Could Asia go into a depression?

• Singapore retail down -5.1%

• China's Foreign Direct investment down -21.01% year on year ( q1 2008)

• China's power output down -4.3% y/y " "

• China's exports slump -22.6% (April 2009)

• Malaysian manufacturing investments down -67.1% y/y " "

• Japan's Machine orders down -1.3% wiping our gain of 0.6% in February 2009

• Japan's Corporate Good's Price Index down -3.8% a steepest decline since 1987. A 22 - year low. (Japan is in a deflationary 'death' spiral)

• Hong Kong bankruptcies up 56% y/y " "