CGS International, November 24, 2025
Excerpt from CGS International report.
Report Summary

• The AI capital expenditure (capex) cycle in Asia Pacific remains robust, even as some data centre and private asset names experience a pullback. Financial conditions and fiscal policies are expected to support growth into 2026, with the US administration aiming to run the economy hot ahead of mid-term elections.
• Japan faces mounting debt and funding vulnerabilities, highlighted by a spike in long-term government bond yields. The country’s reliance on domestic financing contrasts with the US’s external funding, and disorderly yen depreciation could trigger rapid global carry trade unwinds and increase systemic risk.

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