In today’s briefing:
- Ohayo Japan | Stocks Drift Higher; Japan Wage Hikes +5% in 2024
- Fragile Vietnamese Real Estate Sector Faces Long Road to Recovery
Ohayo Japan | Stocks Drift Higher; Japan Wage Hikes +5% in 2024
- Overseas: SPX +0.1%; Stocks drift higher; 10Y Treasury yield at 3.8%; Biotech stocks surge
- Today: NKY Futs -0.5% v cash. JPY141.5; Daihatsu Motor could face over ¥100 billion in losses
- Markets: Japanese business leaders foresee 5% wage hikes in FY24, driving sustained growth.
Fragile Vietnamese Real Estate Sector Faces Long Road to Recovery
- The Vietnamese government is in the midst of a campaign to eradicate corruption in its domestic real estate industry, which has seen bribery and embezzlement amounting to close to 3% of the country’s gross domestic product (GDP).
- Despite the high-profile corruption cases that have brought the sector’s financing channels to a standstill, the aggregate credit risk profile of the Vietnamese real estate industry has largely improved in recent months, after deteriorating, on the back of widespread monetary policy support from the Vietnamese government.
- The troubled sector saw a spike in its Criat credit cycle index (CCCI) since the middle of last year when deleveraging efforts for the industry by the Vietnamese government were first announced.
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