 While exports have lagged others’, consumption
growth has risen, buoyed by rising asset prices. A
more positive view on the US leads us to revise up
2010 growth and to expect at least 50bps or rate
hikes within 12 months.
 Growth remains dependent on goods and services
trade between Asia and the G3 and therefore on
other economies’ performance. Near-term, gov’t
likely to struggle to deliver on promise to stabilize
property prices.