While US trade and fiscal policy dominate the popular discourse, recent developments across Asia have the potential to be every bit as consequential for FX and equity market returns. Newly announced economic measures from China’s National People’s Congress, the emergence of DeepSeek’s large language model and Japan’s policy choices carry both intra- and inter-regional implications for the macro outlook. This week’s guest, Ben Luk, a senior multi-asset strategist for State Street Global Markets in Hong Kong, walks through the range of considerations investors are making across the region.