Asia Pulse
Research

What we measure, and what we throw away.

Method notes from a live 24/7 trading system. We publish the coefficients that survived, the hypotheses that did not, and the conditions under which we would be proven wrong.

HOW MUCH OF SEOUL’S −4% WAS AMERICA KOSPI, SEPTEMBER 2 2026 — ONE SESSION AMERICA about a quarter EVERYTHING ELSE about three quarters
2026-09-05

Seoul fell 4%. America explains a quarter.

The press blamed US rates and the yen. Our daily ruler says both were weak — the extra drop vanished in a day and the real move started the day after.

US CHIP MOVES EXPLAIN TAIWAN’S MARKET BETTER THAN ANY OF ITS STOCKS SHARE OF NEXT-DAY MOVE EXPLAINED, 2 YEARS 0.293 THE WHOLE MARKET (TAIEX) 0.244 THE BEST OF 20 STOCKS THE OTHER 19 RANK LOWER
2026-08-29

We tested Taiwan so you don’t have to

Nvidia beat, and everyone wants the next Asian chip trade. We ran 113 tests on 20 Taiwan stocks. Verdict: nothing to pick — the market is the stock.

THE BOND WAS ALREADY FALLING WHEN SEOUL CRASHED US 30-YEAR TREASURY, CLOSING YIELD (%) 5.31 5.25 5.19 AUG 19 — SEOUL FALLS 5.8% AUG 17 PEAK — 5.31 AUG 14 AUG 17 AUG 18 AUG 19 AUG 20 AUG 21
2026-08-25

Your index recovered. The market didn’t.

Seoul crashed 5.8% and got it back in a day. Our ledger says only the index returned — the money is still sitting by the exits, four sessions on.

FLAT ALL YEAR, THEN NOT Korean transformer shipments to the US, annualised against last year 1.10 our threshold 13 AUG “reduce reliance on foreign suppliers” 1.108 16 AUG flat all year Washington funds domestic transformers three days later, our ledger reading crossed the other way
2026-08-17

America wants its own transformers

Washington funded domestic transformers on 13 August. Three days later our ledger crossed the other way — the first state change since we began.

ONE COUNTRY, THREE PRODUCTS, SIX YEARS share of Japan’s exports going to Greater China 66.4% chips 27.9% transformers 4.5% batteries 2021–2026 · Japan customs, our calculation
2026-08-08

We checked the decoupling. It got halfway.

China is still first in US battery imports, despite the tariffs. But in chips it is eighth. The split happened to a product, not a country.

ONE ASSET, TWO MARKETS · HOW FAR THE PRICES DRIFTED July 2026 · both bars drawn to the same scale SK Hynix — New York price above Seoul price 51% no way to move shares between the two listings Bitcoin — Seoul price above world price ±0.1% ← barely visible. that is the point. coins cross exchanges in minutes, so the gap closes
2026-08-02

The premium that wouldn’t die

A 51% markup on Nasdaq taught crypto’s oldest lesson to the stock market. We measure the kimchi premium every thirty minutes — all July it stayed inside a tenth of one percent.

GREATER CHINA UNITED STATES 2021202320252026 H1 66.4% ~2% japan chip exports · customs-confirmed
2026-07-31

Record earnings, crashing tapes

The KOSPI lost a fifth of its value in four sessions. In the same week, three chipmakers printed records — and the customs ledger set a new high.

NEW YORK GREATER CHINA TOKYO
2026-07-28

Your Japan trade is pricing the wrong country

Tokyo follows the US close with beta 0.55. But the invoices go to Greater China — and the US share of Japan’s chip exports is about two percent.

2026-07-26

Six hypotheses we rejected in Korean biotech

The transmission coefficient works in semiconductors. It does not work here — and the reason turned out to be the mechanism itself.

Next note — every other day