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Region – does low UE mean labour market tightness?

20 slides analysing structural labour market issues: the puzzle of low unemployment but weak wage growth; supply side changes that have deflected demographics; demand side strength as China offshoring ends; and the implications of the renewed trade war.
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Region – export trends and market implications

In LCU terms, there's little to choose between exports in the different economies. But in volumes, China and Taiwan are very strong, and Korea and Japan clearly lagging. This should have implications for CNY, TWD and KRW. For Japan, the significance is for macro if USDJPY turns.