Asia Centric by Bloomberg Intelligence

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Episodes

146

Latest episode

Aug 2026

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EN-US

About the show

Some of the world's largest and fastest-growing markets, economies and companies are in Asia. Every Thursday, John Lee from Bloomberg Intelligence speaks with experts and newsmakers about the big ideas and trends moving money across the region.

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60 recent

September 16, 202633 min

Why Investors Are Mispricing China in a G2 World

The global economy is structurally shifting from G7 dominance toward a G2 dynamic led by the US and China, yet international investors continue to shun Chinese risk assets. Even as China dominates global manufacturing output and expands its trade surplus toward $1.2 trillion, global capital remains heavily allocated toward developed markets. Are markets mispricing China's role in this new order? Bin Gao, CEO and co-CIO of Kaifeng Investment Management Hong Kong, joins John Lee on the Asia Centric podcast to unpack the G2 shift. Gao draws parallels to Japan's 1970s export boom, presenting a contrarian case for yuan appreciation while warning of an overvalued bubble in Japanese consumer stocks. See omnystudio.com/listener for privacy information.

September 9, 202629 min

Japan's Activism Boom Shifts to Small Caps

Shareholder activism is surging in Japan, with 120 campaigns launched in the first half of the year, making the country the second most active market globally after the US. With a record number of companies going private and M&A takeover battles on the rise, activist investors are increasingly becoming kingmakers in securing maximum value for minority shareholders. Jamie Halse, chief investment officer at Senjin Capital, joins Bloomberg Intelligence's John Lee on the Asia Centric podcast. He explains that while much of the headlines have focused on Japan's corporate giants like Toyota and Sony, the most compelling value lies in the under-researched small- and mid-cap space. Halse unpacks why smaller firms are only in the early innings of governance reform, how unwinding cross-shareholdings is stripping away corporate protection, and the cultural nuances of working with Japanese management teams on capital allocation and shareholder value. See omnystudio.com/listener for privacy information.

September 2, 202621 min

Cheap North Asian Currencies Reach Turning Point

North Asian currencies – including the Japanese yen, South Korean won, Taiwan dollar and Chinese yuan – are trading at some of their deepest discounts on record, dropping up to 56% below purchasing power parity. These depressed valuations persist despite strong macro fundamentals, backed by massive foreign exchange reserves and their status as top global creditors. However, this valuation gap is beginning to snap back as booming domestic economies, rising retail sales, and increasing inflation prompt central banks in the region to hike interest rates. What will this shifting macroeconomic environment mean for regional FX and equities? Sean Darby, equity strategist at Mizuho Securities, joins host John Lee on the Asia Centric podcast. Darby unpacks his "Burger Heaven" thesis on undervalued currencies and explains why steepening yield curves are setting up long-ignored bank stocks to outperform. See omnystudio.com/listener for privacy information.

August 26, 202620 min

Europe Needs €14 Trillion to Catch US, China

After decades of lagging behind the US and China in economic growth and innovation, Europe faces a stark reality: the era of cheap Russian energy, low-cost Chinese goods and US-backed security is over. Achieving strategic self-sufficiency will cost an estimated €14 trillion through 2035, according to Bloomberg Intelligence, requiring massive capital deployment across defense, energy, technology and agriculture. Traditional industrial mainstays are also under threat, with Chinese EV makers rapidly capturing market share and endangering an auto sector that employs nearly 14 million people. Rod Turnbull, EMEA research content manager at Bloomberg Intelligence, joins John Lee on the Asia Centric podcast. Turnbull breaks down how Europe can fund this €1.5 trillion annual effort — from unlocking €11 trillion in consumer bank deposits to EU budget shifts. He also highlights key investment opportunities across defense and tech, while weighing whether political friction and national self-interest could derail execution. See omnystudio.com/listener for privacy information.

August 19, 202626 min

China's AI Firms Locked in Race to the Bottom

While US tech giants such as Anthropic and OpenAI are monetizing at an unprecedented scale, Chinese developers are struggling to turn their technical progress into revenue growth. Despite narrowing the performance gap with US frontier models to just 5%, they face a domestic market flooded with nearly 1,000 competing large language models. This massive oversupply has triggered a brutal price war, with API tokens trading at roughly an 80% discount compared with US rates. Can Chinese AI companies ever generate significant returns for investors, and what are the implications for US frontier models? Robert Lea, senior analyst covering China AI at Bloomberg Intelligence, joins John Lee on the Asia Centric podcast. They outline why China's ecosystem prioritizes "progress, not profit," explore stark economic parallels with the heavily subsidized solar and EV sectors, and discuss whether this cutthroat competition will derail the industry's long-term ambitions. See omnystudio.com/listener for privacy information.

August 12, 202626 min

Navigating US Treasury Selloff and Yen Intervention

Global fixed income markets are facing fresh turbulence as 30-year US Treasury yields spike to 5.2% – their highest level since before the global financial crisis – amid policy uncertainty under Fed Chairman Kevin Warsh. At the same time, FX markets are on high alert following coordinated intervention by US and Japanese authorities to support the yen after it breached 162. With rate volatility climbing while corporate fundamentals remain largely intact, how can credit investors find value amid tight spreads and negative net debt issuance across Asia? Monica Hsiao, founder and chief investment officer of Triada Capital, joins John Lee on the Asia Centric podcast. She looks at how Fed communication is driving up risk premiums, the mechanics behind US-Japan FX coordination, and why carry remains the primary strategy in global credit markets. See omnystudio.com/listener for privacy information.

August 5, 202630 min

Can CXMT and Kimi K3 Break the Memory Supercycle?

Memory chips have been the standout trade of the AI boom, but July brought a sharp reality check. Global semiconductor stocks whipsawed as investors began questioning the return on hundreds of billions in data-center spending. Market jitters deepened after Chinese startup Moonshot released its open-source Kimi K3 model at a fraction of the cost of US frontier AI architectures. Compounding these concerns is the rise of CXMT, China’s leading DRAM supplier, whose stock surged fivefold following a blockbuster IPO – raising fears of aggressive capacity expansion that could disrupt incumbents such as Samsung, SK Hynix and Micron. Jake Silverman, semiconductor analyst at Bloomberg Intelligence, joins John Lee on the Asia Centric podcast. He unpacks why fundamental support for the memory sector remains solid, how high-bandwidth memory (HBM) creates a structural cap on standard DRAM supply, and why multi-year strategic supply contracts and extended fab construction lead times insulate incumbents from an immediate market collapse. See omnystudio.com/listener for privacy information.

July 29, 202621 min

Rise of the $300 Billion Prediction Market

Prediction markets are rapidly emerging as one of the fastest-growing asset classes in global finance. Driven by market leaders such as Kalshi and Polymarket, annual trading volume on real-world outcomes — from political elections to major sporting events — is projected to surge to $300 billion this year, with the potential to reach $1 trillion by 2030. But a high-stakes regulatory battle is looming: state gambling regulators argue these sports-heavy contracts constitute illegal gambling, while operators insist they are federally regulated derivatives under the purview of the Commodity Futures Trading Commission. Brian Egger, senior gaming and lodging analyst at Bloomberg Intelligence, joins John Lee on the Asia Centric podcast. They discuss the regulatory showdown, the impact on traditional sportsbooks such as DraftKings and FanDuel, and how financial markets utilize prediction market odds as real-time sentiment indicators. See omnystudio.com/listener for privacy information.

July 22, 202617 min

Peak Hormuz and the New Oil Order

The disruption in the Strait of Hormuz upended global energy markets, but the feared catastrophic oil shock never materialized. Prior to the Middle East conflict, about 20 million barrels of oil and products flowed through the maritime chokepoint every day. Due to regional bypass pipelines, strategic reserve releases and voluntary demand reductions from China, the global system absorbed the impact. Now, major producers and exposed Asian consumers are doubling down on long-term diversification to secure their supply chains. Salih Yilmaz, senior equity research analyst covering energy, oil and gas at Bloomberg Intelligence, joins John Lee on the Asia Centric podcast. He outlines his "Peak Hormuz" thesis, detailing how global energy flows are rapidly realigning, the structural shift toward energy resilience, and what this means for near-term oil prices. See omnystudio.com/listener for privacy information.

July 15, 202616 min

China's Shoppers Still Buy Luxury, But Selectively

Chinese consumer sentiment isn't collapsing across the board, but retail sales growth is projected to hit a four-year low. While big-ticket categories like home appliances and autos crumble under subsidy fatigue, highly resilient segments are holding ground, particularly cosmetics, luxury, and premium sportswear. In e-commerce, Alibaba and rival giants are locked in a margin-crushing battle over agentic AI to capture shrinking wallets. Catherine Lim, APAC head of Bloomberg Intelligence and senior consumer and technology analyst, joins John Lee to unpack her latest retail survey. Catherine reveals exactly where the wealthy plan to spend next -- which players, like Laopu Gold, are winning over shoppers, and how AI agents are reshaping the digital marketplace. See omnystudio.com/listener for privacy information.