Julie Ho is constructive on the second half, citing a broadening of global cyclicality beyond just tech/AI into non-tech exports and tangential sectors like grid infrastructure and factory automation. She sees value in beaten-down Chinese exporters, Hong Kong financials, and regional telcos as defensive plays. She argues the historical negative correlation between a strong USD and Asian markets has broken due to Asia's shift to higher-value exports.

Helen Chow views the June PMI as marginally positive but not a game-changer, confirming a K-shaped recovery where supply/exports are strong but domestic demand is weak. She believes policymakers lack urgency for major stimulus unless Q2 data shows significant deceleration. She expects more easing in H2 but not immediately, and sees trade frictions with EU/Japan as a bigger risk than US-China tensions.

Jeff Ng expects the dollar to remain a headwind for the yen in the near term due to US exceptionalism and hawkish Fed rhetoric. He believes the BOJ is focused on stability and pace of moves, not just levels, and would intervene if the yen weakens too quickly. His year-end forecast of 155 for USD/JPY relies on a moderation of Fed hawkishness and lower energy prices later in the year.