Asia – Macro Catalysts: BI on Hold, Japan CPI, and Korea 2Q GDP

Research evidence excerpt

Asia – Macro Catalysts: BI on Hold, Japan CPI, and Korea 2Q GDP

Idea

July 17, 2026 01:06 PM GMT

Morgan Stanley Asia (Singapore) Pte.+MAsia/Pacific Weekly Preview | Asia Pacific Derrick Y Kam

Asia Economist

Asia – Macro Catalysts: BI on Derrick.Kam@morganstanley.comMorgan Stanley Asia Limited+ +65 6834-8272

Robin Xing

Chief China EconomistHold, Japan CPI, and Korea 2Q Robin.Xing@morganstanley.com +852 2848-6511

Morgan Stanley MUFG Securities Co., Ltd.+GDP Takeshi Yamaguchi

Chief Japan Economist

We expect BI to leave policy rates unchanged. We expect Japan's Takeshi.Yamaguchi@morganstanleymufg.com +81 3 6836-5404

headline CPI to rise to 1.7%Y in June. Korea's GDP is expected to Morgan Stanley India Company Private Limited+

Upasana Chachra

grow 3.4%Y in 2Q.. Chief India Economist

Upasana.Chachra@morganstanley.com +91 22 6118-2246

Morgan Stanley Asia Limited+Key Takeaways

Kathleen Oh

We provide a list of macro catalysts across Asia for July 20-26. Chief Korea/Taiwan Economist

Kathleen.Oh@morganstanley.com +852 2848-7340

With the Indonesian rupiah stabilizing since BI's previous meeting, we don't think

a rate hike will be needed. Morgan Stanley Australia Limited+

Chris Read

We forecast Japan's June headline CPI at 1.7%Y, with core CPI (excluding fresh Equity Strategist and Australia Economist

food) at 1.7%Y and core-core CPI (excluding fresh food and energy) at 1.8%Y. Chris.Read@morganstanley.com +61 2 9770-1513

We expect Korea's GDP to grow 3.4%Y in 2Q, following 3.8%Y growth in 1Q. Morgan Stanley Asia Limited+

Jonathan Cheung

Economist

Jonathan.Cheung@morganstanley.com +852 2848-5652

Kelly Wang

Kelly.Wang@morganstanley.com +852 3963-0891

Morgan Stanley India Company Private Limited+

Sudhanshu Agarwal

Sudhanshu.Agarwal@morganstanley.com +91 22 6995-4568