{
 "publisher": "Pacific Alpha Intelligence, LLC",
 "site": "https://pacificalphaintel.com",
 "slogan": "Make the scoreboard public.",
 "mission": "Asia is the world's largest economic opportunity and its most squandered, held back less by capability than by government: capital controls, opaque statistics, politicised institutions, policy that protects incumbents over builders. The house thesis is that countries compete for capital the way companies compete for customers, and making that competition visible is the most powerful force for reform. The policies that work are not a mystery: open capital accounts, honest data, sound money, the rule of law. Pacific Alpha exists to make the scoreboard public, grading governments against the world distribution in dated, sourced judgments that cannot be quietly revised, so capital flows to the countries that earn it and the cost of bad policy becomes impossible to hide. More at https://pacificalphaintel.com/about",
 "description": "Systematic Asia Pacific political-economy intelligence. Countries graded A-F on ten Friedman-framework KPIs, an Alpha Fragility Index (AFI), timestamped Signals, and a live event-markets feed. Research publisher; not a registered investment adviser.",
 "as_of": "2026-08-05",
 "methodology": {
  "grade_scale": "Graded against the world distribution. C = global median; A = top ~10%, B = top ~25%, D = bottom ~25%, F = bottom ~10%; +/- shifts within a band.",
  "afi": "Alpha Fragility Index, 0-100 across five 0-20 pillars; higher = more fragile. South-East Asia panel only.",
  "disclaimer": "The model portfolio is hypothetical and illustrative and does not represent actual client trading. Pacific Alpha is a research and intelligence publisher, not a registered investment adviser.",
  "pillars": "Since Jul 2026: overall grade = mean of six equal-weight pillars (1 Growth; 2 Income & Human Capital; 3 Price & Monetary; 4 Openness & External incl. capital-account and trade-freedom; 5 Institutions & Rule of Law; 6 Physical Capital -- these numbers are canonical; cite a pillar by name and number together), rounded to the nearest step, minus at most ONE documented risk-overlay notch. Every overlay is a dated record in the judgement_corpus section of this file (also published at /corpus.json). Grades set by an open Signal hold until the Signal trigger resolves. Malaysia was held at C pending the Johor state election; that trigger resolved on 2026-07-11 (Barisan Nasional won 48 of 56 seats and retained its two-thirds majority), so the published condition for a C- review did not occur. Malaysia remains C and the remaining path to C- is federal."
 },
 "countries": [
  {
   "name": "Singapore",
   "grade": "A-",
   "afi": null
  },
  {
   "name": "South Korea",
   "grade": "B",
   "afi": null
  },
  {
   "name": "Japan",
   "grade": "B",
   "afi": null,
   "last_changed": "2026-07-02"
  },
  {
   "name": "Taiwan",
   "grade": "B",
   "afi": null,
   "last_changed": "2026-07-02"
  },
  {
   "name": "Hong Kong",
   "grade": "B",
   "afi": null,
   "last_changed": "2026-07-02"
  },
  {
   "name": "India",
   "grade": "C+",
   "afi": null
  },
  {
   "name": "Malaysia",
   "grade": "C",
   "afi": 49,
   "last_changed": "2026-06-02"
  },
  {
   "name": "Vietnam",
   "grade": "C-",
   "afi": 58
  },
  {
   "name": "China",
   "grade": "C-",
   "afi": null
  },
  {
   "name": "Thailand",
   "grade": "C-",
   "afi": 69,
   "last_changed": "2026-07-02"
  },
  {
   "name": "Philippines",
   "grade": null,
   "status": "coverage Q3 2026"
  },
  {
   "name": "Indonesia",
   "grade": null,
   "status": "coverage Q3 2026"
  },
  {
   "name": "Australia",
   "grade": "B",
   "afi": null
  },
  {
   "name": "New Zealand",
   "grade": "B",
   "afi": null
  }
 ],
 "signals": [
  {
   "date": "2026-08-05",
   "country": "China",
   "type": "policy_execution",
   "direction": "negative",
   "summary": "China's Ministry of Finance and State Taxation Administration adopted national rules on 24 Jul 2026 taxing offshore trusts held by Chinese tax residents -- a 20% levy at nearly every stage of the trust's life: on the gain when assets are first settled in, annually on trust income, and again on distribution. Retrospective to assets transferred since 1 Jan 2023; declarations close 22 Oct 2026. Filings must reconcile against Common Reporting Standard data already exchanged with Beijing. No grade change; China remains C-. The pillars affected are already at the floor -- Capital Account Openness D-, Policy Predictability D -- and the one-notch policy-arbitrariness overlay is already taken. Corpus record JC-2026-0025."
  },
  {
   "date": "2026-07-27",
   "country": "Malaysia",
   "type": "policy_execution",
   "direction": "positive",
   "summary": "Competition (Amendment) Bill 2026 and Competition Commission (Amendment) Bill 2026 passed the Dewan Rakyat on Jul 6 -- the largest overhaul since the Competition Act took force in 2010. Scope widens to any economic activity; MyCC gains settlement, whistleblower and criminal-obstruction powers. Merger control was deferred with no date. No grade change; Malaysia remains C. Dewan Negara concurrence and royal assent not confirmed -- not yet law. Corpus record JC-2026-0021."
  },
  {
   "date": "2026-07-20",
   "country": "Japan",
   "type": "policy_execution",
   "direction": "positive",
   "summary": "Diet passed the FIEA amendment on Jul 15, reclassifying roughly 105 crypto assets as financial instruments and moving oversight from the Payment Services Act to the FIEA; framework operative fiscal 2027. The 2026 Tax Reform Outline schedules qualifying direct crypto gains to a flat ~20.315% from Jan 1, 2028. No grade change; Japan remains B. Companion question live on Event Odds at 60% (JC-2026-0014)."
  },
  {
   "date": "2026-07-03",
   "country": "South Korea",
   "type": "structural",
   "direction": "negative",
   "summary": "Won breaks the 1,300-1,450 structural range (~1,530, -10% y/y) on resident capital outflows exceeding the current-account surplus; BOK unable to cut into a weakening currency. Monetary Stability KPI B+ to B (JC-2026-0008); country grade B holds. Next checkpoint: BOK Jul 9; escalation trigger: won >1,550."
  },
  {
   "date": "2026-07-02",
   "country": "Multiple",
   "type": "methodology",
   "direction": "neutral",
   "summary": "Six-pillar grading model adopted; Thailand D+ to C-, Japan B- to B, Taiwan B- to B, Hong Kong B- to B; China C- and Malaysia C reaffirmed with documented overlays."
  },
  {
   "date": "2026-06-02",
   "country": "Malaysia",
   "type": "grade_change",
   "direction": "negative",
   "summary": "Downgraded C+ to C; UMNO broke from the Anwar coalition, introducing snap-election risk."
  },
  {
   "date": "2026-04-07",
   "country": "Vietnam",
   "type": "leadership",
   "direction": "neutral",
   "summary": "To Lam consolidates Party Secretary-General and State President."
  },
  {
   "date": "2026-02-09",
   "country": "Japan",
   "type": "leadership",
   "direction": "positive",
   "summary": "Takaichi wins LDP supermajority."
  },
  {
   "date": "2025-06-03",
   "country": "South Korea",
   "type": "leadership",
   "direction": "negative",
   "summary": "Lee Jae-myung elected; chaebol-intervention risk."
  }
 ],
 "events": {
  "live": [
   {
    "country": "Malaysia",
    "question": "Will Pacific Alpha downgrade Malaysia to C- by September 30, 2026?",
    "pa_estimate": 0.4,
    "corpus_record": "JC-2026-0009",
    "resolves_on": "PA Malaysia grade after the Johor state election",
    "trigger": "BN loses its supermajority -- did NOT occur (BN 48/56, 11 Jul 2026)",
    "resolves_by": "2026-09-30"
   },
   {
    "country": "Philippines",
    "question": "Will Pacific Alpha grade the Philippines C- or lower at first coverage?",
    "pa_estimate": 0.6,
    "corpus_record": "JC-2026-0010",
    "resolves_on": "PA Philippines first published grade",
    "trigger": "Philippines first grade published at Q3 coverage launch",
    "window": "Q3 2026",
    "resolves_by": "2026-09-30"
   },
   {
    "country": "Malaysia",
    "question": "Will Malaysia's Alpha Fragility Index exceed 55 by the Q3 2026 review?",
    "pa_estimate": 0.45,
    "corpus_record": "JC-2026-0011",
    "resolves_on": "Pacific Alpha -- published Q3 AFI composite",
    "trigger": "Q3 2026 AFI review published",
    "resolves_by": "2026-09-30"
   },
   {
    "country": "Japan",
    "question": "Will the Bank of Japan raise the policy rate again to 1.25% by year-end?",
    "pa_estimate": 0.55,
    "corpus_record": "JC-2026-0012",
    "resolves_on": "Bank of Japan statement (external)",
    "trigger": "Any BoJ policy-rate decision through Dec 31 2026",
    "resolves_by": "2026-12-31"
   },
   {
    "country": "Indonesia",
    "question": "Will Pacific Alpha grade Indonesia B- or higher at first coverage?",
    "pa_estimate": 0.35,
    "corpus_record": "JC-2026-0013",
    "resolves_on": "Pacific Alpha -- first published Indonesia grade, Q3 2026 coverage launch",
    "trigger": "Indonesia first grade published at Q3 coverage launch",
    "window": "Q3 2026",
    "resolves_by": "2026-09-30"
   },
   {
    "country": "Japan",
    "question": "Will a spot Bitcoin ETF be listed on a Japanese exchange by December 31, 2027?",
    "pa_estimate": 0.6,
    "corpus_record": "JC-2026-0014",
    "resolves_on": "External - JPX listing record",
    "trigger": "First spot-BTC ETF prospectus filed with the FSA, or FSA secondary rulemaking published, whichever first",
    "resolves_by": "2027-12-31"
   },
   {
    "country": "China",
    "question": "Will China's national legislature strip one or more senior PLA officers of general rank of their seats by 30 September 2026?",
    "pa_estimate": 0.65,
    "corpus_record": "JC-2026-0017",
    "resolves_on": "External -- seat-termination decisions published by the standing committee of China's national legislature",
    "trigger": "Close of the next standing-committee session, scheduled late August 2026",
    "resolves_by": "2026-09-30"
   },
   {
    "country": "China",
    "question": "Will the United States add Moonshot AI to the Commerce Department's Entity List by 31 December 2026?",
    "pa_estimate": 0.3,
    "corpus_record": "JC-2026-0018",
    "resolves_on": "External -- US Federal Register / BIS Entity List",
    "trigger": "Any Federal Register notice adding Moonshot AI or a named subsidiary, or a formal BIS decision not to designate",
    "resolves_by": "2026-12-31"
   },
   {
    "country": "Japan",
    "question": "Will Takaichi's cabinet approval fall below 45% in any Jiji monthly poll by 30 September 2026?",
    "pa_estimate": 0.55,
    "corpus_record": "JC-2026-0019",
    "resolves_on": "External -- Jiji Press published monthly cabinet approval series",
    "trigger": "Publication of the August or September Jiji monthly poll",
    "resolves_by": "2026-09-30"
   },
   {
    "country": "Thailand",
    "question": "Will Thailand's parliament be dissolved, or a general election formally called, before 31 December 2026?",
    "pa_estimate": 0.45,
    "corpus_record": "JC-2026-0020",
    "resolves_on": "External -- Royal Gazette dissolution decree or Election Commission of Thailand poll date",
    "trigger": "Publication of a dissolution decree, or an Election Commission announcement of a general election date",
    "resolves_by": "2026-12-31"
   }
  ],
  "resolved": [
   {
    "date": "2026-07-02",
    "country": "Thailand",
    "question": "Will Pacific Alpha upgrade Thailand from D+ before year-end?",
    "outcome": "YES on technical grounds — D+ to C- via the Jul 2 six-pillar methodology revision, not a country-improvement call (PA estimate was 0.20)",
    "source": "Pacific Alpha methodology revision"
   },
   {
    "date": "2026-06-16",
    "country": "Japan",
    "question": "Bank of Japan June rate decision",
    "outcome": "Hiked +25bp to 1.00% (7-1 vote)",
    "source": "Bank of Japan"
   },
   {
    "date": "2025-06-03",
    "country": "South Korea",
    "question": "2025 presidential race",
    "outcome": "Lee Jae-myung elected",
    "source": "Official result / Polymarket"
   }
  ]
 },
 "model_portfolio": {
  "as_of": "2026-08-11",
  "inception": "2026-05-21",
  "capital_base_usd": 5000000,
  "return_pct": 8.98,
  "benchmark": "MSCI AC Asia Pacific price index (USD, MIAP00000PUS)",
  "benchmark_return_pct": 2.05,
  "benchmark_2": "S&P 500 price index",
  "benchmark_2_return_pct": 3.76,
  "basis": "price-return vs price-return; dividends excluded on both sides",
  "pnl_usd": 449103,
  "unrealised_usd": 249294,
  "realised_usd": 199809,
  "positions": [
   "Bitcoin",
   "Hyundai Motor (005380.KS)",
   "Naver (035420.KS)",
   "Sony (6758.T)",
   "Sea Limited (SE)",
   "Toss / Viva Republica (pre-IPO)"
  ],
  "realized_closes": [
   "SK Hynix +18.8% (+$178,679, May 28 2026)",
   "Tokyo Electron +2.2% (+$21,130, May 28 2026)"
  ],
  "note": "Hypothetical, illustrative model portfolio. Not actual client trading. Pacific Alpha is a research publisher, not a registered investment adviser.",
  "marks": [
   {
    "n": 1,
    "date": "May 21, 2026",
    "chars": 206,
    "note": "Bitcoin: position established May 21, 2026 at $77,400.00 / BTC (Coinbase spot, EOD). Marked at $65,714 on Jun 15, 2026 — superseded by the later marks below. FX rates Jun 15: USD/KRW 1,508 · USD/JPY 160.07."
   },
   {
    "n": 2,
    "date": "May 25, 2026",
    "chars": 404,
    "note": "Original KRX/TSE positions established May 25, 2026 at market open; Sea Limited established May 26, 2026 (NYSE — closed US Memorial Day). Cost basis converted at USD/KRW 1,512, USD/JPY 158.90 (May 25 rates). May 25 open prices: Naver ₩201,000 (est.) · Sony ¥3,595. Positions marked to May 26, 2026 close: Naver ₩200,500 · Sony ¥3,566 · Sea Limited $87.27 (converted at USD/KRW 1,501.97, USD/JPY 159.366)."
   },
   {
    "n": 3,
    "date": "May 28, 2026",
    "chars": 830,
    "note": "Portfolio rotation May 28, 2026 — leadership quality filter applied. SK Hynix (742 sh.) sold at ₩2,279,000 ($1,521.13/sh., FX 1,498.22) → realized gain +$178,679 (+18.8%). Tokyo Electron (3,000 sh.) sold at ¥51,660 ($323.71/sh., FX 159.575) → realized gain +$21,130 (+2.2%). Total realized gains: +$199,809. Proceeds reinvested: Hyundai Motor (005380.KS) purchased 2,065 sh. at ₩689,000 ($460.01/sh.) · Toss / Viva Republica purchased 45,174 sh. at $21.03/sh. pre-IPO via EquityZen/Forge Global. Rotation rationale: SK Hynix and Tokyo Electron thesis is structural (HBM / fab equipment dominance) rather than leader-driven; Hyundai Motor (Euisun Chung — robotics + EV category vision) and Toss (Lee Seung-gun — founder, 8 startup failures pre-Toss, disrupted Korean banking from zero) pass the leadership quality archetype filter."
   },
   {
    "n": 4,
    "date": "Jul 3, 2026",
    "chars": 693,
    "note": "Marked to market Jul 3, 2026: Naver ₩193,700 (Jul 3 KRX intraday) · Hyundai ₩502,000 (Jun 30 close, latest available) · Sony ¥3,330 (Jul 2 close) · Sea Limited $103.30 (Jul 2 NYSE close; US markets closed Jul 3, Independence Day observed) · Bitcoin $61,450 (Coinbase, Jul 2) · Toss held at last pre-IPO mark $21.03 (no new print). FX: USD/KRW 1,558.45 (Jul 1) · USD/JPY 160.865 (Jul 2). Benchmarks: MSCI AC Asia Pacific 266.74 (May 21) → 273.37 (Jul 3) = +2.49%; S&P 500 7,483.24 (Jul 2 close; May 21 base 7,448.5 derived from the Jun 15 audit mark). The decline vs the Jun 15 mark is dominated by KRW depreciation and the Korea equity selloff — see the Jul 3 Structural Signal (JC-2026-0008)."
   },
   {
    "n": 5,
    "date": "Jul 13, 2026",
    "chars": 667,
    "note": "Marked to market Jul 13, 2026: Hyundai ₩474,500 (Jul 13 KRX, +3.72% on day) · Naver ₩191,300 (Jul 13 KRX) · Sony ¥3,359 (Jul 10 TSE close) · Sea Limited $111.14 (Jul 10 NYSE close) · Bitcoin $64,341 (Jul 10 print; ~$64.7k Jul 13) · Toss held at last pre-IPO mark $21.03 (no new print). FX: USD/KRW 1,500.29 · USD/JPY 161.615 (Jul 10). Benchmarks: MSCI AC Asia Pacific 266.74 (May 21) → 271.38 (Jul 13 latest) = +1.74%; S&P 500 7,575.39 (Jul 10 close; May 21 base 7,448.5) = +1.70%. Portfolio recovery vs the Jul 3 mark driven by KRW appreciation (1,558→1,500), the BTC rebound, and Sea's new high; Hyundai's KRW price fell but the FX recovery cushioned the USD value."
   },
   {
    "n": 6,
    "date": "Jul 17, 2026",
    "chars": 1085,
    "note": "Marked to market Jul 17, 2026 (single global close): Hyundai ₩425,000 (KRX close) · Naver ₩190,000 (KRX close) · Sony ¥3,470 (TSE close; TSE shut Mon Jul 20, Marine Day) · Sea Limited $104.05 (NYSE close) · Bitcoin ~$64,246 (24/7 print, ≈flat over the week) · Toss held at last pre-IPO mark $21.03 (no new print). FX: USD/KRW 1,487.73 · USD/JPY 162.403 (Jul 17). Benchmarks (price index vs price index, dividends excluded both sides): MSCI AC Asia Pacific 266.74 (May 21) → 261.15 (Jul 17 close) = −2.10%; S&P 500 7,448.5 (May 21) → 7,457.69 (Jul 17 close) = +0.12%. The AI/chip selloff (Jul 16–17) hit the broad Asia-Pacific benchmark and the portfolio together; Hyundai fell on US tariff / earnings-outlook pressure, Sea gave back part of its gain, and MSCI AP's larger drop narrowed the vs-benchmark gap to −0.11pp. Correction note: the Jul 13 mark above used MSCI AP 271.38 as the Jul 13 level; 271.38 was in fact the Jul 10 close (Jul 13 close: 266.05), so the +1.74% benchmark figure previously shown was overstated — corrected this mark, per the append-only correction standard."
   },
   {
    "n": 7,
    "date": "May 21, 2026",
    "chars": 132,
    "note": "Benchmark inception May 21, 2026 · $5M notional each · MSCI AC Asia Pacific price index (USD, MIAP00000PUS) and S&P 500 price index."
   },
   {
    "n": 8,
    "date": null,
    "chars": 267,
    "note": "Methodology — price vs price: portfolio positions are marked price-only (no dividend accrual), and both benchmarks are price-return indices (no dividends reinvested), so the comparison is apples-to-apples on a price-return basis. Dividends are excluded on both sides."
   },
   {
    "n": 9,
    "date": "Jul 24, 2026",
    "chars": 1080,
    "note": "Marked to market Jul 24, 2026 (single global close): Hyundai ₩401,000 (KRX close; −7.2% on the day as the KOSPI fell 5.7% and the exchange triggered sidecar curbs) · Naver ₩207,500 (KRX close) · Sony ¥3,409 (TSE close) · Sea Limited $99.50 (NYSE close) · Bitcoin $64,304 (Jul 24 print) · Toss held at last pre-IPO mark $21.03 (no new print). FX: USD/KRW 1,459.29 · USD/JPY 163.78 (Jul 24). Benchmarks (price index vs price index, dividends excluded both sides): MSCI AC Asia Pacific 266.74 (May 21) → 263.25 (Jul 24 close) = −1.31%; S&P 500 7,448.5 (May 21) → 7,411.98 (Jul 24 close) = −0.49%. The week was an AI de-rating plus an oil shock (Brent through $100): Sea gave back its Jul-17 gain and Hyundai fell hard with the Korean market, while Naver rose on the Nvidia/Brookfield AI-infrastructure announcement and a firmer KRW (1,487.73 → 1,459.29) cushioned both Korean marks. MSCI AP recovered off the Jul 17 low faster than the book, so the vs-benchmark gap widened from −0.11pp to −0.73pp — the portfolio improved and still lost ground, which is the honest way to report it."
   },
   {
    "n": 10,
    "date": "Aug 7, 2026",
    "chars": 1531,
    "note": "Marked to market Aug 7, 2026 (single global close; the Aug 3 weekly mark was not applied, so this mark carries two weeks): Hyundai ₩395,500 (KRX close, −1.13% on the day) · Naver ₩210,000 (KRX close, −7.08% on its Q2 print) · Sony ¥3,721 (TSE close) · Sea Limited $113.43 (NYSE close) · Bitcoin $64,745 (Aug 7, 05:30 ET print; no clean 24:00 UTC close located) · Toss held at last pre-IPO mark $21.03 (no new print; share count unchanged). FX: USD/KRW 1,407.04 · USD/JPY 157.745 (Aug 7). Benchmarks (price index vs price index, dividends excluded both sides): MSCI AC Asia Pacific 266.74 (May 21) → 270.63 (Aug 7 close) = +1.46%; S&P 500 7,448.5 (May 21) → 7,757.64 (Aug 7 record close) = +4.15%. The book crossed from −2.04% to +4.62% and from −0.73pp to +3.16pp versus MSCI AP. Roughly two-thirds of the gain is equity — Sea +14.0% into its Aug 11 earnings and Sony +9.2% after its Jul 31 Q1 FY26 report (operating income +40% y/y, full-year guidance raised ~8% to ¥1.72tn) — and roughly one-third is dollar weakness against the won (+3.7%) and yen (+3.8%) following the reported joint Tokyo–Washington currency intervention. Naver's Q2 (revenue +16.2% to ₩3.39tn, operating profit −0.2% on AI capex) sold off 7.1% on the day but the position still gained on FX. The FX component is not skill and would reverse if the intervention unwinds. Corroboration: MSCI AP 263.25 for Jul 24, sourced from YCharts in the Jul 27 draft with a spot-check request, is now confirmed by Investing.com MIAP00000PUS history; that request is closed."
   },
   {
    "n": 11,
    "date": "Aug 11, 2026",
    "chars": 1646,
    "note": "Marked to market Aug 11, 2026 (single global close): Hyundai ₩403,000 (KRX close, derived from the Aug 12 quote less its stated day change — not read directly) · Naver ₩214,000 (KRX close, same derivation) · Sony ¥3,764 (TSE close, read as the previous close on an Aug 12 page) · Sea Limited $131.51 (NYSE close, read directly; +14.56% on the day, prev close $114.80) · Bitcoin $64,012 · Toss held at last pre-IPO mark $21.03 (no new print; share count unchanged). FX: USD/KRW 1,415.466 · USD/JPY 159.186, both from the dated currency-api snapshot for 2026-08-11 (the source registered in CHART_DATA_SOURCES.md). Benchmarks (price index vs price index, dividends excluded both sides): MSCI AC Asia Pacific 266.74 (May 21) → 272.22 (Aug 11) = +2.05%; S&P 500 7,448.5 (May 21) → 7,728.20 (Aug 11 close) = +3.76%. The book went +4.62% → +8.98% and +3.16pp → +6.93pp versus MSCI AP. ⚠ Attribution is one position: Sea Limited's Q2 (revenue $7.8B, +48.1% y/y; EPS $0.86 vs $0.79 expected) took the stock +14.56% and contributed +$196,847 of the +$218,111 move since the Aug 7 mark — 90% of it. That is one earnings print, not the framework, and the page says so. Bitcoin fell to $64,012 (−17.30% since inception) and is the only detractor of the four marked movers. ⚠ SOURCING CAVEAT: the MSCI Aug 11 level of 272.22 was supplied by BG from Investing.com after seven sources were tried and none served a dated Aug 11 row; the Hyundai and Naver closes are derived by subtraction rather than read. All three should be corroborated before this mark is cited externally. Method check: the same formula reproduces the published Aug 7 mark to $47 on $5.23M."
   }
  ],
  "marks_note": "Full mark-to-market history: every mark with its date, closing prices, FX rates and reasoning. Previously rendered as a footnote block on the Track Record page; moved here 2026-08-03 so the Analyst carries the depth while the page carries the answer."
 },
 "scored_predictions": {
  "programme": "Five explicit predictions per quarter — unambiguous statement, exact success criterion, stated confidence. Immutable once posted; publicly Brier-scored the following quarter; misses get a published post-mortem. Brier = (confidence - outcome)^2, outcome 1 = hit, 0 = miss.",
  "quarter": "Q3 2026",
  "posted": "2026-07",
  "scored_in": "Q4 2026 review",
  "predictions": [
   {
    "id": "P1",
    "statement": "Pacific Alpha downgrades Malaysia from C to C-",
    "criterion": "Dated grade-change record (C to C-) published on or before 2026-09-30",
    "confidence": 0.4,
    "outcome": null,
    "brier": null
   },
   {
    "id": "P2",
    "statement": "Malaysia's AFI exceeds 55 at the Q3 review",
    "criterion": "Published Q3 AFI composite > 55 (currently 49); exactly 55 or below = miss",
    "confidence": 0.45,
    "outcome": null,
    "brier": null,
    "note": "Correlated with P1 (shared Johor trigger)"
   },
   {
    "id": "P3",
    "statement": "The Philippines' first published grade is C- or lower",
    "criterion": "First published overall grade <= C- at Q3 2026 coverage launch",
    "confidence": 0.6,
    "outcome": null,
    "brier": null
   },
   {
    "id": "P4",
    "statement": "Indonesia's first published grade is B- or higher",
    "criterion": "First published overall grade >= B- at Q3 2026 coverage launch",
    "confidence": 0.35,
    "outcome": null,
    "brier": null
   },
   {
    "id": "P5",
    "statement": "The BoJ policy rate is still 1.00% on Sep 30, 2026",
    "criterion": "BoJ target rate = 1.00% at close 2026-09-30 per BoJ statements (external resolution); any change = miss",
    "confidence": 0.65,
    "outcome": null,
    "brier": null
   }
  ]
 },
 "schema_version": "1.0",
 "license": "Free to read and cite with attribution (CC BY-NC 4.0, https://creativecommons.org/licenses/by-nc/4.0/). Commercial incorporation into client-facing materials, investment memos or fund documentation is licensed through the Pacific Alpha desk tier. Full methodology and the dated judgement record are at pacificalphaintel.com.",
 "judgement_corpus": {
  "title": "Structured Judgement Corpus",
  "description": "Append-only record of every dated analytical judgement: grade changes, AFI pillar updates, recommendation rank changes, and initiative stage transitions. Records are never edited or deleted after publication; corrections are issued as new records referencing the original. This dated chain is the Pacific Alpha moat: it cannot be back-filled by a competitor.",
  "append_only": true,
  "as_of": "2026-08-05",
  "records": [
   {
    "id": "JC-2026-0001",
    "type": "grade_change",
    "country": "Malaysia",
    "date": "2026-06-02",
    "analyst": "Brad Good",
    "from": "C+",
    "to": "C",
    "prior_value_held_since": "2026-05",
    "direction": "negative",
    "reasoning": "Two institutional-quality events in ninety days moved Malaysia from the upper to the middle of the C band. The failure of the parliamentary term-limit bill (Mar 2026) removed the cycle's clearest structural-reform marker, and UMNO's public break from the Anwar-led coalition (Jun 1) converted background coalition friction into live snap-election risk. Governance trajectory, not level, drove the change: the world-distribution percentile inputs were already borderline, and the political-execution pillar deteriorated.",
    "evidence": [
     {
      "fact": "Parliamentary term-limit bill failed to pass",
      "date": "2026-03",
      "source": "Pacific Alpha Signal, Jun 2 2026 (Signals feed, pacificalphaintel.com)"
     },
     {
      "fact": "UMNO publicly broke from the Anwar (PH-led) governing coalition, introducing snap-election risk",
      "date": "2026-06-01",
      "source": "Pacific Alpha Signal, Jun 2 2026 (Signals feed, pacificalphaintel.com)"
     }
    ],
    "next_review_trigger": {
     "condition": "Johor state election result (constitutionally due within 60 days of Jun 1, i.e. on or before Jul 29 2026): coalition loss of more than 15 seats, or a snap federal election call",
     "action": "review for downgrade to C-",
     "review_by": "2026-07-29"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0002",
    "type": "initiative_stage",
    "country": "ALL",
    "date": "2026-07-02",
    "analyst": "Brad Good / PA methodology review",
    "from": "silent discretionary discounts",
    "to": "six-pillar composite + documented one-notch overlays",
    "prior_value_held_since": null,
    "direction": "neutral",
    "reasoning": "Audit found published grades sat 0.2-0.6 below KPI averages via undocumented discounts, and overlapping KPIs (institutions x3, monetary x2, income x3) carried accidental weight. Fix: six equal-weight pillars; capital-account openness (Chinn-Ito) and trade freedom (Heritage) added as graded Openness KPIs; overlays capped at one notch and recorded. Malaysia HELD at C (pillar mean implies C+) under the open Jun 2 Signal window — signal-set grades take precedence until their trigger resolves.",
    "evidence": [
     {
      "fact": "Reconciliation audit + pillar computation",
      "date": "2026-07-02",
      "source": "reconcile_audit.js / pillar_grades.js"
     }
    ],
    "next_review_trigger": {
     "condition": "Johor result (Malaysia re-set through pillar model)",
     "action": "re-grade Malaysia",
     "review_by": "2026-07-29"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0003",
    "type": "grade_change",
    "country": "Thailand",
    "date": "2026-07-02",
    "analyst": "Brad Good / PA methodology review",
    "from": "D+",
    "to": "C-",
    "prior_value_held_since": "2026-05",
    "direction": "positive",
    "reasoning": "Pillar mean 2.00 (C) minus documented political-execution overlay (reform off the table; AFI 69). Methodology-driven revision, NOT a country-improvement call; the D+ verdict prose stands. Related live event resolved YES on technical grounds and flagged as such.",
    "evidence": [
     {
      "fact": "Six-pillar equal-weight composite adopted; documented one-notch overlay cap",
      "date": "2026-07-02",
      "source": "GRADE_METHODOLOGY_REVIEW_2026-07-02.md"
     }
    ],
    "next_review_trigger": {
     "condition": "Q3 2026 quarterly review re-run of the pillar model",
     "action": "re-grade",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0004",
    "type": "grade_change",
    "country": "Japan",
    "date": "2026-07-02",
    "analyst": "Brad Good / PA methodology review",
    "from": "B-",
    "to": "B",
    "prior_value_held_since": "2026-05",
    "direction": "positive",
    "reasoning": "Pillar mean 2.95 (B); no overlay warranted — the old B- embedded an undocumented -0.17 discount. Openness strong (capital account ~96 open), institutions B+.",
    "evidence": [
     {
      "fact": "Six-pillar equal-weight composite adopted; documented one-notch overlay cap",
      "date": "2026-07-02",
      "source": "GRADE_METHODOLOGY_REVIEW_2026-07-02.md"
     }
    ],
    "next_review_trigger": {
     "condition": "Q3 2026 quarterly review re-run of the pillar model",
     "action": "re-grade",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0005",
    "type": "grade_change",
    "country": "Taiwan",
    "date": "2026-07-02",
    "analyst": "Brad Good / PA methodology review",
    "from": "B-",
    "to": "B",
    "prior_value_held_since": "2026-05",
    "direction": "positive",
    "reasoning": "Pillar mean 3.37 (B+) minus the documented one-notch cross-strait overlay — a probability-weighted catastrophic tail no KPI captures. Previously a silent ~2-notch discount; now capped and recorded.",
    "evidence": [
     {
      "fact": "Six-pillar equal-weight composite adopted; documented one-notch overlay cap",
      "date": "2026-07-02",
      "source": "GRADE_METHODOLOGY_REVIEW_2026-07-02.md"
     }
    ],
    "next_review_trigger": {
     "condition": "Q3 2026 quarterly review re-run of the pillar model",
     "action": "re-grade",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0006",
    "type": "grade_change",
    "country": "Hong Kong",
    "date": "2026-07-02",
    "analyst": "Brad Good / PA methodology review",
    "from": "B-",
    "to": "B",
    "prior_value_held_since": "2026-05",
    "direction": "positive",
    "reasoning": "Pillar mean 3.30 (B+) minus the documented one-notch two-track-law overlay (commercial law top-decile; political law Beijing-determined; NSL/Art.23, judicial departures).",
    "evidence": [
     {
      "fact": "Six-pillar equal-weight composite adopted; documented one-notch overlay cap",
      "date": "2026-07-02",
      "source": "GRADE_METHODOLOGY_REVIEW_2026-07-02.md"
     }
    ],
    "next_review_trigger": {
     "condition": "Q3 2026 quarterly review re-run of the pillar model",
     "action": "re-grade",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0007",
    "type": "kpi_grade_change",
    "country": "China",
    "date": "2026-07-02",
    "analyst": "Brad Good / PA methodology review",
    "from": "GDP Growth B- / CPI C+ / Monetary C+ (official-data based)",
    "to": "GDP Growth C / CPI C- / Monetary C- (independent gauges)",
    "prior_value_held_since": "2026-05",
    "direction": "negative",
    "reasoning": "China data rule propagation: headline independent gauges, never official NBS/PBOC. Growth ~2-3% (Rhodium basis) = global median = C; GDP deflator -0.8% is persistent deflation with a debt overhang = price instability = C-; monetary policy fighting unbeaten deflation behind capital controls = C-. Overall stays C-: pillar mean 2.01 (C) minus the documented policy-arbitrariness overlay (Ant, DiDi, VIE non-ownership).",
    "evidence": [
     {
      "fact": "GDP deflator -0.8% 2025; independent growth ~2-3%; Chinn-Ito ~17 (bottom decile)",
      "date": "2026-07-02",
      "source": "data/METHODOLOGY.md China rule; comparison charts"
     }
    ],
    "next_review_trigger": {
     "condition": "Q3 2026 review",
     "action": "re-check gauges",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0008",
    "type": "kpi_grade_change",
    "country": "South Korea",
    "date": "2026-07-03",
    "analyst": "Brad Good / monthly FX review",
    "from": "Monetary Stability B+",
    "to": "Monetary Stability B",
    "prior_value_held_since": "2026-05",
    "direction": "negative",
    "reasoning": "The won broke the 1,300-1,450 range previously treated as structural (~1,530, -10% y/y). The downgrade is not on the FX level itself but on the demonstrated loss of monetary-policy room: BOK cannot cut into a weakening currency (60% of surveyed economists expect no 2026 cut for exactly this reason), the real policy rate is slightly negative (2.50% vs June CPI 3.2%) with inflation 1.2pp above target, and resident capital outflows now exceed the current-account surplus. Country grade B held: one notch on one KPI inside the Monetary pillar does not move the six-pillar mean.",
    "evidence": [
     {
      "fact": "KRW ~1,530/USD, -10% y/y; through the stated 1,300-1,450 structural range",
      "date": "2026-06-18",
      "source": "Trading Economics interbank snapshot"
     },
     {
      "fact": "Residents invested $129.4B overseas Jan-Nov 2025 vs $101.8B current-account surplus; foreign net KOSPI selling W136.78T (~$89B) Jan-late Jun 2026",
      "date": "2026-06-30",
      "source": "Korea Times / KEIA"
     },
     {
      "fact": "60% of surveyed economists expect no BOK cut in 2026 amid won weakness",
      "date": "2026-02",
      "source": "KED Global"
     },
     {
      "fact": "BOK base rate 2.50% (held May 28, 8th consecutive); June CPI 3.2% -> real rate -0.7pp",
      "date": "2026-07-02",
      "source": "Bank of Korea / Statistics Korea"
     }
    ],
    "next_review_trigger": "BOK meeting Jul 9 2026; won >1,550; or Q3 quarterly review - whichever first",
    "supersedes": null
   },
   {
    "id": "JC-2026-0009",
    "type": "event_estimate",
    "country": "Malaysia",
    "date": "2026-07-17",
    "analyst": "Pacific Alpha (AI-drafted working, BG-reviewed) — prior-at-posting adoption",
    "question": "Will Pacific Alpha downgrade Malaysia to C− by September 30, 2026?",
    "event": "malaysia-c-minus-q3-2026",
    "from": null,
    "to": "40%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "A second grade notch inside one quarter is rare — the Jun 2 downgrade (C+ → C) already repriced the term-limit failure and the coalition fracture.",
     "base_rate_pct": null
    },
    "posterior_pct": 40,
    "reasoning": "The Johor poll (due ≤ Jul 29) is the one live variable; nothing new since Jun 2 is diagnostic on its own. The vivid fracture headlines are already in the grade, so the posterior stays below the coin flip. Record transcribes the published working line into the corpus per the prior-at-posting discipline adopted this date.",
    "evidence": [
     {
      "fact": "Jun 2 downgrade (C+ → C) already repriced the term-limit failure and the UMNO coalition fracture",
      "date": "2026-06-02",
      "source": "JC-2026-0001 / Pacific Alpha Signal, Jun 2 2026"
     },
     {
      "fact": "Johor state election constitutionally due on or before Jul 29 2026 is the single scheduled diagnostic event",
      "date": "2026-06-01",
      "source": "Malaysia 60-day election window; Pacific Alpha Signal, Jun 2 2026"
     }
    ],
    "resolves_by": "2026-09-30",
    "resolution_authority": "Pacific Alpha — published, timestamped grade record",
    "q3_prediction": "Pacific Alpha downgrades Malaysia from C to C−",
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-16",
    "next_review_trigger": {
     "condition": "Johor election result published",
     "action": "re-estimate; if the grade changes, resolve and Brier-score this record",
     "review_by": "2026-07-29"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0010",
    "type": "event_estimate",
    "country": "Philippines",
    "date": "2026-07-17",
    "analyst": "Pacific Alpha (AI-drafted working, BG-reviewed) — prior-at-posting adoption",
    "question": "Will Pacific Alpha grade the Philippines C− or lower at first coverage?",
    "event": "philippines-first-grade-q3-2026",
    "from": null,
    "to": "60%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "On the six-pillar world scale, ASEAN peers land in the C band — Thailand C−, Vietnam C−, Malaysia C — so C− or lower is close to the regional base rate, not a bold call.",
     "base_rate_pct": null
    },
    "posterior_pct": 60,
    "reasoning": "Q1 2026 GDP of 2.8% (a five-year low, PSA) and thin disbursed FDI pull the first-pass estimate down; no offsetting institutional strength observed yet. Record transcribes the published working line into the corpus per the prior-at-posting discipline.",
    "evidence": [
     {
      "fact": "Philippines Q1 2026 GDP growth 2.8% — a five-year low",
      "date": "2026-04",
      "source": "Philippine Statistics Authority (PSA)"
     },
     {
      "fact": "Disbursed FDI thin: Jan $443M / Feb $590M (Mar NA)",
      "date": "2026-05",
      "source": "Bangko Sentral ng Pilipinas (BSP)"
     }
    ],
    "resolves_by": "2026-09-30",
    "resolution_authority": "Pacific Alpha — first published Philippines grade, Q3 2026 coverage launch",
    "q3_prediction": "The Philippines' first published grade is C− or lower",
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-16",
    "next_review_trigger": {
     "condition": "Philippines first grade published at Q3 coverage launch",
     "action": "resolve and Brier-score this record",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0011",
    "type": "event_estimate",
    "country": "Malaysia",
    "date": "2026-07-17",
    "analyst": "Pacific Alpha (AI-drafted working, BG-reviewed) — prior-at-posting adoption",
    "question": "Will Malaysia's Alpha Fragility Index exceed 55 by the Q3 2026 review?",
    "event": "malaysia-afi-55-q3-2026",
    "from": null,
    "to": "45%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "The AFI sits at 49; a +6 move in a single review requires a discrete shock, not drift.",
     "base_rate_pct": null
    },
    "posterior_pct": 45,
    "reasoning": "Exactly one such shock is scheduled — the Johor result — and it is binary. A coin flip by construction, and stated as one. Record transcribes the published working line into the corpus per the prior-at-posting discipline.",
    "evidence": [
     {
      "fact": "Malaysia AFI composite currently 49",
      "date": "2026-07",
      "source": "Pacific Alpha AFI, pacificalphaintel.com"
     },
     {
      "fact": "Johor election (≤ Jul 29) is the single scheduled binary shock before the Q3 review",
      "date": "2026-06-01",
      "source": "Pacific Alpha Signal, Jun 2 2026"
     }
    ],
    "resolves_by": "2026-09-30",
    "resolution_authority": "Pacific Alpha — published Q3 AFI composite",
    "q3_prediction": "Malaysia's AFI exceeds 55 at the Q3 review",
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-16",
    "next_review_trigger": {
     "condition": "Q3 2026 AFI review published",
     "action": "resolve and Brier-score this record",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0012",
    "type": "event_estimate",
    "country": "Japan",
    "date": "2026-07-17",
    "analyst": "Pacific Alpha (AI-drafted working, BG-reviewed) — prior-at-posting adoption",
    "question": "Will the Bank of Japan raise the policy rate again to 1.25% by year-end?",
    "event": "boj-125-yearend-2026",
    "from": null,
    "to": "55%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "A tightening cycle is already in motion — the BoJ hiked to 1.00% in June 2026, so 'another hike' is a continuation call, not a regime call.",
     "base_rate_pct": null
    },
    "posterior_pct": 55,
    "reasoning": "Oil-driven CPI persistence argues yes; the BoJ's historical caution argues slower. Coherence note: the Q3 scored prediction 'The BoJ policy rate is still 1.00% on Sep 30' at 65% is a DIFFERENT question over a shorter window — it implies P(hike by Sep 30) = 35%, which must not exceed this record's P(hike by Dec 31) = 55%. Constraint holds; event_odds_consistency.js checks it mechanically. Record transcribes the published working line into the corpus per the prior-at-posting discipline.",
    "evidence": [
     {
      "fact": "BoJ raised the policy rate +25bp to 1.00% (7–1 vote), its highest since 1995, on oil-driven upside inflation risk",
      "date": "2026-06-16",
      "source": "Bank of Japan, Statement on Monetary Policy, Jun 16 2026"
     },
     {
      "fact": "Oil-driven CPI persistence continues above the BoJ's comfort band",
      "date": "2026-06",
      "source": "Japan CPI prints, May–Jun 2026 (site KPI data)"
     }
    ],
    "resolves_by": "2026-12-31",
    "resolution_authority": "Bank of Japan statement (external)",
    "q3_prediction": "COHERENCE LINK (not the same question): 'The BoJ policy rate is still 1.00% on Sep 30' @ 65% ⇒ P(hike ≤ Sep 30) = 35% ≤ this posterior 55%",
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-16",
    "next_review_trigger": {
     "condition": "Any BoJ policy-rate decision through Dec 31 2026",
     "action": "resolve at year-end and Brier-score this record",
     "review_by": "2026-12-31"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0013",
    "type": "event_estimate",
    "country": "Indonesia",
    "date": "2026-07-17",
    "analyst": "Pacific Alpha (AI-drafted working, BG-reviewed) — prior-at-posting adoption",
    "question": "Will Pacific Alpha grade Indonesia B− or higher at first coverage?",
    "event": "indonesia-first-grade-q3-2026",
    "from": null,
    "to": "35%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "Only 5 of the 10 markets PA covers grade B− or better on the world scale — B-band is the exception, not the norm.",
     "base_rate_pct": 50
    },
    "posterior_pct": 35,
    "reasoning": "Growth supports; institutional pillars (governance, data transparency) cap the first-pass ceiling, pulling the posterior below the 5-of-10 coverage base rate. Record transcribes the published working line into the corpus per the prior-at-posting discipline.",
    "evidence": [
     {
      "fact": "5 of the 10 PA-covered markets grade B− or better under the six-pillar world-distribution scale",
      "date": "2026-07-02",
      "source": "GRADE_METHODOLOGY_REVIEW_2026-07-02.md / site grade cards"
     },
     {
      "fact": "Indonesia Q1 2026 GDP growth 5.61% supports; governance and data-transparency pillars cap the ceiling",
      "date": "2026-05",
      "source": "BPS (growth); PA pillar model (institutions)"
     }
    ],
    "resolves_by": "2026-09-30",
    "resolution_authority": "Pacific Alpha — first published Indonesia grade, Q3 2026 coverage launch",
    "q3_prediction": "Indonesia's first published grade is B− or higher",
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-16",
    "next_review_trigger": {
     "condition": "Indonesia first grade published at Q3 coverage launch",
     "action": "resolve and Brier-score this record",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0014",
    "type": "event_estimate",
    "country": "Japan",
    "date": "2026-07-20",
    "analyst": "Pacific Alpha (Fable 5 estimate; BG delegated the posterior 2026-07-20 — 'use your guess'; BG approved the accompanying Policy Execution Signal)",
    "question": "Will a spot Bitcoin ETF be listed on a Japanese exchange by December 31, 2027?",
    "event": "japan-spot-btc-etf-by-2027",
    "from": null,
    "to": "60%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "Enabling legislation to first product listing has typically run 1.5-2+ years in comparable regimes (secondary rulemaking plus exchange build-out); 'listed within ~2.5 years of the law' is a moderate base rate.",
     "base_rate_pct": 50
    },
    "posterior_pct": 60,
    "reasoning": "Strict end-2027 bar chosen deliberately over a softer end-2028 bar (~80% defensible) - the sharper falsifiable call. Above base rate because: the FIEA amendment passed with government momentum, the framework is operative FY2027 (Apr 2027, leaving ~9 months of listing window), JPX is reportedly preparing infrastructure ahead of rulemaking, and issuer demand is evident. Held below 65% because FSA secondary rulemaking is unfinished, nothing is filed, and the official projection is 'no earlier than 2027' with no commitment inside it.",
    "evidence": [
     {
      "fact": "Diet passed the FIEA amendment reclassifying ~105 crypto assets as financial instruments",
      "date": "2026-07-15",
      "source": "multi-outlet verification 2026-07-19 (session notes)"
     },
     {
      "fact": "Framework operative fiscal 2027; first listings officially projected 'no earlier than 2027', pending FSA secondary rulemaking; no product filed",
      "date": "2026-07-19",
      "source": "verified web search 2026-07-19"
     },
     {
      "fact": "JPX reportedly preparing ETF infrastructure",
      "date": "2026-07-19",
      "source": "verified web search 2026-07-19"
     }
    ],
    "resolves_by": "2027-12-31",
    "resolution_authority": "External - JPX listing record",
    "q3_prediction": null,
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": null,
    "next_review_trigger": {
     "condition": "First spot-BTC ETF prospectus filed with the FSA, or FSA secondary rulemaking published, whichever first",
     "action": "update posterior; publish Event Odds card working line if not yet live"
    }
   },
   {
    "id": "JC-2026-0017",
    "type": "event_estimate",
    "country": "China",
    "date": "2026-07-27",
    "analyst": "Pacific Alpha (AI-drafted working, BG-approved)",
    "question": "Will China's national legislature strip one or more senior PLA officers of general rank of their seats by 30 September 2026?",
    "event": "china-pla-seat-terminations-q3-2026",
    "from": null,
    "to": "65%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "Across 23 standing-committee sessions since March 2023, 42 senior military officers have lost their seats — arriving in batches rather than a trickle, so the right prior is the share of sessions carrying at least one removal, roughly one in four.",
     "base_rate_pct": 25
    },
    "posterior_pct": 65,
    "reasoning": "The 2026 cadence, not the three-year average, governs a single-trial question. February removed ten flag-rank officers and June removed six, against an officially declared campaign year and a target set that is not exhausted. It stays short of certain because one session is one trial and June's batch may have cleared the near-term queue. An earlier draft rested this estimate on the pending Zhang Youxia and Liu Zhenli cases; that argument was checked and abandoned — the legislature has repeatedly declined to remove them.",
    "evidence": [
     {
      "fact": "The 21st session terminated the seats of ten flag-rank officers — 3 generals, 2 admirals, 4 major generals, 1 lieutenant general — of 19 officials in total",
      "date": "2026-02-26",
      "source": "Standing committee session record; Lyle Morris, Asia Society Policy Institute"
     },
     {
      "fact": "A further six PLA general officers stripped of their seats, of 13 members in total",
      "date": "2026-06-26",
      "source": "Standing committee session record; Jamestown Foundation"
     },
     {
      "fact": "PLA Daily front-page commentary declares 2026 a 'year of decisive battle' against graft in the ranks",
      "date": "2026-06-28",
      "source": "PLA Daily via Jamestown Foundation"
     },
     {
      "fact": "23 standing-committee sessions held since March 2023; a late-summer session has fallen before 30 September in every year of this legislature",
      "date": "2026-07-27",
      "source": "NPC Observer session index"
     },
     {
      "fact": "Zhang Youxia and Liu Zhenli remain unremoved six months after their investigations were announced — cuts against the estimate",
      "date": "2026-01-24",
      "source": "The Diplomat; China Leadership Monitor"
     }
    ],
    "resolves_by": "2026-09-30",
    "resolution_authority": "External — seat-termination decisions published by the standing committee of China's national legislature",
    "q3_prediction": null,
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-27",
    "next_review_trigger": {
     "condition": "Close of the next standing-committee session, scheduled late August 2026",
     "action": "Resolve and Brier-score; if no session convenes before 30 September, resolve NO and record the schedule change",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0018",
    "type": "event_estimate",
    "country": "China",
    "date": "2026-07-27",
    "analyst": "Pacific Alpha (AI-drafted working, BG-approved)",
    "question": "Will the United States add Moonshot AI to the Commerce Department's Entity List by 31 December 2026?",
    "event": "us-entity-list-moonshot-2026",
    "from": null,
    "to": "30%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "The interval from public accusation to a formal Entity List designation has typically run longer than five months, and cabinet-level threats of designation are frequently unspent.",
     "base_rate_pct": 25
    },
    "posterior_pct": 30,
    "reasoning": "This is an announced-versus-delivered question pointed at Washington rather than Asia. The accusation is specific, senior and public, and a formal investigation is open — but no action has been taken, the open-weights release is proceeding on schedule, the evidentiary window is uncomfortably short, and a designation of this magnitude is precisely the sort of measure that becomes a trade-negotiation chip rather than an enforcement action.",
    "evidence": [
     {
      "fact": "OSTP Director Michael Kratsios publicly accused Moonshot AI of large-scale covert distillation of a US model to build Kimi K3, and of sourcing export-banned Nvidia GB300 chips via Thailand",
      "date": "2026-07-22",
      "source": "White House OSTP, reported multi-outlet"
     },
     {
      "fact": "Treasury Secretary Scott Bessent stated that sanctions and Entity List designations are 'on the table' for large-scale distillation of American AI models",
      "date": "2026-07-22",
      "source": "US Treasury Secretary, public statement"
     },
     {
      "fact": "The Bureau of Industry and Security has opened a formal investigation",
      "date": "2026-07",
      "source": "Reported multi-outlet"
     },
     {
      "fact": "No enforcement action announced as of 25 July; Moonshot's open-weights release proceeding on schedule",
      "date": "2026-07-25",
      "source": "Reported multi-outlet"
     },
     {
      "fact": "Evidentiary timeline is thin: the US model became publicly accessible 1 July and Kimi K3 launched 15-17 July",
      "date": "2026-07",
      "source": "Reported multi-outlet"
     }
    ],
    "resolves_by": "2026-12-31",
    "resolution_authority": "External — US Federal Register / BIS Entity List",
    "q3_prediction": null,
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-27",
    "next_review_trigger": {
     "condition": "Any Federal Register notice adding Moonshot AI or a named subsidiary, or a formal BIS decision not to designate",
     "action": "Resolve and Brier-score",
     "review_by": "2026-12-31"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0019",
    "type": "event_estimate",
    "country": "Japan",
    "date": "2026-07-27",
    "analyst": "Pacific Alpha (AI-drafted working, BG-approved)",
    "question": "Will Takaichi's cabinet approval fall below 45% in any Jiji monthly poll by 30 September 2026?",
    "event": "japan-takaichi-approval-below-45-q3-2026",
    "from": null,
    "to": "55%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "A first-year cabinet usually erodes gradually; a four-point fall within two months is faster than typical drift.",
     "base_rate_pct": 35
    },
    "posterior_pct": 55,
    "reasoning": "The direction is not in question, only the pace. Support fell 5.3 points in a single month to 49.0% and below 50% for the first time since she took office, with the cost-of-living judgement deteriorating sharply. Two readings fall inside the window. This matters beyond the polling: the February supermajority is the stated reason Pacific Alpha's Japan thesis rests on policy-implementation capacity, and approval is the measure of whether that capacity is being spent.",
    "evidence": [
     {
      "fact": "Jiji Press monthly survey puts cabinet support at 49.0%, down 5.3 points on the month and below 50% for the first time since October 2025",
      "date": "2026-07-16",
      "source": "Jiji Press"
     },
     {
      "fact": "Nikkei/TV Tokyo poll fell 10 points to 58%; Yomiuri fell to 57% from 69% in June",
      "date": "2026-07-27",
      "source": "Nikkei Asia; Yomiuri Shimbun"
     },
     {
      "fact": "Disapproval of the government's handling of rising living costs rose to 71% from 56%",
      "date": "2026-07",
      "source": "Yomiuri Shimbun"
     },
     {
      "fact": "The LDP-Komeito coalition won 316 of 465 seats in February 2026, the mandate underpinning the policy-delivery thesis",
      "date": "2026-02-09",
      "source": "Pacific Alpha Signal, Japan, Feb 2026"
     }
    ],
    "resolves_by": "2026-09-30",
    "resolution_authority": "External — Jiji Press published monthly cabinet approval series",
    "q3_prediction": null,
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-27",
    "next_review_trigger": {
     "condition": "Publication of the August or September Jiji monthly poll",
     "action": "Resolve and Brier-score on the lower of the two readings",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0020",
    "type": "event_estimate",
    "country": "Thailand",
    "date": "2026-07-27",
    "analyst": "Pacific Alpha (AI-drafted working, BG-approved)",
    "question": "Will Thailand's parliament be dissolved, or a general election formally called, before 31 December 2026?",
    "event": "thailand-dissolution-2026",
    "from": null,
    "to": "45%",
    "prior_value_held_since": null,
    "direction": "neutral",
    "prior": {
     "statement": "Thai parliaments end early more often than they serve a full term, and dissolution has been the expected end of this government since it formed.",
     "base_rate_pct": 45
    },
    "posterior_pct": 45,
    "reasoning": "Dissolution has sat on Pacific Alpha's watchlist as expected in the second half of 2026, and Thailand carries the highest fragility score in the covered panel at 69 alongside the lowest grade. Against that, no decree has been issued and an incumbent with a working majority has no reason to go early. The estimate is a coin flip by construction and is stated as one rather than dressed up.",
    "evidence": [
     {
      "fact": "Government dissolution expected in H2 2026; carried on the Pacific Alpha Event Odds watchlist",
      "date": "2026-07",
      "source": "Pacific Alpha Forming watchlist"
     },
     {
      "fact": "Thailand's Alpha Fragility Index stands at 69 — the highest in the SE Asia panel",
      "date": "2026-06",
      "source": "Pacific Alpha AFI"
     },
     {
      "fact": "Thailand graded C-, the lowest in Pacific Alpha coverage, on the six-pillar methodology",
      "date": "2026-07-02",
      "source": "Pacific Alpha judgement corpus JC-2026-0003"
     },
     {
      "fact": "No dissolution decree issued as of 27 July 2026",
      "date": "2026-07-27",
      "source": "Royal Gazette — absence of notice"
     }
    ],
    "resolves_by": "2026-12-31",
    "resolution_authority": "External — Royal Gazette dissolution decree or Election Commission of Thailand poll date",
    "q3_prediction": null,
    "outcome": null,
    "brier": null,
    "estimate_first_posted": "2026-07",
    "working_published": "2026-07-27",
    "next_review_trigger": {
     "condition": "Publication of a dissolution decree, or an Election Commission announcement of a general election date",
     "action": "Resolve and Brier-score",
     "review_by": "2026-12-31"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0021",
    "type": "initiative_stage",
    "country": "Malaysia",
    "date": "2026-07-27",
    "analyst": "Pacific Alpha (AI-drafted, BG-approved)",
    "initiative": "Competition (Amendment) Bill 2026 and Competition Commission (Amendment) Bill 2026",
    "from_stage": "Introduced",
    "to_stage": "Passed (lower house) — assent pending",
    "from": "Introduced",
    "to": "Passed by the Dewan Rakyat; Dewan Negara concurrence and royal assent pending",
    "prior_value_held_since": null,
    "direction": "positive",
    "reasoning": "The largest overhaul of Malaysia's competition framework since the Competition Act took force in 2010, and a stage-gate crossing on Pillar 4 (Institutions & Rule of Law) that issues a Signal whether or not the grade moves. Scope widens from 'any commercial activity' to 'any economic activity'; MyCC gains stronger investigative powers, a formal settlement mechanism, statutory whistleblower protection, and a new criminal offence for destroying or concealing records to obstruct an investigation; appeals now run to the High Court. The omission is the story: merger control was deferred with no date inside the 13th Malaysia Plan window, so Malaysia remains one of the few sizeable economies with an active competition authority and no general merger-notification regime. Conduct enforcement improves; structural certainty, which is what cross-border acquirers actually need, does not. Real but partial — not enough to move C, and honest to say so. Malaysia HOLDS at C.",
    "evidence": [
     {
      "fact": "Dewan Rakyat passed the Competition (Amendment) Bill 2026 with committee-stage amendments; 34 clauses, scope widened to 'any economic activity', new criminal obstruction offence under Section 24",
      "date": "2026-07-06",
      "source": "The Edge Malaysia; The Star; Bernama"
     },
     {
      "fact": "Merger control deferred; minister cited need for further study, targeting a centralised regime somewhere within the 13th Malaysia Plan period (2026-2030) with no date specified",
      "date": "2026-07-06",
      "source": "Dewan Rakyat proceedings as reported"
     },
     {
      "fact": "Dewan Negara concurrence and royal assent NOT confirmed as of this record; the only assent reported in the period covers eight unrelated bills on 22 June",
      "date": "2026-07-27",
      "source": "Verification search, 2026-07-27 — absence of record"
     }
    ],
    "next_review_trigger": {
     "condition": "Dewan Negara concurrence, royal assent and gazette; then the commencement date and MyCC's first use of the settlement and criminal-obstruction powers",
     "action": "Confirm enactment and re-assess Pillar 4; a tabled merger-control bill before end-2027 counts as delivery, silence through the 13MP confirms the gap is structural",
     "review_by": "2027-12-31"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0022",
    "type": "grade_change",
    "country": "Malaysia",
    "date": "2026-07-28",
    "analyst": "Brad Good",
    "from": "C",
    "to": "C",
    "prior_value_held_since": "2026-06-02",
    "direction": "neutral",
    "reasoning": "The named downgrade trigger fired and resolved against the downgrade. JC-2026-0001 set the condition as a coalition loss of more than 15 seats at the Johor state election, or a snap federal election call; Barisan Nasional instead gained eight seats and retained its two-thirds majority, so the published rule was tested in the stabilising direction and Malaysia holds at C. This record exists because a trigger that resolves against the analyst is still a resolution, and the corpus is worth less if it only records the moves that were made. Federal coalition durability, not Johor, is now the live variable on the grade.",
    "evidence": [
     {
      "fact": "Johor state election polled 11 Jul 2026: Barisan Nasional won 48 of 56 seats, Pakatan Harapan 8; the two-thirds threshold is 37 seats, so BN retained its supermajority",
      "date": "2026-07-11",
      "source": "Election Commission of Malaysia official tally, published via BERNAMA PRN Johor 2026 official results portal (prn.bernama.com/johor/keputusan/official) — accessed 2026-07-28"
     },
     {
      "fact": "2022 baseline for comparison: BN 40 seats, PH 12 — BN gained 8 and PH lost 4",
      "date": "2022-03-12",
      "source": "Election Commission of Malaysia, 2022 Johor state election result"
     },
     {
      "fact": "BN component split reported as UMNO 36, MCA 8, MIC 4",
      "date": "2026-07-12",
      "source": "Free Malaysia Today — press reporting, SUPPORTING only; the EC portal publishes coalition, not component, per seat"
     },
     {
      "fact": "Published downgrade condition was a coalition loss of more than 15 seats or a snap federal election call; neither occurred",
      "date": "2026-06-02",
      "source": "JC-2026-0001 next_review_trigger"
     }
    ],
    "next_review_trigger": {
     "condition": "Further coalition instability at federal level post-Johor — UMNO withdrawal from the federal governing arrangement, a confidence motion, or a snap federal election call",
     "action": "review for downgrade to C-",
     "review_by": "2026-09-30"
    },
    "supersedes": null
   },
   {
    "id": "JC-2026-0023",
    "type": "grade_change",
    "country": "Australia",
    "date": "2026-08-03",
    "analyst": "Brad Good",
    "from": null,
    "to": "B",
    "direction": "inaugural",
    "prior_value_held_since": null,
    "supersedes": null,
    "evidence": [
     {
      "date": "2026-05",
      "fact": "RBA projects headline inflation peaking near 4.8% mid-2026; underlying above the 2-3% band into early 2027; cash rate 4.35% after three consecutive increases",
      "source": "Reserve Bank of Australia, Statement on Monetary Policy, May 2026"
     },
     {
      "date": "2025",
      "fact": "FDI inflows fell by one third to USD 34B; cross-border M&A down 62%",
      "source": "UNCTAD World Investment Report 2026; corroborated by ABS Balance of Payments (A$54.7B direct investment inflow, Dec 2025)"
     },
     {
      "date": "2023",
      "fact": "Political stability at the 79.6th percentile",
      "source": "World Bank Worldwide Governance Indicators"
     },
     {
      "date": "2025",
      "fact": "GDP growth 1.9%; GDP per capita USD 66,352",
      "source": "IMF 2025 Article IV Consultation (Staff Country Report 2026/038); IMF WEO"
     }
    ],
    "reasoning": "Inaugural grade. Six equal-weight pillars, no overlay notch applied. Growth C+ and Price & Monetary C+ hold the composite at B despite top-decile income (A−) and strong institutions (B+). The binding constraint is the inflation cycle: headline projected to peak near 4.8% mid-2026 with underlying above the 2-3% band into early 2027, and a cash rate raised 75bp across three consecutive meetings to 4.35%. Openness grades B on a fully open capital account offset by a one-third fall in FDI. Australia is a high-income economy with a mid-table policy record.",
    "next_review_trigger": {
     "condition": "RBA returns underlying inflation to the 2-3% band, or a further FDI decline in the 2026 UNCTAD/ABS releases",
     "action": "review Price & Monetary and Openness pillars",
     "review_by": "2026-12-31"
    }
   },
   {
    "id": "JC-2026-0024",
    "type": "grade_change",
    "country": "New Zealand",
    "date": "2026-08-03",
    "analyst": "Brad Good",
    "from": null,
    "to": "B",
    "direction": "inaugural",
    "prior_value_held_since": null,
    "supersedes": null,
    "evidence": [
     {
      "date": "2023",
      "fact": "Political stability at the 96.2nd percentile — top-decile globally",
      "source": "World Bank Worldwide Governance Indicators"
     },
     {
      "date": "2026-03",
      "fact": "NZ$4.0B direct investment inflow in the March 2026 quarter; income earned on direct investment fell NZ$727M; net international investment liability position NZ$193.1B (42.8% of GDP)",
      "source": "Stats NZ, Balance of payments and international investment position, March 2026 quarter, published 17 Jun 2026"
     },
     {
      "date": "2024",
      "fact": "UNCTAD recorded USD 1,651M of inward FDI with the inward stock down 8.9%",
      "source": "UNCTAD World Investment Report 2025"
     },
     {
      "date": "2026-07",
      "fact": "OCR raised to 2.50% after being cut to 2.25% in November 2025",
      "source": "Reserve Bank of New Zealand, Official Cash Rate decisions"
     }
    ],
    "reasoning": "Inaugural grade. Six equal-weight pillars, no overlay notch applied. New Zealand reaches the same composite as Australia by the opposite route: Institutions grade A− on a 96.2nd-percentile political stability reading, while Openness grades B− on the thinnest inward direct investment in the developed panel. The Reserve Bank cut to 2.25% in November 2025 and reversed to 2.50% by July 2026 — the reversal, not the level, is what holds Price & Monetary at C+. Excellent governance that has not converted into scale or capital.",
    "next_review_trigger": {
     "condition": "Two further quarters of direct investment inflow at or above the March 2026 rate, or OCR reaching 3.00%",
     "action": "review Openness and Price & Monetary pillars",
     "review_by": "2026-12-31"
    }
   },
   {
    "id": "JC-2026-0025",
    "type": "initiative_stage",
    "country": "China",
    "date": "2026-08-05",
    "analyst": "Pacific Alpha (AI-drafted, BG-approved)",
    "initiative": "Ministry of Finance / State Taxation Administration rules on the taxation of offshore trusts held by Chinese tax residents",
    "from_stage": "Announced",
    "to_stage": "Adopted (national rules issued)",
    "from": "Announced (national cross-border tax push formalised 2026-03-31; Shanghai, Jiangsu and Shenzhen pilots)",
    "to": "Adopted -- national rules issued 2026-07-24, effective with a declaration deadline of 2026-10-22",
    "prior_value_held_since": null,
    "direction": "negative",
    "reasoning": "A stage-gate crossing on the Openness & External and Institutions & Rule of Law pillars that issues a Policy Execution Signal whether or not the grade moves. A 20% levy applies at nearly every stage of an offshore trust's life -- on the unrealised gain when assets are first settled in, annually on trust income, and again on distribution -- reaching back to assets transferred since 1 Jan 2023, with ninety days to declare. Enforcement is credible because filings must reconcile against Common Reporting Standard data foreign governments have already exchanged with Beijing. No grade change: every pillar this touches is already marked at or near its floor (Capital Account Openness D-, Policy Predictability D) and the one-notch policy-arbitrariness overlay recorded at JC-2026-0007 is already taken, so the evidence confirms C- rather than moving it. The new fact is not the strictness of the capital rules, which was already graded, but the state's posture toward private wealth held offshore.",
    "evidence": [
     {
      "fact": "MOF and State Taxation Administration issued national rules imposing a 20% levy at nearly every stage of an offshore trust's life; personal income tax charged on asset-value gains when assets are first placed into the trust, with trust income taxed annually",
      "date": "2026-07-24",
      "source": "Bloomberg, 'China Targets Offshore Trusts in Sweeping Tax Clampdown', 24 Jul 2026"
     },
     {
      "fact": "Families must declare and pay outstanding amounts on assets transferred into offshore trusts since 1 Jan 2023 by 22 Oct 2026 -- a ninety-day window",
      "date": "2026-07-24",
      "source": "CNBC, 5 Aug 2026; South China Morning Post"
     },
     {
      "fact": "Declared amounts must match figures already shared with Beijing by foreign governments under the Common Reporting Standard",
      "date": "2026-08-05",
      "source": "CNBC, 5 Aug 2026"
     },
     {
      "fact": "Formal national crackdown on offshore trusts opened 31 Mar 2026; Shanghai piloted from early 2025, joined by Jiangsu and Shenzhen",
      "date": "2026-03-31",
      "source": "Caixin Global, 1 Apr 2026"
     },
     {
      "fact": "Individual income-tax revenue rose 13.1% in H1 2026 against near-flat retail sales",
      "date": "2026-08-05",
      "source": "CNBC, 5 Aug 2026"
     }
    ],
    "next_review_trigger": {
     "condition": "The 22 Oct 2026 declaration deadline passes -- extended, quietly under-enforced, or followed by published collection figures or named enforcement cases; or the same treatment is extended to offshore holding companies or insurance wrappers",
     "action": "Implementation-stage assessment; signal only on an announced-versus-delivered gap in either direction",
     "review_by": "2026-11-30"
    },
    "supersedes": null,
    "provenance_note": "Adopted 2026-07-24; recorded 2026-08-05, twelve days after the crossing. The daily scan of 2026-07-24 reported no passed crossing in the window and was wrong: it searched for legislative passage, and this instrument is an administrative circular. Figures are sourced to press reporting; the MOF/STA circular number and official title are not yet in hand."
   }
  ],
  "canonical_source": "https://pacificalphaintel.com/corpus.json -- this block is a mirror of that file and is kept byte-equal to it record for record.",
  "retired_ids": "JC-2026-0015 and JC-2026-0016 were assigned on 2026-07-22 to a pair of China event estimates that were withdrawn before publication and never posted. The identifiers are retired rather than reused, so the sequence carries a deliberate gap."
 },
 "pacific_alpha_index": {
  "name": "Pacific Alpha Index",
  "short": "PAI",
  "url": "https://pacificalphaintel.com/pacific-alpha-index",
  "machine_readable": "https://pacificalphaintel.com/pai.json",
  "rule": "The 10 largest companies by market capitalisation in each Asia Pacific market Pacific Alpha grades A or B.",
  "base_date": "2026-08-03",
  "base_value": 1000,
  "currency": "USD",
  "basis": "price return (no dividends)",
  "constituent_count": 70,
  "markets": [
   "Australia",
   "Hong Kong",
   "Japan",
   "New Zealand",
   "Singapore",
   "South Korea",
   "Taiwan"
  ],
  "aggregate_market_cap_usd_bn": 8550.7,
  "name_cap_pct": 10,
  "cap_note": "Excess above 10% redistributed pro rata. Three names sit at the cap.",
  "rebalance": "Quarterly, on the grade publication date. A grade change moves a market in or out at the NEXT rebalance, never on the day.",
  "history": "None published. Pacific Alpha's grades begin May 2026; a back-test would require assigning grades retrospectively, which the method forbids.",
  "eligibility_test": "A company counts toward a market's sleeve by where it primarily operates and which legal system governs the shareholder's claim — NOT its listing venue and NOT its place of incorporation. Mainland Chinese companies listed in Hong Kong are China exposure; China grades C-.",
  "weighting": "Full market capitalisation (shares outstanding x closing price). No free-float adjustment: float factors are proprietary.",
  "disclaimer": "The index is a measurement, not a portfolio. Pacific Alpha does not hold it, does not manage capital, and is not a registered investment adviser.",
  "country_weights_pct": {
   "Taiwan": 20.55,
   "South Korea": 26.07,
   "Japan": 25.05,
   "Australia": 13.93,
   "Singapore": 7.06,
   "Hong Kong": 6.4,
   "New Zealand": 0.94
  },
  "notable_exclusions": [
   {
    "company": "Tencent Holdings",
    "reason": "Chinese operations under Chinese law",
    "grade": "China C-"
   },
   {
    "company": "Alibaba Group",
    "reason": "Chinese operations; Cayman VIE structure",
    "grade": "China C-"
   },
   {
    "company": "Industrial and Commercial Bank of China",
    "reason": "Chinese state bank",
    "grade": "China C-"
   },
   {
    "company": "China Construction Bank",
    "reason": "Chinese state bank",
    "grade": "China C-"
   },
   {
    "company": "CITIC Ltd",
    "reason": "HK-incorporated but mainland-operating and Beijing-controlled",
    "grade": "China C-"
   },
   {
    "company": "Reliance Industries",
    "reason": "India",
    "grade": "India C+"
   },
   {
    "company": "HDFC Bank",
    "reason": "India",
    "grade": "India C+"
   },
   {
    "company": "HSBC Holdings",
    "reason": "UK-domiciled; shareholder claim under English law",
    "grade": "not an Asia Pacific domicile"
   },
   {
    "company": "Sea Limited",
    "reason": "Cayman-incorporated, NYSE-listed",
    "grade": "fails domicile and venue"
   }
  ],
  "constituents": [
   {
    "rank": 1,
    "name": "TSMC",
    "ticker": "2330.TW",
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}