Japan Data Response Machinery Orders (Jun.) Even though machinery orders fell further in June, they still rose last quarter and we’ve pencilled in an increase in non-residential investment in tomorrow’s GDP release. 9th August 2018 · 1 min read
Japan Data Response Labour Cash Earnings & Household Spending (Jun.) The surge in wage growth in June was mostly driven by stronger bonus payments whereas base pay didn’t pick up any further. Meanwhile, the rise in household spending in June adds to the evidence that... 7th August 2018 · 1 min read
Japan Data Response Labour Market & Industrial Production (Jun.) Even though job growth slowed in June, the unemployment rate remained very low. Meanwhile, industrial production rebounded last quarter which suggests that the economy returned to growth. 31st July 2018 · 1 min read
Japan Data Response Retail Sales (Jun.) The rebound in retail sales in June suggests that consumer spending picked up again in Q2 which supports our view that the economy returned to growth last quarter. 30th July 2018 · 1 min read
Japan Data Response Tokyo CPI (Jul.) There was a broad-based rise in price pressures in the capital region last month. But while the rise in energy inflation won’t be sustained, the recent pick-up in underlying inflation has further to... 27th July 2018 · 1 min read
Japan Data Response Flash Manufacturing PMI (July) The manufacturing PMI fell back in July which suggests that the threat of a global trade war may be weighing on business confidence. At the same time, price pressures have continued to intensify. 24th July 2018 · 1 min read
Japan Data Response Consumer Prices (Jun.) Energy inflation jumped in June. But if we strip out energy and fresh food, consumer prices have fallen in recent months, leaving the BoJ’s 2% inflation target out of reach. 20th July 2018 · 1 min read
Japan Data Response External Trade (June) Today’s trade data show a renewed plunge in imports in June and suggest that net trade continued to support GDP growth in the second quarter. 19th July 2018 · 1 min read
Japan Data Response Machinery Orders (May) Even though machinery orders dropped in May, their Q2 average is well above the Q1 average and suggests that investment spending picked up again last quarter. 11th July 2018 · 1 min read
Japan Data Response Labour Cash Earnings & Household Spending (May) The acceleration in base pay in May is another sign that the tight labour market is boosting cost pressures. But we think that wages would still have to rise much faster to generate 2% inflation. 6th July 2018 · 1 min read
Japan Data Response Labour Market & Ind. Prod. (May) & Tokyo CPI (Jun.) While industrial output fell slightly in May, the economy should have returned to growth in the second quarter. Meanwhile, the labour market continues to tighten and there are signs that this is now... 29th June 2018 · 1 min read
Japan Data Response Retail Sales (May) Despite the fall in retail sales in May, consumer spending should still return to growth in the current quarter. 28th June 2018 · 1 min read
Japan Data Response Flash Manufacturing PMI (June) The manufacturing PMI was little changed in June and still points to robust gains in industrial output. And the recent surge in crude oil prices is boosting price pressures. 22nd June 2018 · 1 min read
Japan Data Response Consumer Prices (May) While a pick-up in energy and fresh food prices lifted inflation in May, underlying inflation weakened further and remains far below the Bank of Japan’s 2% target. 22nd June 2018 · 1 min read
Japan Data Response External Trade (May) Even though today’s trade data show a jump in imports in May, we still think that net trade supported GDP growth in the current quarter. 18th June 2018 · 1 min read
