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According to FactSet data, the size of stock buybacks by Asian companies in the first eight months of 2025 reached approximately $266 billion, a nearly 70% increase compared to the full year of 2024. The most active markets for stock buybacks include Japan and Hong Kong, with the former repurchasing nearly $110 billion and the latter repurchasing around $105 billion. Unlike American companies, which heavily rely on debt for buybacks, Asian companies mostly rely on their increasing free cash flow (FCF) for stock buybacks. In other words, Asian companies are truly returning excess cash to shareholders rather than just passing on debt.