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In general, Asia is holding up fairly well.The major economies are still expanding, unemployment is low, and consumers are still increasing their rate of consumption. But the trade war is clearly hurting as PMIs are either below 50 or just barely above that level. Industrial production is trending lower over the last 12 months.
Japan
Leading Indicators
Let's begin with the OECD leading indicator:The blue line represents the OECD leading indicator while the red line shows the reference data. This shows that overall leading indicators are pointing towards below-trend growth, which is confirmed