22.920
<v Speaker 2>trade conversation?

0:15:23.000 --> 0:15:26.120
<v Speaker 5>Do you think, Well, we know Bess was hounding Taiwan

0:15:26.320 --> 0:15:29.800
<v Speaker 5>and obviously pressuring some of the other sort of Asian

0:15:29.840 --> 0:15:34.440
<v Speaker 5>export powers to basically strengthen their currency, So I think

0:15:34.480 --> 0:15:36.520
<v Speaker 5>that's always lurking in the back. We have a different

0:15:36.560 --> 0:15:39.720
<v Speaker 5>relationship with Japan, so I can't really give you a

0:15:39.720 --> 0:15:42.680
<v Speaker 5>great answer there. That's always a consideration, but I don't

0:15:42.680 --> 0:15:44.760
<v Speaker 5>think it's the driving force here. I think the driving force,

0:15:44.800 --> 0:15:47.080
<v Speaker 5>as we kind of basically hit on the head, is

0:15:47.320 --> 0:15:49.200
<v Speaker 5>Besson's worried about a lot of pressure on the long

0:15:49.240 --> 0:15:50.760
<v Speaker 5>end of the treasury curve, and he sees this as

0:15:50.800 --> 0:15:54.239
<v Speaker 5>one of many tactics he's using, including the recent announcement

0:15:54.280 --> 0:15:56.720
<v Speaker 5>of refunding and all that, to stick still with heavier

0:15:56.760 --> 0:15:59.600
<v Speaker 5>bill issuants to basically take pressure off further sort of

0:15:59.640 --> 0:16:01.760
<v Speaker 5>selling and supply in the back end, and not to

0:16:01.760 --> 0:16:02.520
<v Speaker 5>have that unhinged.

0:16:02.680 --> 0:16:04.680
<v Speaker 2>Michael will leave it there, thank you so very much.

0:16:04.760 --> 0:16:08.320
<v Speaker 2>Bloomberg News macro strategist Michael Ball joining us here on

0:16:08.360 --> 0:16:15.080
<v Speaker 2>the Daybreak Asia Podcast. Thanks for listening to today's episode

0:16:15.200 --> 0:16:19.200
<v Speaker 2>of the Bloomberg Daybreak Asia Edition podcast. Each weekday, we

0:16:19.280 --> 0:16:23.160
<v Speaker 2>look at the story shaping markets, finance, and geopolitics in

0:16:23.160 --> 0:16:26.360
<v Speaker 2>the Asia Pacific. You can find us on Apple, Spotify,

0:16:26.480 --> 0:16:30.000
<v Speaker 2>the Bloomberg Podcast YouTube channel, or anywhere else you listen.

0:16:30.400 --> 0:16:33.280
<v Speaker 2>Join us again tomorrow for insight on the market moves

0:16:33.360 --> 0:16:37.920
<v Speaker 2>from Hong Kong to Singapore and Australia. I'm Doug Prisner,

0:16:38.080 --> 0:16:39.479
<v Speaker 2>and this is Bloomberg