The Chinese economy is deteriorating in the structural and cyclical sense, and the U.S. is a big risk if it has a hard landing. Remember [the rest of] Asia exports twice as much to the U.S. as it does to Japan.

Policy makers need to shift their focus from stimulating growth to guarding against economic excesses and inflation.

The details of the revisions also suggest that growth is on a more sustainable footing.

If oil stays at $70 or goes higher I would have to consider whether my growth forecasts are too high.

In Japan's case, consumer demand has not been that strong for a long time so companies haven't had that much pricing power. In China, consumer demand is reasonably strong but there is very aggressive competition.

The environment is ripe for capital expenditure recovery. The Korean economic recovery is broadening out.

The only real news was that the Korea government is going to inject some money into some of the banks.

There is always pressure and challenges for an economy as big as China's that is changing so rapidly, becoming more market-based and reforming in so many ways.

The Korean economy could be starting to fire. Now the domestic and foreign sides are going quite strongly.