This report summarizes key crypto market developments from Q4 2024 through early 2025, capturing dramatic volatility across major tokens. Bitcoin surged on policy optimism before a profit-taking correction, while Ethereum, Solana, Ripple, Cardano, Polygon and Avalanche each faced and navigated their unique cycles and challenges.

DeepSeek’s breakthrough in resource-efficient AI has sparked a powerful rally in Chinese stock markets, propelling major Internet and technology stocks to rise and underscoring strong government support for private-sector innovation.

In 2024, Japan's economy showed resilience, with the Nikkei 225 gaining 19%, supported by a weak yen and accommodative monetary policy. The Bank of Japan raised interest rates twice, ending negative rates, while strong exports, tourism and rising wages boosted market confidence. Looking ahead to 2025, gradual rate hikes are expected, balancing economic growth and inflation control.

Ripple is the most actively traded crypto in Japan, and its market capitalization ranks it as the third-largest crypto overall as of the end of 2024. This report offers an analysis of Ripple's framework, which operates on a distinct system compared to other blockchains, as well as its prospective future, especially regarding international payment and enhances cross-border transaction.

This 2025 Outlook report provides a comprehensive review of 2024 and outlook for 2025 across asset classes in the US, China, Japan and crypto. While 2024 saw varied market performances with different developments in each region, the outlook for 2025, as forecasted by current market, is optimistic with anticipated stable growth influenced by policies.

This report analyses 2020-2024 share price performance and IPO capital raising trends for large-cap and small-cap companies in Hong Kong, China ADRs and Japan, noting large caps generally outperformed small caps due to better fundamentals and resilience in current volatile markets.