How much firepower does Japan still have if the currency is coming under all this renewed pressure?

If you take a look at the details, US$80 billion in August itself.

Japan's reserves actually fell by a record US$80 billion.

But taking a step back, they still have reserves of about US$1.2 trillion.

So still quite a fair bit of firepower to go if they need to use it.

But I would say that the policymakers will not just use these firepower just loosely because ultimately intervention can only provide short-term relief.

Fundamentals still prevail.

What is this telling us about the progress of China's push for technological self-reliance? No surprise that it's also coming a couple of days before Apple announces its next slew of tech.

When those details come out though, how could that really change the outlook for the energy market?

Well, first of all, I'm a bit puzzled because I'm not so sure if these fresh sanctions, as more economic sanctions, I think the U.S. was saying that it's the toughest sanctions on Iran ever, right, will actually lead to a resolution of the situation.

In fact, my sense is actually the harder the U.S. actually tries to push Iran forward, the more aggressive actions could actually lead to further disruption in the flows through the Strait of Hormuz.

And that could actually tighten global oil supply and lead to higher oil prices.

So I was a bit puzzled by the drop in oil prices.

But having said that, we do believe that both parties, the US, Iran, I think it's in their interest to eventually read some form of... de-escalation because I think obviously U.S. do not want to see high oil prices affecting inflation, especially with midterm elections coming on.

And obviously Iran, if they can reach a deal, then some of the economic benefits that were previously promised in the 14-point MOU, that could materialize as well.

Where are the price increases proving most persistent? And where are they easing? What are we seeing?

What's holding it back in your view? Is its economy not performing up to expectations or is it simply about its relative lack of AI plays?

Right, I think China has really moved through different stages since COVID.

It rebounded together with the rest of the market for a while.

And then there was this prolonged lockdown and all this regulatory tightening on the tech sector that made the whole world say that China is uninvestable.

And then we saw an about-turn.

Subsequently, China opened up.

There was easing of those regulatory tightening, and then it became investable again.

and the home base of many of your clients, would it be correct to assume that you have a somewhat different and perhaps longer-term approach to these regional markets than foreign private banks and wealth management advisors? And which ASEAN markets are you most bullish

What's holding it back in your view? Is its economy not performing up to expectations or is it simply about its relative lack of AI plays?

Right, I think China has really moved through different stages since COVID.

It rebounded together with the rest of the market for a while.

And then there was this prolonged lockdown and all this regulatory tightening on the tech sector that made the whole world say that China is uninvestable.

And then we saw an about-turn.

Subsequently, China opened up.

There was easing of those regulatory tightening, and then it became investable again.

and the home base of many of your clients, would it be correct to assume that you have a somewhat different and perhaps longer-term approach to these regional markets than foreign private banks and wealth management advisors? And which ASEAN markets are you most bullish

So what's that going to do in terms of trading expectations?

Well, I think the rate decision is largely in line with expectation, did not really have a significant impact on markets.

But I think this is a demonstration of the policymakers' intentions, really.

They have actually been reluctant to put out or implement aggressive easing measures or support measures, and it's really very targeted support.

including on the rates front, unless economic conditions deteriorate significantly.

So to a certain extent, if you look at Chinese markets year to date, they have somewhat lacked their Asian peers, for example, the likes of South Korea, Taiwan, because of this lack of large stimulus package.

But having said that, should economic conditions deteriorate much more than expected, we do believe that the Chinese government stand ready to tax our economy where necessary.

Is that momentum going to be sustained in the months ahead?