Monday, the week started with disappointing news from Japan. The world's second biggest economy logged a current account deficit for the first time in 13 years.
The Ministry of Finance said unadjusted current account was a deficit JPY 172.8 billion in January following the JPY 125.4 billion surplus in December. Economists had expected a deficit of only JPY 15.3 billion.
Elsewhere, the Economy Watchers Survey issued by the Japanese Cabinet Office showed that both the current and outlook indices improved in February. The current index that measures assessment of existing economic conditions rose to 19.4 in February from 17.1 in the prior month. Economists were looking for a reading of 17.3. Meanwhile, the outlook index climbed to 26.5 from 22.1 in the last month.
Data released by the Bank of Japan revealed that Japan's M2 money supply grew 2.1% on year in February, following a revised 2% annual expansion in January.
The number of bankruptcies in Japan rose 21% year-on-year to 1,131 cases in February from 935 last year, representing the ninth consecutive month of increase on a yearly basis, a report by the Teikoku Databank Ltd. revealed. Month-on-month, bankruptcies fell 2.2% in February from 1,156 in January.
Elsewhere, the Tokyo Shoko Research Ltd. said in a report that the number of bankruptcies rose 10.3% year-on-year in February to 1,318 cases from 1,194 last year.
Taiwan's Ministry of Finance said the country's trade surplus stood at US$ 1.67 billion in February, lower than the US$3.4 billion surplus in January.
Exports fell 28.6% year-on-year in February, slower than the 44.1% drop in January. Exports totaled US$ 12.59 billion in the month. Economists expected exports to fall 26.1%. Imports dropped 31.6% year-on-year to US$ 10.92 billion in February, slower than a 56.5% drop in January and a 37.3% fall expected by economists.
South Korea's central bank said the producer price index, or PPI, rose 4.4% year-on-year in February after rising 4.7% in January. the PPI grew at its slowest pace in 13 months. On a monthly basis, producer prices were up 0.6%.
In other news, Malaysian Finance Minister Najib Razak is reportedly set to announce a second stimulus package on March 10, which may include public spending and other measures to stimulate demand in the export-driven economy. This 'mini budget' could be worth more than 30 billion ringgit and will be tabled in the Parliament tomorrow.
A report from the Asian Development Bank, or ADB, showed that the global financial crisis reduced the value of financial assets worldwide by a massive US$50 trillion last year, with Asian economies being more hard hit than other emerging market regions.
