In the first of our 2026 Outlook episodes, our Economists in Asia discuss Nomura's key macro and market views for the region in the year ahead. In China, we discuss the "great divide" and the challenging backdrop for policy makers. For India, we expect another Goldilocks year, with strong cyclical growth, low inflation and another RBI rate cut. Across the broad region, we forecast a year of divergence, with technology and domestic demand divergences, creating leaders and laggards. We also welcome Craig Chan, our Global Head of FX Strategy, who outlines some thoughts on the US dollar, where we see some downside medium term risk, and a couple of potential medium-term winners.