macro commentators' framework that CNY/KRW/TWD are ~20%+ undervalued, sustained by 'FX laundromats' — quasi-government entities (not central banks directly) buying foreign exchange to suppress the currency, mirroring China's model. Taiwan's 4q rolling current-account surplus >20% of GDP, Korea >10%, China at its largest since pre-GFC. France revived 'global imbalances' at the G7, putting it back on the policy agenda. Mechanism: if G7/US pressure forces a KRW/TWD revaluation (~20% implied), Korean/Taiwan export competitiveness compresses and JPY benefits as relative beneficiary. Bears on 6J (JPY-supportive), 6A (AUD via Asia-EM FX linkage), 6E/DXY (global-imbalances debate).