Japan Data Response GDP (Q1 Revised) Revised data show that Japan’s economy expanded a little faster in recent quarters than initially reported. But the economy is running into capacity constraints and we expect growth to slow this year. 8th June 2018 · 1 min read
Japan Data Response Labour Cash Earnings (Apr.) The slowdown in wage growth in April was driven by volatile bonus payments, whereas base pay kept growing at the strongest pace in two decades. But wages would still have to grow much faster to meet... 6th June 2018 · 1 min read
Japan Data Response Household Spending (Apr.) While household spending was weak in April, the jump in retail sales suggests that private consumption returned to growth this quarter. 5th June 2018 · 1 min read
Japan Data Response Capital Spending (Q1) Today’s capital spending confirmed that investment was sluggish last quarter and suggest that we won’t see major revisions in the second estimate of Q1 GDP. 1st June 2018 · 1 min read
Japan Data Response Industrial Production (Apr.) Industrial production didn’t rise as much in April as most had anticipated. But the economy should still have returned to growth this quarter. 31st May 2018 · 1 min read
Japan Data Response Consumer Confidence (May) Today’s consumer confidence survey suggests that wage and employment growth will slow. Still, sentiment edged up marginally in May and points to a rebound in consumer spending. 30th May 2018 · 1 min read
Japan Data Response Retail Sales (Apr.) The jump in retail sales in April suggests that consumer spending started to expand again in the current quarter. The weakness at the start of the year implies that private consumption won’t grow by... 30th May 2018 · 1 min read
Japan Data Response Labour Market (Apr.) Even though employment growth slowed a bit in April, it remains unrealistically high. Meanwhile, the jobless rate stayed at 2.5% and it will probably edge a little lower over the coming months. 29th May 2018 · 1 min read
Japan Data Response Tokyo CPI (May) The continued moderation in inflation in the capital region underlines that the Bank of Japan won’t be able to tighten monetary policy anytime soon. 25th May 2018 · 1 min read
Japan Data Response Flash Manufacturing PMI (May) Even though the manufacturing PMI fell to a fresh low in May, we still think that the economy returned to growth this quarter. Meanwhile, the recent strength in crude oil prices is boosting price... 23rd May 2018 · 1 min read
Japan Data Response External Trade (Apr.) Some of the rebound in trade values in April reflects higher export and import prices. The key point though is that export volumes continue to outpace import volumes. 21st May 2018 · 1 min read
Japan Data Response Consumer Prices (Apr.) Most of the slowdown in inflation in April was driven by volatile fresh food prices. But the moderation in underlying inflation underlines that the Bank of Japan’s 2% inflation target remains out of... 18th May 2018 · 1 min read
Japan Data Response Machinery Orders (Mar.) We already know that business investment was little changed last quarter. As such, we wouldn’t read too much into the fall in machinery orders in March. The bigger picture is that firms are facing... 17th May 2018 · 1 min read
Japan Data Response GDP (Q1 Preliminary) The longest period of uninterrupted expansion since the late 1980s came to an end last quarter and we think that the economy won’t expand as much this year as it did in 2017. 16th May 2018 · 1 min read
Japan Data Response Economy Watchers Survey (Apr.) The Economy Watchers Survey was little changed in April and points to a further slowdown in consumer spending and sluggish industrial activity. 10th May 2018 · 1 min read
Japan Data Response Labour Cash Earnings (Mar.) The surge in base pay in March underlines that the tight labour market is now generating noticeable cost pressures. However, it will still take a few more years before wage growth is strong enough to... 9th May 2018 · 1 min read
