Economic Arms Race, Fresh Japan Stimulus, Shorting Yuan: Eco Day

(Bloomberg) -- Happy Friday, Asia. Here's the latest news from Bloomberg Economics:

• China's rise is posing a challenge to America's role as global economic guardian
• Fresh Japanese fiscal stimulus to cushion the economic blow from next year's sales-tax increase could give a boost to flagging equities, according to Societe Generale
• China's currency is bound for a steady grind lower as its officials oversee an orderly depreciation to support a slowing economy, says a former Tudor Investment trader
• The three Asian central banks leading the region's tightening cycle have used a spell of relative calm to take a breather on raising interest rates -- but it's not likely to last
• A top ally of Indian Prime Minister Narendra Modi has come out in support of central bank Governor Urjit Patel in his current dispute with the government
• Analysts will look to the October jobs report to confirm the September hiring lull was a fluke, argues Carl Riccadonna. Meanwhile, Fed Chairman Jerome Powell said reducing immigration could slow the economy by limiting jobs growth
• Malaysian Prime Minister Mahathir Mohamad is already staring down a possible credit rating downgrade in his government's first budget
• Saudi Arabia has quietly revised its plan to overhaul its government and economy by 2020

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Chris Bourke

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