Anthony Rowley

United States

Journalist at South China Morning Post

Japan Correspondent at Asia Asset Management

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Articles

An “extraordinary” feat

3 days ago | asiaasset.com | Anthony Rowley

Asia Global Japan Japan moves to build on success of the NISA tax exempt investment scheme That which Japan does not invent itself, it often improves upon. This is certainly true of the Nippon Individual Savings Account (NISA) scheme which was launched in 2014. The tax exemption programme for private investors was modelled originally al...
Macroscope | How to save the world economy (and make Trump think it was his doing)

6 days ago | scmp.com | Anthony Rowley

US President Donald Trump is an enigma. He has correctly identified the two most unsustainable elements of the global economic order, but his attempts to bring about their creative destruction threaten disaster. Has he perhaps revealed a paradoxical truth that such destruction is the only practical way to go? It was never going to be possible for the United States to remain the “consumer of last resort” indefinitely, thereby allowing other economies to pursue unsustainable export-led growth.
Asian bonds become less dependent on US dollar

1 week ago | asiaasset.com | Anthony Rowley

The European Union is accelerating its drive to integrate the bloc’s capital markets in the wake of US President Donald Trump’s tariff shocks and their impact on financial markets. Asia’s plans are not as well advanced yet, but the growth of the region’s bond markets over almost three decades have been spectacular.
Macroscope | Money talks and Trump should pay attention to Asia’s bond markets

1 week ago | scmp.com | Anthony Rowley

For all of US President Donald Trump’s public bellicosity, it is money that talks – more softly but more powerfully, and with greater impact. This is the lesson Trump needs to learn as investors, especially those in Asia, vote with their feet and beat a retreat from US financial markets. The clearest sign of the severity of that retreat is not the immediate shocks administered to US stock prices by Trump’s rantings on tariffs and trade.
Macroscope | No, stock markets are not a barometer of the world’s economic health

2 weeks ago | scmp.com | Anthony Rowley

The storm is over, it seems, even before it really broke and the economic barometer is set to “fair” again in the wake of the US-China trade squall – so it would appear from the way markets are behaving. But the fact is that stock markets are no longer a reliable indicator of where the global economy is heading.
Foreign equity pulls out of emerging markets as debt rises

3 weeks ago | asiaasset.com | Anthony Rowley

US tariffs are becoming more like a game of poker than a serious economic strategy as President Donald Trump seeks to bluff his way to a winning hand position while assuming that others have few cards to play. But this is no game where global financial markets are concerned. Nor is the 90-day truce declared between the US and China in their tit-for-tat trade war - with seemingly significant concessions on the part of both Washington and Beijing - likely to allay fears.
Macroscope | World will need to borrow its way out of Trump’s tariff mess

3 weeks ago | scmp.com | Anthony Rowley

While US President Donald Trump’s tariff wars might be laughably simplistic in their aim of balancing world trade, there is nothing amusing about the impact they are likely to have on the global economy. The world appears to have not fully taken this on board yet. There has been little apparent awareness, for example, in market movements of the looming systemic financial threats that could arise from growing debt.
Macroscope | Trump’s tariffs are waking Asia up from the dream of export-led growth

1 month ago | scmp.com | Anthony Rowley

Imagine driving slowly but steadily along the road towards an economic development led by domestic demand, when your navigator advises you to take a faster route via export-led growth. You duly comply – only to find the road blocked by huge tariff barriers. Your navigator then advises reversing out of the cul de sac and choosing yet another way to proceed – which will be a difficult, time-consuming and potentially expensive process, he warns. What do you do?
Dangers in financial crisis could lead to new crisis

1 month ago | asiaasset.com | Anthony Rowley

The economic impact of Trump’s tariffs and other trade measures has hogged the headlines since the US president announced his “Liberation Day” on April 2. But the story of what is happening in the global financial system as a direct and indirect result of these measures has remained largely untold. Until last week, that is, when some indications of potentially systemic financial sector problems began to emerge during the spring meetings of the International Monetary Fund and World Bank.
Macroscope | A world economy on the brink could use some win-win cooperation

1 month ago | scmp.com | Anthony Rowley

The global economy is like a vehicle hurtling towards the edge of a cliff, with US President Donald Trump asleep or inebriated at the wheel. Financial markets are trying to jump off before it is too late but it is not only the US leader who seems oblivious.