Today's BOP data show that after selling more than USD30bn of domestic equities in June, foreigners purchased USD6bn in July. That swing goes a long way to explain the sudden appreciation of the KRW. That should be able to continue, given CA surplus of over 20% of GDP, strong economy, and BOK hikes.

50 slides covering regional themes, and dynamics in the individual economies.

I thought the underlying data in today's CPI release were firm. Despite an easing in travel expenses, core inflation (excluding mobile phone bills) remained at 2.8% YoY, the trimmed mean rose, and the diffusion across all items ticked up.

A step-by-step guide to understanding Japan's fiscal position. By using this, you will have a better idea of how to make the assumptions needed for each component of the standard gross debt equation, which can then be plugged into our online model.

The PMIs show Japan's manufacturing cycle is the strongest in the region. That might be because the measures in Taiwan and Korea struggle to capture the macro impact of chip strength. Even so, it is still an important take-away, especially when the PMIs show Japan also leads in price strength.

Defying BOJ fears of a slowdown, this year's surge in corporate profits continued in Q2. The big driver this year has been manufacturing, and today's PMI shows the recovery in the sector isn't over yet. Relative to the strength of profits, capex and wages are sluggish.

Output in July retained the gains of June, and capex spending rose further. Both suggest a strong start for GDP in Q3. Retail sales were weaker last month, but the household sector should start to benefit as the government spends the 20% growth in tax revenue of recent months.

The PMIs continue to show no economic cycle. Construction activity continues to drop, but the manufacturing PMI continues to hover around the 50 mark. Input prices have rebounded again, so this year's recovery in PPI isn't ending just yet. None of these changes point to a shift in policy.

The market themes I think are about rates v currencies. Ranking by moves in rates, the order is Korea, Japan, Taiwan then China. In currencies, by contrast, it is Korea, China, Taiwan, then Japan. That raises some interesting discrepancies.

Today's BOK meeting didn't throw up any big surprises: core CPI and growth forecasts were raised against the backdrop of the TOT shock, and the bank hiked again with the aim of being "pre-emptive". However, Governor Shin's remarks at the press conference produced a lot to digest.

Deputy governor Himino's argued today that all the main macro dynamics are pushing up prices, underlying inflation has been rising, and so there is now a risk of "underlying inflation exceeding 2%". Unsurprisingly, he didn't spell out the policy implications, but it does sound quite hawkish, no?

Back-to-back rate hikes aren't common, and since July, stronger KRW and lower equities have tightened FCI. However, the economic backdrop is unusually strong, so I would still expect the BOK to hike at its August meeting. That said, rather than rates, it is the KRW that looks more interesting here.