annabelle: this is "bloomberg daybreak: asia." the really big event this hour will be the boj governor ueda speaking at a conference, and i was looking at the theme of that. it is old and new challenges for monetary policy, but certainly that boj seems to be confronting both of those. haidi: that is pretty apt given the nature of the challenges that face the bank of japan as it looks into this beyond actually having interest rates beyond negative territory, so interesting conversation as we have seen a degree of patience or comfort in terms of where japanese bond yields are traveling as well as weakness we have seen in the economy as well. annabelle: that is right, and lots to be discussed in terms of market action in japan in

particular, jgb 10-year yield sitting at a high, interesting to monitor given changing expectations. traders agitating for the boj to shift its policy settings higher. that is playing into yen dynamics and we have seen that sensitive to the yield gap between the boj and the fed, fairly steady but tracking around that 157 level. stocks wise, not too much of a lead-in from wall street, fairly quiet session on friday but a bit of a recovery. u.s. markets are set on friday for holiday. the action and focus on governor ueda. let's switch and look at what is happening in korea, because the focus is on its value of programs. country pushing more companies to take part in that, and as well geopolitical flavors that

will be impacting because we have seen that triad between south korea, japan and debate watch on supply chains and china pushing to ensure stable supply for its tech ambitions essentially. haidi: take a look at how we are trading at the start of the cash session, slow to come online fully in australia, but expecting more upside on fed easing hopes that will be either dashed or consolidated by inflation numbers. aussie dollar in focus, there are concerns we may have seen the best of it in terms of getting to the key level of 69. 2% gain in may for the aussie dollar, and there are concerns about domestic weakness as well as question marks over china's support for the property sector.

no treasury trading, it is a holiday in the u.s., but treasury futures look like this. some bond traders in this waiting game could get support from treasury in the middle of the week for the first time since early 2000, we are seeing a series of buybacks targeting a harder to trade dead and tapering of the balance sheet unwind starting in june. a lot to contend with that the moment as we kick off the trading week. annabelle: that is right, and it is the general theme developing around the synchronization, because you are seeing a lot of different economies responding to higher rates and different price pressures as well, so our next guest focuses on the theme of divergence, because he says it is the name of the game. global economy is increasingly moving out of sync. a global market strategist for

asia-pacific and invesco. when you are in that environment where economies are not moving in lockstep, where are the best markets to play in asia at this time? >> i think there are quite a few things going on that investors should keep an eye on. in asia we are starting to see green shoots in chinese growth, and in japan and korea we see robustness in the ai related investment trends there. it is starting to re-accelerate, so for the most part asia is starting to show better signals. annabelle: when it comes to em asia in particular are there specific markets that stand out to you? what is the upside? >> if we look at recent developments in the ai trend, we saw earnings estimates to be

from nvidia. i think this is a multiyear trend, and in places like taiwan and korea, their stock markets are significantly overweight on ai related technology, so these are interesting places to invest. haidi: it is interesting you talk about em's. are you seeing a weakening correlation with china and does it determine where we go next for the u.s. dollar? >> i think that china and em are interchangeably very much a link, because china occupies a significant portion of the msci index. china's growth is important for the rest of asia, and all eyes are on whether the consumption spending can pick up in the second half of this year. haidi: one of the questions of

the ai chip fervor trade is how you identify the next age of opportunity for ai. do you have any ideas over what the medium term and longer term opportunities might be beyond this initial phase? >> sure, i think the bigger question is how does the ai development -- how do we frame it in regard to previous technologies? i think it is closer to what we saw with the internet development 20 or 30 years ago, which was a game changer. will ai have a similar type of impact? perhaps not as much but it will increase total productivity within economies, then there are significant numbers of opportunities investors can play. both from downstream whether it is energy related, power

producers that are very integral toward manufacturing of ai related technologies to the upstream version where there are ai applications. we think in places like china that have significant developments of their. annabelle: we are awaiting the boj governor to speak at a conference. i believe he has just started, but i am interested in your views on the japanese story. you think we are likely to see further upside for japanese stocks from your, and do you have this conviction we are shifting into an inflationary environment in japan? >> i have conviction that the japanese economy is really starting to show some very positive signs of structural growth, and that is after decades of flagging growth, and that is driven by both capital expenditures from private enterprises and starting to see

some improvements in household spending, so we continue to have overweight on both the japanese yen and on japanese equities. there are both cyclical and structural reasons why we like japanese equities from this angle. i think japanese equities will be the best-performing develop market as a class this year. annabelle: is it an environment where you need to be more selective for japanese stocks? are there specific sectors that stand out to you? >> on the one hand, growth and technology stocks continue to be very attractive given the recent ai trend, but as growth starts to broaden out within japanese equities, so far this year foreign capital has been pouring into large conglomerates in japan, and i think the rally will broaden out the second half of this year, so mid-cap stocks

should start to work as well. annabelle: outside of japan, of course, there are other markets you are tracking. what are you looking at in terms of the bond space in particular and credit spreads? are you seeing opportunities there? >> sure, i think the bond market continues to be quite attractive given where yields are and the uncertainty of the fed's monetary path forward. i think it investors can continue to look at the medium term, the intermediate part of the yield curve. that is where the sweet spot is, and also i really like higher quality noninvestment grade debt, things like senior loans, bank loans, and private credit, and real estate continues to be quite attractive with guilds at these levels. haidi: david, really great to

have you with us. let's take a look at some of the early movers we are watching. eisai is one of them as we see developments when it comes to its alzheimer's treatment. lequembi has been improved -- approved in south korea. a volatile stock, .2 of 1%. it is been approved in south korea for treatments for adults with mild cognitive impairment. australian session, a little bit of upside, 10 minutes into the start of cash trading. anglo saying bhp should amend the cap structure or come back with a better bid, so we are waiting for the extended bid for bhp to come back with the proposed restructure of their proposal. annabelle: still ahead, the

french finance minister saying the entire world economy is at risk from a glut of cheap chinese exports, but the china theme, beijing seeking south korea to maintain stable supply chains as they begin their first three-way summit japan since 2019. we will have details on that. this is bloomberg. ♪

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haidi: taking a look at live pictures of the boj governor ueda speaking at a conference relating to the boj's direction for monetary policy ahead, but what he is saying according to the text of his speech that has been released, essentially that we need to rethink our inflation expectations and some challenges are very difficult that are facing policymakers in japan. the weaker yen and how much that

is starting to weigh on businesses and consumers alike. governors saying there was a challenge to determine the neutral interest rate, but some economists are saying perhaps three moves over the course of this year could be possible. the boj governor speaking at a conference in tokyo. the theme of that is old and new challenges for monetary policy in the country. let's shift to the g7 gathering in italy, because it ended with a communique that criticized china's trade practices and hence at possible -- and hints at possible retaliatory measures. stephen engle joins us. a lot of what we heard was very hawkish and a departure from the past where it has been more neutral. what do you think justify such a ramp-up? >> this is probably the most assertive language the g7 finance ministers have put in a

communique with regard to china and its trade helices, and it shows the rising concern in places like germany, which has a strong manufacturing belt in autos and the like. so there is concern not just parroting what washington says. there are real concerns in other g7 nations, including in italy where they are holding this meeting, and that statement really said it. while reaffirming our interest in a balanced and reciprocal collaboration which i net we expressed concerns about china's comprehensive use of nonmarket policies and practices that undermines our work is, industries, and economic resilience. they will continue to monitor the potential impact of overcapacity out of china and will consider taking steps to ensure a level playing field. there were voices such as the

chancellor of u.k. exchequer jeremy hunt. there is a wide spectrum of views among the g7, but the chancellor saying it is really important that the world does not unintentionally creep back into protectionism, and this comes at a time when the biden administration on friday essentially announced it will reimpose tariffs on around 400 products out of china, allowing tariff exclusions to expire that had been spared until now, so the world might be creeping toward protectionism, and that is something to g7 finance ministers did address, and in that sharply worded m&a kate out of both sides of the mouth, saying on the one hand we have to stay engaged, but at the same time we have to stand up for local economies as well.

haidi: we have this first trilateral meeting between china, japan, and south korea, and openness of trade, political differences will be key in this set of meetings. >> i think this is an opportunity today when you have the trilateral meeting between li qiang and president yuan of south korea to talk amongst each other without the united states, but the united states looms large in these talks obviously as china will be trying to build better relations with two of its most strategic neighbors at a time when south korea and japan have grown closer their diplomacy, which they have agreed to continue their warming of ties. south korea and japan have more recently since the last time this trilateral was held five

years ago pre-pandemic, those nations have grown a little bit closer, more aligned with u.s. policy, especially the issue of export controls on advanced chips and chipmaking equipment. japan did sign on to biden administration export controls. they have resisted pressure to do it further, so this is something li qiang is obviously in seoul to talk to his korean and japanese counterparts to persuade them not to go full throttle on what the biden administration has done on those export controls. again, we are hearing from the nikkei newspaper that the three leaders will try to rekindle talks for a free-trade agreement , which is mired in a lot of different issues, including what japan has levied against beijing

, and that is this unfair use of subsidies to prop up state-owned enterprises and the like. whether an fta will come to fruition is probably a long shot , also given geopolitical concerns that are probably even more prominent right now then perhaps some of the economic common ground they could possibly reach. haidi: stephen engle watching that very key trilateral meeting. we will get more analysis on those talks with the council on foreign relations later this hour. some other geopolitical headlines, nvidia bus and a bipartisan delegation of u.s. lawmakers have arrived separate the entire one. hueng has highlighted the role taiwan plays. the visit comes after china wrapped up its largest military drills around the island in a year. the u.s. is accused of beijing

of military publications. north korea intends to launch a rocket soon for a satellite. north korea said it essentially -- successfully deployed a spy satellite. a move the u.s. and its allies say violates security resolutions. ukraine president zelenskyy is urging leaders to join a summit to discuss a blueprint. russia bombed kharkiv over the weekend wounding dozens. the summit is on the back of the g7 meeting in italy. israel is pressing ahead with its operations into the seven city of rafah despite a u.n. court ruling that ordered it to stop. the events comes after dozens of people were killed on sunday in an airstrike. let's bring in michael. the icj has had not much of an

influence on this. >> the ruling was initially interpreted as stop, but the data out of the ruling is similar to what the u.s. has been saying, in a sense of that they do not need to stop but they need to be cautious with civilians. israel says they are being ultra-cautious. haidi: it is it possible to be ultra-cautious in civilians in this area? >> that is exactly right. israel said it is based on size intelligence and they killed two senior hamas officials, but the strike took place in an area where they had not ordered evacuations, the western part of rafah, so you can understand unwanted israel doing this because it is going into rafah to get rid of these last hamas of battalions of leadership, but in a built-up area that you will

always have large casualties from this, so it is a terrible situation going on there, but as for the court ruling, it is not going to stop too much going on in terms of the fighting, what would it does is it shows this tightening pressure around israel internationally. it does not have a lot of room for maneuver, whether it is norway saying it will recognize a palestinian state and other countries as well, whether it is the u.s. holding back supplies and weapons. there is a real sense israel is looking quite isolated, so they are going to want to wrap up this operation quickly if they can. annabelle: against that backdrop where you do have that increasing sentiment or push against israel's operations, how likely do you think we see this reaching the united nations

security council, and can we still count on the u.s. to support israel in that? >> that is a really good question, and of course any country can send this to the security council. the security council in a sense is a toothless tiger, but they can put sanctions on israel. you cannot imagine a u.s. administration despite their frustrations with the netanyahu government allowing this to go ahead. i think that would cause pain if they can do israel or use it to extract concrete pledges from israel and terms of how it will operate in rafah. last week there were signs of the u.s. was more comfortable with how israel was operating, but the strike on sunday in the middle of a built-up area in an area that had not been evacuated through is that into doubt. haidi: at the same time ukraine is begging for global attention.

>> that is exactly right. we are talking about these missile strikes as well, russia fired a bomb that went into a department store in harkey -- kharkiv. russia is trying to attack around that area, and ukraine is in a slightly better position now that congress has approved aid, but it has not come through on its being rationed, and ukraine is trying to get up this conference in switzerland, and it cannot get the u.s. president or lead out of china to attend that, so this is a real concern. for this to have any influence or power with russia it will have to have big players there. russia respects strength, nothing else whatsoever. if you will not have senior

leadership of their it becomes problematic for zelenskyy going forward. haidi: more to come on "bloomberg daybreak: asia." thibloomberg. ♪

haidi: let's take a look at how futures in europe are opening up, lack of guidance in terms of u.s. markets are being close were a public holiday. a little bit of weakness for euro stoxx 50. dax futures on the back foot. outperformance when it comes her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name!

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annabelle: french finance minister says that g7 is united

in its concern over the threat to the global economy from china's industrial overcapacity. speaking from the meetings in italy, he confirmed his commitment to funding support for ukraine. >> we are on the right track to get final approval by the g7 leaders summit. the holy grail is to ensure long-standing funding for ukraine, and to make no mistake. the g7 countries are fully committed to provide long-standing political and financial support for ukraine, so there are many options on the table. we will work on those options to find the best one. we need to have the best option from the financial and legal point of view, but i want to leave no uncertainty. we will find an agreement and provide to your grant the necessary funding.

>> on china, where would you say you agree with you can and disagree with the united states? where do you see synchronicity and where do you want to see changes? >> we agree at the g7 level that we have issues. this is not a question anything against china. china is an economic partner, but we have an issue with an economic model in which china is producing more and more cheaper industrial devices, because he could be a threat not only for the eu, the u.s., but for the global world economy, and we need to address that issue. having so many devices for the green industry at a cheap price on the global market could jeopardize the world economy and growth in the world, so that is why we need to address the issue . we need to engage china and find

solutions. >> what is your recipe for unlocking the good of europe without the bed of europe? >> innovation, innovation, innovation. we should innovate before we regulate. the lack of innovation in europe should be a matter of concern are all the member states of the eu. when you are comparing u.s. and eu over the last three decades, what is striking is the fact that the gap between u.s. productivity and eu productivity has been widening. i cannot accept that, and when we say we want more risk, less regulation, less directives, more productivity which is more jobs for people, or factories and more independence. >> debt levels in france, at your own physical counsel says

the plans let coherence. what do you have to do to get the debt level under control particularly with an smp -- s & p credit decision coming at the end of the week. >> it is quite clear. the french strategy to come back to public finances is the right one. it is clear in the imf report, because our goal to come back, 100% of the deficit by 2027 is why is it appropriate, and because we have a very clear and i think a very credible strategy is first of all on growth, we have growth in france. second, on the reduction of public expenses where needed, and that is exactly what we are currently doing, and third on structural reforms, and the prime minister will be announcing in a few days a new

reform on the unemployment scheme, which i think is evidence that we remain determined to stick to the path of reforms, some public finances. haidi: the french finance minister with her colleague oliver crook. japanese prime minister and president xi are in seoul for a trilateral meeting. let's get some insight from our guest. there are so many aspects of this meeting that are keep. i suppose i will start off with china. a lot of domestic challenges, geopolitical challenges given some of the rebuke we saw from g7 leaders when it comes to beijing's industrial policy, so what are you watching out for in terms of the framework for china as he goes into these meetings? >> thank you, it is good to see

you both. this will be a fascinating meeting to watch. i think it is a very positive step for the region that these three countries are actually meeting. they are having leaders meetings. it is the first time since 2019, so the pandemic derail a lot of diplomacy we would like to see in the region, and this is one of the reasons of that puzzle. it is a very different world today than it was in 2019, so this will be interesting to see how much that three leaders can address economic concerns, and i saw that in your g7 interview there. china is on the spot about its own domestic decision-making regarding its economy, but so too are geopolitics in the region. this is a difficult time for these three countries to find common ground. prime minister chiquita -- kishida came off a very successful state to washington

d.c., resident yoon has a very strong relationship of the united states, so i expect we will see pushback over whether they can put all of their eggs in one basket given the economic interdependence among these three countries. this is a pretty formidable meeting. i am not sure what they will say at the end of it, but they have had bilateral meetings already, and they have addressed both their common divisions for the future, but they have also addressed their deep concerns about each other in the future. haidi: how front and center with a deep concern over north korea be? we are hearing teams of russian experts have been in the region to up was spy satellites developments, notice of the satellite deployment as well, and china is the economic backbone there, so do we expect that topic to be intractable in

these meetings? >> absolutely. this particular trilateral was decided it was it important endeavor in 2008 and it was largely focused on transborder issues, economic issues, but what happened almost immediately even back then was that north korea was on the agenda, so i think japan and south korea will very clearly say to beijing, we need your help, we need your leverage on pyongyang. as you know pyongyang and moscow have had a slightly different relationship than they have had in the past with the visit of kim jong-un to moscow and the role north korea plays in helping the russians fight the war in ukraine, so the dynamics even among these three countries are shifting because the larger global geopolitics have shifted.

i do expect north korea, especially the satellite launch the north koreans announced it will be on the agenda. i do also believe that both president yoon and prime minister kishida will urge premier li to major they are on the same page when it comes to nuclear ambitions of the north, and i sensed there was a desire for both south korea and japan to ask china to represent their interests when they come to the abducted nationals that the north koreans currently detained in their country, so, yes, north korea will be on the agenda. i expect to see it in the joint statement, although i do not know what china's response will be. annabelle: china's advantages in that relationship, does that become a source of leverage for china in this trilateral, especially because china is trying to stop the wedge being driven between china and the

u.s. and its allies in terms of its chip ambitions. japan and south korea as well. >> i think in some of the preliminary commentary is not a beijing prior to this meeting, it is very much expected merely -- premier li with us for supply chain resilience to work together on key issues. this is something to the united states and south korea but on their agenda. there will be an attempt to pull back the extent to which south korea and japan are economically focused on the washington link. how successful he will be i do not know, but i think there will be a desire to entice both japan and south korea back to the basic premise of their relationship, which is the economic interdependence, and supplied -- supply chain issues are top of that. i saw this commentary coming out of the global times, which has a

strong tone to it that criticized the united states for the distortions in the currency market and for the strong dollar making the currencies of both south korea and japan weaker, so you will see a little push by china to point out that the interest of both of these two countries are actually more aligned with china's interest than they are with washington's interest. we shall see when we see the joint communicate just how much these issues were specified in that. annabelle: it is clear what is at stake for china and why they are pushing for supply chain resiliency, but what is the position of japan and korea going into these talks given that they depend on china for demand, production facilities? what is the piece of that conversation as well? >> i think there will be a lot

of -- what i thought was i nteresting, the headline for the meeting was this is a relationship of trust, so as you notice on your screen, the size of the trilateral economic relationship between these three countries is substantial. you have a concrete figure here, but also it is about 25% of global gdp. these are three economies to reckon with. that being said, disruption between south korea-china, japan-china is not what any of these leaders want nor do they want interruption in foreign investment, and yet the pandemic is shaken confidence, so you have seen a diversification of supply chain discussions and supply chain reassurance into partnerships with us really are, united states, but with other partners around the globe.

so i think there is a certain concern that china cannot be trusted, and i say that was not any attack on china intended, but the pandemic shook people i think very deeply about this question of where, when, and how supply chains can be confidently maintained, and i think it may be incumbent on china to reassure japan and south korea that they are going to take steps to make sure supply chain resilience is something they see as a common interest, not just a national interest. haidi: with all of the conversation around industrial policy and some of the challenges and conflicts that may arise there, do you expect specific conversations and outcomes when it comes to chip supply and chip strategy? >> you have watched -- south korea has its own manufacture, capacity for manufacture, but you have also seen japan move in

the direction of what we now refer to as friendshoring, of building its own capacity for semiconductor in effect, for example tsmc, and samsung has opened a research and development hub in yokohama, so i think south korea and japan have already begun it investment in ensuring especially on the semi conductor side but also beginning to think about radical minerals, other kinds of supply. i suspect that will be very much in the midst of the conversation. the trilateral summit will be the question about access to minerals only available from china, but i think you have seen the diversification already started. the chickpeas is that redundancy is key and it may not need to be manufactured alone in the u.s. market, but i think all three countries, united states, japan, and south korea feel bringing

manufacturing base closer to home and under national control, i think they are persuaded that is the right strategy going forward. china could offer all kinds of incentives, but i do not think you are going to see japan and south korea really move away from the get investments they have already begun to make. haidi: taiwan at the epicenter of the chip supply chain story, and we see the bipartisan delegation of u.s. lawmakers as well as nvidia in taiwan. do you expect this to be addressed in this trilateral? how did they navigate the issue? >> i wish i knew the answer. i would love to be a fly on the wall, because this will be central. i do not think you and i will see anything in the joint statement that has the name taiwan on it, but i cannot imagine that these three leaders

will sit down without acknowledging both the industrial policy impact of chinese pressure on taiwan. the supply chain issues that you reference, but also the fact that the pla is conducting blockading exercises around taiwan within a week of the new president being inaugurated there, so i think you are going to see president yoon and prime minister kishida expressed their concern privately about the intentions of chinese behavior both in terms of the way that it is dealing with taiwan as a neighbor, but also the way their military is attempting to pressure the trade impact that they could potentially have on taiwan. so i think it is going to be in the conversation, whether we get a chance to look at what the conversation around -- wrought at the end, i am not terribly confident we will get to see

that, but i imagine it will be on the table. annabelle: that was sheila smith there. we will have more to come on "bloomberg daybreak: asia." this is bloomberg. ♪

annabelle: fidelity international and blackrock are looking toward emerging markets

including india and in as demographics begin to play a bigger role in it investment decisions. our strategist joins us. it is clear you have got challenges for the likes of china, korea, japan versus what you see in india and indonesia. it is a key question for investors. >> definitely, i think this will become more real. india's population surpassed china's the first time. you are getting projections. the opportunity is expected to grow run 50%. in china, growth is expected to contract by close to 10%, so it is clear at the demographic dividend overtime will play. also the working age population, fit and healthy to work essentially. in that respect, it is expected

to remain relatively younger compared to china over the coming decades or so. they did a study which showed the average price on the stock market quite closely correlate with the working age population. this should be positive for stock valuations. fidelity was saying they are rather bullish on banking stocks , because they in general correlate quite well with gdp of emerging markets. haidi: is demographics quite simply, but more than that advantage. it is the labor market, productivity. are we seeing favorable policies that can make the most of the demographics? >> excellent question.

the population itself is good. the attraction in this sense, but the thing that brought this all to the fore, in 2023 the government passed an omnibus law which essentially makes job creation more investor friendly. i think it is important for asia . love to west india for example, back in 2019 and 2020 the government approved in parliament its labor laws. you have seen some pushback from unions in terms of actual execution itself. in india at the general election is ongoing. of course, there is some

discussion in the market whether modi and his coalition will meet its target. as long as there is enough, you see possibly these labor laws being approved, and these make hiring easier in india. the structural problems working its way through the systems in india and indonesia. annabelle: that was marcus wong taking a look at how markets are faring so far, 50 minutes into the session and seeing upside come through. on friday it was the story of u.s. consumer inflation expectations trading lower, so that boosted expectations the fed will be able to cut rates later this year. we saw u.s. stocks snapping a two day decline in closing a little bit higher. u.s. market shut monday, but futures fairly steady.

broadly the index are in asia is pushing higher, although we are coming off what is been the worst we can more than a month. a check on what is happening in japanese assets in particular, because we have been tracking the japanese 10 year yield sitting first time above 1% in more than a decade but sitting at it 2012 high. we have been hearing from the boj governor saying there is a need to re-anchor inflation expectations at 2%, and there are challenges uniquely difficult for the bank of japan compared to global counterparts, and we know those because they're rate trajectory is so far away from mobile norms at this point in time. we will have more ahead. this is bloomberg. ♪

haidi: other corporate stories we are following today, a qatar airways flight as it severe surveillance over turkey injuring 12 people. it landed safely. a singapore airlines flight last week made an emergency landing after severe turbulence killed one passenger and injured dozens of others. asia's richest man is setting his sights on africa with the

new telecom venture. as unit will provide key network infrastructure, applications and smartphones. the company is planning to provide 5g broadband services to mobile operators and isps by the end of this year. a group of minority holders are resisting a takeover. the group of more than 100 shareholders say the offer to buy 11% of grade eastern at around $25 singapore per-share is too low. it reflects a 40% premium over the price in about the month and the year before the bid announcement. that is it for "bloomberg daybreak: asia." market coverage continues with the start of training. ♪

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david: good morning, we made it 30 minutes away from the opening bell, shanghai, hong kong, shenzhen. yvonne: