One of the most cliched macro ideas is to be bullish on Asia, or at least optimistic on the region’s economy.
In its 2011 Asia Strategy Outlook, Nomura’s Sean Darby lays out the 5 reasons it’s easy to like this region:
- Of the countries with the largest holdings of FX reserves, seven of the top 10 are in Asia
- Nearly all Asian countries have current account surpluses and undervalued currencies, in our view
- All Asian countries have gross public debt-to-GDP ratios below the OECD average
- Asia’s bank loan-to-deposit ratios are below the global average, except for Korea
- Asia’s banking sectors look healthy, with low single-digit non-performing loan ratios
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