Dr. Michael A. Yoshikami, Founder and CEO of Destination Wealth Management in San Francisco, California, discusses:

- HSBC's cut in growth outlook for Asia Ex-Japan due to a China slowdown and Fed tapering reflects Asia's dependence on cheap credit. What's your view on the extent (or otherwise) of a hard landing for Asian markets?

- Ballooning debt around this region indicates that structural reforms are badly needed: in the biggest Asian economies like Japan and China, what should the top priorities be?

(Labor markets need a shake-up, whether through lower barriers to migration in China, or greater flexibility in Japan and India," Neumann said. "Lack of competition, reflecting often stifling regulation, also needs to be addressed, including by cutting back on the privileges of state owned firms or opening up more sectors to foreign investors.")

- Re Japan: it’s corrected nearly 10% from the high, but is still up over 60% over the past 12mths. Will a comprehensive win for Prime Minister Shinzo Abe in the upper-house elections on 21 July be the catalyst to end the mkt slump? And allow him to push through these much-needed reforms?
[Victory would give Abe power in both chambers, which means he’ll have total control for three years, which would allow him to push through much-needed structural and economic reform].

- An update of your views on the on the health of the US economy? Jobs-wise and beyond the numbers, certainly not as rosy as the growth headline numbers would suggest, as evidenced by the number of Americans who have physically left the workforce ..

Income growth remains anaemic (c. 2%), the number of part-time workers has just hit a brand new all-time high while the number of full-time workers is still nearly 6mn below the old record that was set back in 2007.

Only 47% of adults in America have a full-time job. Americans leaving the workforce has outpaced those who found a new job for 37 consecutive months. The number of Americans on food stamps has continued to grow since the crisis – and is now 47.7mn.

- DM vs. EM – developed mkt equities have substantially outperformed EM since late 2010 – where are you advising clients to put their $$?

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