Is this another reminder of the potential for 'sell America'?
Avril Hong
Vasu Menon
I wouldn't say sell America. We have a neutral call. The US remains a key growth engine. Our greater conviction is towards Asia ex-Japan.
On Japan, are you seeing more risks with potential BOJ hikes?
Shery Ahn
Vasu Menon
The BOJ will be cautious. They won't hike aggressively just to defend the yen, especially with Takaichi proposing fiscal stimulus and tax cuts.
Why are Chinese policymakers being so cautious?
Shery Ahn
Vasu Menon
The PBOC is cautious about firing too many bullets too early. They want a measured, gradual approach to policy, not a big bang.
How do you feel about Asian currencies as a diversifier?
Avril Hong
Vasu Menon
Asian currencies will strengthen. The US dollar is likely to weaken with Fed cuts and events in Venezuela and Greenland.
Could the South Korean rally widen beyond semiconductors?
Shery Ahn
Vasu Menon
The South Korean market has done very well, largely driven by AI and semiconductors. It could widen, but our greater conviction is in China, Hong Kong, Singapore.