HSBC’s chief economist warns today’s financial scene mirrors the 1997 Asian crisis—rising U.S. yields, a weak yen, and tech-driven optimism—but with a twist: the real danger now is demand vulnerability, not contagion. While Asian economies once borrowed heavily, they’re now net exporters of capital, making them less exposed to U.S. rate hikes. Yet, if AI-driven demand falters due to higher borrowing costs or market turbulence, exports from South Korea, Taiwan, and beyond could plunge—making this era’s risks uniquely tied to tech’s boom-or-bust cycle.
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