# Chinese Consumer Stocks Struggle, Jera Global CEO on New AI Infrastructure Project

An episode of [Bloomberg Daybreak: Asia Edition](https://invisiblenetwork.ai/podcast/1663863437), 2 Oct 2026, 22 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/58e85be7-dbb5-4043-afed-af80014dc0b3/a2577e7c-6806-4300-91d5-b4d70032cc22/audio.mp3?utm_source=Podcast&in_playlist=27143354-63aa-4ac5-965d-af80014dc0d3

Business and finance news from the Asia-Pacific. Under the shadow of Beijing's single-minded focus on artificial intelligence, China's consumer stocks are trapped in a lost decade. The industry is showing a stark contrast with the high-flying tech sector. MSCI China's consumer goods sub-indexes plunged roughly 18% over the past six months to near 10-year lows, while the AI-heavy technology gauge surged to more than double its 2016 level. During the latest earnings season, consumer staples firms in the MSCI gauge missed profit expectations by nearly 50%. We speak to Winnie Hsu, Asia Equities Reporter. Plus - Yukio Kani, Global CEO and Chair at Jera, discusses the company's partnership with Dell and UK-based AI infrastructure developer RHAELM on a $15 billion AI infrastructure project in Japan. He speaks with Shery Ahn on Bloomberg: The Asia Trade. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios.
[0:04] Speaker 2: Podcasts.
[0:05] Speaker 1: Radio.
[0:06] Speaker 2: News.
[0:11] Speaker 3: Welcome to the Daybreak Asia podcast. I'm Doug Krisner. Equity
[0:14] Speaker 3: markets in the Asia-Pacific seem to be benefiting a little
[0:18] Speaker 3: bit from some positivity in U.S. tech shares, particularly the
[0:21] Speaker 3: chip makers. We had the Philadelphia Semiconductor Index rising on
[0:25] Speaker 3: Thursday by 1.6%. Hong Kong will be back online after
[0:30] Speaker 3: a holiday. And for a look at what we're seeing
[0:32] Speaker 3: in the Friday session across the APAC, let's bring in
[0:35] Speaker 3: Bloomberg's Winnie Su. Winnie is Asia equity reporter, and she
[0:39] Speaker 3: joins from our studios in Hong Kong. Thank you for
[0:42] Speaker 3: being here. So Golden Week began Thursday on the mainland,
[0:46] Speaker 3: and I think this is a good time to talk
[0:48] Speaker 3: about consumer stocks. What are you seeing in today's tape,
[0:52] Speaker 3: or what are we likely to see?
[0:55] Speaker 4: Yeah, well, it most likely will be a continuation of
[1:00] Speaker 4: what we have been seeing, which is really the weakness
[1:03] Speaker 4: in the consumer sector. And actually, when you just zoom
[1:07] Speaker 4: out a little bit, we're talking about consumer stocks down
[1:09] Speaker 4: about 18% in the past six months. And the tech
[1:14] Speaker 4: sector actually has risen pretty much the same amount during
[1:18] Speaker 4: that period. So you continue to see that divergence between
[1:22] Speaker 4: tech and consumer stocks. Now, obviously, there is the Golden
[1:25] Speaker 4: Week holiday coming up. So there might be a little
[1:28] Speaker 4: bit of excitement and anticipation for that to boost consumer
[1:33] Speaker 4: stocks a little bit. But for the analysts and strategists
[1:36] Speaker 4: we've been speaking to, actually, this year, they aren't expecting
[1:40] Speaker 4: much just because how weak the macro picture really has
[1:44] Speaker 4: been in China. And when you look at the latest
[1:46] Speaker 4: numbers from August, property retail sales, both pretty subdued. And
[1:51] Speaker 4: at this point, you're really seeing investors dumping these stocks
[1:56] Speaker 4: because they don't have much confidence to see any turnaround
[1:59] Speaker 4: just yet. And looking at this weakness in the consumer stocks,
[2:05] Speaker 4: it is driven by the domestic weakness in the macro picture.
[2:08] Speaker 4: But also when you look at global trends, it's actually
[2:12] Speaker 4: a reflection as well when you see investors in general
[2:15] Speaker 4: rotating into these AI names. And when we spoke to
[2:19] Speaker 4: the strategist at Bank of America, actually she's saying that jokingly,
[2:23] Speaker 4: that this year's trend is a lot about selling what
[2:27] Speaker 4: people consume and buying what machines consume. So I think
[2:31] Speaker 4: that's also a reflection of that. And just given the
[2:35] Speaker 4: strengths that we are still seeing in tech, plus we
[2:38] Speaker 4: did have a bit of a policy stimulus recently, but
[2:41] Speaker 4: that is not so big just yet. And investors don't
[2:45] Speaker 4: really expect any bigger stimulus at this point because China
[2:50] Speaker 4: seems to just want to bring the growth up to
[2:53] Speaker 4: the target instead of really exceeding that target.
[2:57] Speaker 3: So when you look at the onshore market, has it
[2:59] Speaker 3: been an easy time for tech or have some of
[3:03] Speaker 3: those issues struggled a bit?
[3:06] Speaker 4: Yeah, exactly. So onshore stocks have actually been struggling recently
[3:11] Speaker 4: and since July, actually. You're talking about the benchmark CSI 300,
[3:15] Speaker 4: for example, dropping to a one-year low. And that is
[3:19] Speaker 4: a lot being driven by some of these hardware names
[3:22] Speaker 4: that have rallied a lot earlier this year on the
[3:25] Speaker 4: optimism around the AI trend. Now, what you saw is
[3:29] Speaker 4: that in the latest quarter, the Star 50 gauge, which
[3:33] Speaker 4: has a lot of these onshore hardware stocks, actually increased.
[3:38] Speaker 4: had its worst quarter on record. And you see that
[3:43] Speaker 4: they haven't really been able to recover from that tech
[3:49] Speaker 4: route in July, partly because of these ongoing domestic competition
[3:54] Speaker 4: among these AI labs in China, these price competition. And plus,
[4:00] Speaker 4: you have these ongoing U.S.
[4:02] Speaker 1: Restrictions.
[4:03] Speaker 4: The other day, I think earlier this week, we learned
[4:06] Speaker 4: that there were some of these proposed bills from the U.S.
[4:09] Speaker 4: to restrict the usage of the optical transceivers from China,
[4:15] Speaker 4: for example. So many investors are a bit more cautious
[4:18] Speaker 4: right now, given that there was a very significant output
[4:22] Speaker 4: or improvement from the Trump-Xi summit and most likely this
[4:26] Speaker 4: kind of... the tension when it comes to the AI
[4:30] Speaker 4: tech race between China and the U.S. will intensify further.
[4:35] Speaker 3: So we talk a lot about the K-shaped economy. Is
[4:38] Speaker 3: that something that's happening on the mainland right now? Can
[4:40] Speaker 3: we call it a two-speed economy almost?
[4:44] Speaker 1: Yeah, exactly. It is very interesting.
[4:46] Speaker 4: And I think that is showing up in the economy
[4:50] Speaker 4: and also showing up in markets. We just talked about how...
[4:54] Speaker 4: On the stocks side of things, not doing very well
[4:58] Speaker 4: because of the drag in the retail space and in
[5:01] Speaker 4: the consumer spending. And the bearish view on the economy
[5:06] Speaker 4: going forward also is why we're seeing bond yields also
[5:11] Speaker 4: at the lowest level in more than a year. But
[5:14] Speaker 4: on the flip side of things, you're seeing very strong
[5:17] Speaker 4: export numbers and driven by these tech export as well.
[5:22] Speaker 4: So that is being shown up in the strength in
[5:26] Speaker 4: the Chinese currency. So we're talking about the yuan actually
[5:30] Speaker 4: hitting its highest level in about four years and in
[5:33] Speaker 4: fact is one of the strongest Asian currencies so far
[5:36] Speaker 4: this year against the dollar. Now, it's also being supported
[5:39] Speaker 4: by these policies. For example, we are seeing the PBOC
[5:44] Speaker 4: setting stronger fixing. So perhaps we're seeing authorities more comfortable
[5:49] Speaker 4: allowing the yuan to strengthen further against the dollar. So
[5:54] Speaker 4: these are really different forces driving markets or assets in
[5:59] Speaker 4: China going separate ways. But the implication of this is
[6:04] Speaker 4: that investors are overall turning slightly less confident about investing
[6:09] Speaker 4: in China.
[6:10] Speaker 2: As a whole.
[6:11] Speaker 4: Because just last year, same time, we're talking about how
[6:15] Speaker 4: China is ripping off this uninvestable tech because we're seeing assets,
[6:21] Speaker 4: the yuan, stocks, bonds, all rallying at the same time.
[6:25] Speaker 4: And the money is really flowing back to China. So
[6:29] Speaker 4: when you're seeing this disconnect in assets, that potentially means
[6:33] Speaker 4: that overall investors are turning a little bit more cautious.
[6:36] Speaker 3: In the time that we have left, I want to
[6:38] Speaker 3: talk a little bit about what's happening in Japan, a
[6:40] Speaker 3: country that you know pretty well. I'm looking at what's
[6:43] Speaker 3: going on inside the Nikkei right now. The overall index
[6:46] Speaker 3: is down, but energy is showing a lot of positivity.
[6:49] Speaker 3: And I mentioned earlier, maybe I didn't, but I'll point
[6:51] Speaker 3: it out now, that we had a spike in crude
[6:54] Speaker 3: oil prices during the New York session on indications that
[6:57] Speaker 3: the U.S. may soon increase its military strength in the
[7:01] Speaker 3: Persian Gulf. And if you look at today's data on
[7:05] Speaker 3: inflation for the city of Tokyo, that number, the CPI
[7:09] Speaker 3: print came in hotter than expected. Give me your sense
[7:13] Speaker 3: of where we are right now with the inflation story
[7:15] Speaker 3: in Japan and how the BOJ is likely to respond.
[7:21] Speaker 4: Yeah, so interestingly, we saw a pretty big spike in
[7:25] Speaker 4: the CPI numbers. But as our economists and some of
[7:29] Speaker 4: the strategists we've been talking to pointed out, it's mostly
[7:31] Speaker 4: being driven by some of the policy distortions. So basically,
[7:36] Speaker 4: there were quite a few subsidies last year. So because
[7:40] Speaker 4: we came off such a low base, it seems like
[7:43] Speaker 4: the number this time around is very high. However, just
[7:47] Speaker 4: stripping off those one-off changes, we're still seeing basically the
[7:52] Speaker 4: numbers indicating to us that inflation is still running pretty high.
[7:57] Speaker 4: And that is also in line with what the Bank
[8:00] Speaker 4: of Japan has been pointing out, right? It is the
[8:03] Speaker 4: fact that inflation kind of around the or trading around
[8:08] Speaker 4: the 2% target. And for them, there is a very
[8:13] Speaker 4: high risk of the price of the upside risk when
[8:18] Speaker 4: it comes to prices. And that is why they want
[8:21] Speaker 4: to make sure that their priority is to bring down
[8:25] Speaker 4: inflation to below target. And that is exactly why the
[8:29] Speaker 4: latest inflation numbers still point to potential further hikes from
[8:35] Speaker 4: the Bank of Japan. Now, you did see the yen
[8:38] Speaker 4: actually strengthened a little bit right after these numbers, but
[8:43] Speaker 4: it quickly pared back down. Just because at this point,
[8:47] Speaker 4: for the yen, it really is about how investors can
[8:51] Speaker 4: be more confident that there will be more policies to
[8:55] Speaker 4: come through. Although we have heard from all these US officials,
[8:59] Speaker 4: Japan officials, that there is going to be some sort
[9:02] Speaker 4: of support for the yen until investors really see any
[9:08] Speaker 4: specific action, whether it is intervention, whether it is Bank
[9:12] Speaker 4: of Japan's very hawkish tone to raise rates further. The
[9:17] Speaker 4: yen is likely going to still be quite vulnerable and
[9:20] Speaker 4: still be more on the weaker side of things, despite
[9:23] Speaker 4: CPI numbers coming in hotter than expected.
[9:26] Speaker 3: So we have a 158 against the dollar right now.
[9:29] Speaker 3: That is yen vis-a-vis the greenback. Do you think we're
[9:32] Speaker 3: going to get a rate hike this month, the month
[9:34] Speaker 3: of October? Is it too close to call? And maybe
[9:37] Speaker 3: we should look to the December meeting of the BOJ
[9:40] Speaker 3: before we get that 25 basis point increase. What do
[9:43] Speaker 3: you think?
[9:44] Speaker 4: Yeah, exactly. So for now, I think the expectation really
[9:49] Speaker 4: is that the Bank of Japan won't be moving just
[9:53] Speaker 4: yet for this month and that it will take a
[9:58] Speaker 4: little bit longer for them to evaluate the economic situation
[10:03] Speaker 4: right now, especially when you mentioned the instability when it
[10:08] Speaker 4: comes to the oil prices. Very clearly, the Bank of
[10:11] Speaker 4: Japan and Japanese government take a very, very close eye
[10:15] Speaker 4: on the moves in energy prices. Now, there is a
[10:19] Speaker 4: higher likelihood for the next hike to be in December.
[10:24] Speaker 4: And now that hike, that chance of that hike is
[10:27] Speaker 4: even higher with the latest numbers that we saw from CPI.
[10:32] Speaker 4: So the possibility right now we're looking at really is
[10:38] Speaker 4: December rate hike for the next one.
[10:40] Speaker 3: We will leave it there. And I wish you the
[10:43] Speaker 3: best for the Golden Week holiday. I hope you have
[10:45] Speaker 3: some time to rest and relax and maybe party a
[10:50] Speaker 3: bit with friends and family. Winnie, thank you so very much.
[10:53] Speaker 3: Bloomberg's Winnie Su, Asia Equity Reporter, joining from our studios
[10:57] Speaker 3: in Hong Kong here on the Daybreak Asia podcast. Welcome
[11:08] Speaker 3: back to the Daybreak Asia podcast. I'm Doug Kriszner. Japan
[11:11] Speaker 3: is aiming to speed up its development of data centers.
[11:15] Speaker 3: A trio of companies, including Dell and Jira, the world's
[11:18] Speaker 3: largest gas trader, have agreed to develop a 400-megawatt data
[11:23] Speaker 3: center near Tokyo at a cost of $ 15 billion. Now,
[11:26] Speaker 3: Apollo Global will be financing this project. That's where we
[11:30] Speaker 3: begin our conversation with Yukio Kani. He is the CEO
[11:34] Speaker 3: and chairman of Jira, and he spoke with Bloomberg's Sherry Ahn.
[11:38] Speaker 1: I mean, congratulations on this project in Chiba and with
[11:42] Speaker 1: power capacity of up to 400 megawatts. Tell us what
[11:46] Speaker 1: stands out in this deal.
[11:50] Speaker 5: First of all, nice to meet you again, Sherry, and
[11:52] Speaker 5: thank you for having me. So yesterday we announced about
[11:57] Speaker 5: collaboration package among Dell Technology, Realm, and Jira.
[12:03] Speaker 2: And why this is so important.
[12:05] Speaker 5: Three months ago, I first met with Michael Dell and Ben,
[12:10] Speaker 5: the CEO of Realm.
[12:12] Speaker 2: Three talked together, agreeing a couple things.
[12:16] Speaker 5: First is that let's standardize the AI data center from
[12:24] Speaker 5: engineering specification and.
[12:26] Speaker 2: A commercial arrangement.
[12:28] Speaker 5: Second is that if you want to do AI data center,
[12:31] Speaker 5: you need LNG for quick solution. So AI data center
[12:36] Speaker 5: value chain is very long. Not only AI data center,
[12:39] Speaker 5: but the power station, gas power station, gas thermal power plant,
[12:43] Speaker 5: energy receiving terminals, energy shipping arrangement, and the global energy procurement.
[12:49] Speaker 5: So somebody needs to integrate the whole process and standardize
[12:54] Speaker 5: and run it. So three companies will cover whole spectrum
[12:59] Speaker 5: of value chain.
[13:02] Speaker 1: So this starts in Chiba and you're hoping to expand
[13:05] Speaker 1: this even overseas?
[13:06] Speaker 2: Yes.
[13:07] Speaker 5: So one other thing we agree is that if we just,
[13:11] Speaker 5: the concept is great. Once we can standardize, we can
[13:15] Speaker 5: repeat the project and scale the data center in a
[13:20] Speaker 5: very quick manner. But if we don't have a concrete
[13:24] Speaker 5: project to do the, to realize the concept, it's just
[13:28] Speaker 5: a talk and talk and talk. So Jared decided to
[13:31] Speaker 5: provide the best location in Tokyo, which is Chiba thermal
[13:37] Speaker 5: power plant. And there is a land to build a
[13:40] Speaker 5: data center. We can put thermal power and the grid
[13:43] Speaker 5: connections already there.
[13:45] Speaker 2: Whole infrastructure is there.
[13:47] Speaker 5: So we can, the key is speed to power. The
[13:51] Speaker 5: hyperscalers really want to have power within the one or
[13:55] Speaker 5: two years.
[13:55] Speaker 1: And what does it mean for Jera as well? I mean,
[13:57] Speaker 1: does that change sort of the type of business that
[13:59] Speaker 1: you are if you're not just a power provider, but
[14:02] Speaker 1: an actual AI infrastructure player yourself?
[14:06] Speaker 2: So that's really a good question, Shuri, that we are.
[14:10] Speaker 5: Sitting in power supply side, covering whole LNG value chain side,
[14:16] Speaker 5: but working with a data center player like Dell Technologies
[14:20] Speaker 5: and Rill. But we sit together and exchange the whole
[14:26] Speaker 5: information to connect the data center side and LNG value
[14:31] Speaker 5: chain side. So in short, we are sitting in the
[14:35] Speaker 5: power supply side.
[14:39] Speaker 1: The fact that you're putting so much energy into the
[14:42] Speaker 1: AI infrastructure play right now, is that coming from the
[14:47] Speaker 1: confidence that AI demand will be sustainable and durable in
[14:50] Speaker 1: Japan and the rest of the world? Because right now
[14:53] Speaker 1: there's still a lot of skepticism about whether these will
[14:56] Speaker 1: actually lead to real returns soon enough.
[15:01] Speaker 5: So if you look around the world, we all know
[15:04] Speaker 5: US and China are the epicenter of growing data center demand.
[15:10] Speaker 5: The rest of the world is just beginning. and the
[15:14] Speaker 5: same in Asia. So, demand will pick up from now.
[15:19] Speaker 5: And in Asia, outside China, Japan may be the biggest
[15:26] Speaker 5: data center, potential demand center. And if you see Japan,
[15:31] Speaker 5: greater Tokyo is 70% of the potential data center demand.
[15:36] Speaker 5: And from now to next 10 years, it may reach
[15:39] Speaker 5: 10 gigawatt.
[15:42] Speaker 1: Outside of Japan, where the biggest potential for Jera, especially
[15:46] Speaker 1: for this type of model?
[15:47] Speaker 4: Yes.
[15:49] Speaker 1: Which markets?
[15:50] Speaker 5: Outside Japan, South Korea, Malaysia, and many others trying to build.
[15:58] Speaker 1: So when we're talking about the timeline of this Chiba project,
[16:02] Speaker 1: when do you expect to be able to replicate it
[16:05] Speaker 1: somewhere else?
[16:06] Speaker 5: So our target for first project, Chiba, which is 400 megawatt,
[16:11] Speaker 5: it costs $ 15 billion, just 400 megawatt. But this is
[16:17] Speaker 5: the biggest Asian single AI data center project now. And
[16:24] Speaker 5: we try to start our power supply from 2028. So
[16:29] Speaker 5: it's very quick, within two years' time. But we have,
[16:35] Speaker 5: for instance, in Tokyo Bay, we have more than 10
[16:38] Speaker 5: thermal power plants having some space to repeat the same thing.
[16:44] Speaker 2: So we can.
[16:46] Speaker 5: Grow very quickly toward three, four gigawatt easily. Four gigawatt
[16:51] Speaker 5: means one gigawatt requires $ 40 billion investment.
[16:55] Speaker 2: So four gigawatt is.
[16:56] Speaker 5: $ 150 billion investment.
[16:59] Speaker 2: So it's huge.
[17:01] Speaker 1: Tell us a little bit about the financing side of
[17:03] Speaker 1: things because Apollo is also involved here, right? Would future
[17:06] Speaker 1: projects involve these PE companies also coming in?
[17:10] Speaker 5: So we provide LNG value chain side. Dell provide data
[17:19] Speaker 5: center facility side. And Realm is the leading data center
[17:25] Speaker 5: builder and operator. But it's a huge capital investment. We
[17:30] Speaker 5: need money, right?
[17:32] Speaker 2: Always money.
[17:33] Speaker 5: So we need somebody to support our capital investment. So
[17:37] Speaker 5: Apollo is backing Realms data center construction. And we're very
[17:43] Speaker 5: happy to see more and more of those big capital
[17:47] Speaker 5: investors coming into our team.
[17:52] Speaker 1: At what point will you know that the bet is
[17:54] Speaker 1: paying off?
[17:59] Speaker 2: So our side is providing power.
[18:02] Speaker 1: 2028 when you're.
[18:04] Speaker 5: Actually able to do it. Yeah, 24-7 power supply. And
[18:10] Speaker 5: that one is almost the same for power supply to
[18:14] Speaker 5: like IPP projects around the world. So it's a long-term PPAs.
[18:20] Speaker 5: Usually it takes six, seven years to pay off. But
[18:25] Speaker 5: data center one is something we don't know still. It
[18:31] Speaker 5: depends on the customers. It depends on terms and conditions
[18:35] Speaker 5: of its customers. And those negotiations is Realms' responsibility. Having
[18:41] Speaker 5: said that, many hyperscale are really trying to find the
[18:46] Speaker 5: best project in greater Tokyo area. And we are very
[18:50] Speaker 5: confident that Dell technology, Realm and Jira having value chain
[18:57] Speaker 5: integration package AI data center backed by Apollo. I think
[19:05] Speaker 5: we're very confident that we can find good customers.
[19:09] Speaker 1: Yukio, before I let you go, the global energy situation
[19:13] Speaker 1: right now, I mean, I mentioned elevated oil prices, tightness
[19:17] Speaker 1: in the diesel space as well, the tension apparently between
[19:20] Speaker 1: the U.S. and Europe right now when it comes to
[19:22] Speaker 1: diesel supplies, which is interesting because we've been talking about
[19:26] Speaker 1: oil and Iran, but now we're seeing it in the
[19:29] Speaker 1: product side of things. Of course, you're an industry veteran.
[19:33] Speaker 1: Where do you see right now the biggest vulnerability and
[19:36] Speaker 1: where do you expect to see it in the months
[19:38] Speaker 1: to come?
[19:40] Speaker 5: So I think today's, we are in the LNG side
[19:45] Speaker 5: and gas business around the world.
[19:47] Speaker 2: Today's JKN is, I think, $ 26.
[19:51] Speaker 5: TTF is around $ 25. One year ago, it was $ 10.
[19:59] Speaker 2: So more than double. It's very expensive.
[20:02] Speaker 5: And the market participants worry about this coming winter. Before winter,
[20:09] Speaker 5: already price going to $ 25. And a couple of things.
[20:15] Speaker 5: Home straight situation most likely continue. So which means we
[20:20] Speaker 5: don't expect cattle energy coming back to the market soon.
[20:25] Speaker 5: So then we are entering the winter. In Europe, gas
[20:30] Speaker 5: storage level is historically low. And we don't know what
[20:34] Speaker 5: would happen about EU policy about banning LNG and gas
[20:39] Speaker 5: import from Russia from January 1st next year. So those
[20:44] Speaker 5: elements suggest that the spot price will go up.
[20:48] Speaker 3: That was Yukio Kani, chair and CEO of JIRA, speaking
[20:52] Speaker 3: with Bloomberg TV host Sherry Ahn. bringing you their conversation
[20:55] Speaker 3: here on the Daybreak Asia podcast. Thanks for listening to
[21:00] Speaker 3: today's episode of the Bloomberg Daybreak Asia edition podcast. Each weekday,
[21:05] Speaker 3: we look at the stories shaping markets, finance, and geopolitics
[21:09] Speaker 3: in the Asia Pacific. You can find us on Apple, Spotify,
[21:13] Speaker 3: the Bloomberg podcast YouTube channel, or anywhere else you listen.
[21:17] Speaker 3: Join us again tomorrow for insight on the market moves
[21:20] Speaker 3: from Hong Kong to Singapore and Australia. I'm Doug Krisner,
[21:24] Speaker 3: and this is Bloomberg.

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