Japan Data Response Machinery Orders (Jan.) The rebound in machinery orders in January lifted them above their Q4 average. With firms facing severe capacity and staff shortages, business investment will remain a growth driver this year. 14th March 2018 · 1 min read
Japan Data Response Labour Cash Earnings & Household Spending (Jan.) The slowdown in base pay in January underlines that the Bank of Japan won’t be able to tighten monetary policy anytime soon. Meanwhile, the jump in household spending in January is good news but we... 9th March 2018 · 1 min read
Japan Data Response Economy Watchers Survey (Feb.) The Economy Watchers Survey weakened further in February as poor weather persisted. The survey suggests that private consumption has slowed quite sharply. 8th March 2018 · 1 min read
Japan Data Response GDP (Q4 Revised) Revised GDP data show that growth was stronger in Q4 than initially reported. But with the economy running into capacity constraints, we still think that the expansion will lose vigour this year. 8th March 2018 · 1 min read
Japan Data Response Labour Market (Jan.) & Tokyo CPI (Feb.) The labour market continues to tighten and price pressures are strengthening further. However, there is still a long way to go to reach the Bank of Japan’s 2% inflation target. 2nd March 2018 · 1 min read
Japan Data Response Consumer Confidence (Feb.) Household sentiment weakened in February as the recent equity market turmoil reduced confidence in households’ personal finances. 1st March 2018 · 1 min read
Japan Data Response Capital Spending (Q4) The jump in capital spending excluding software last quarter suggests that non-residential investment was stronger than initially reported. However, this alone won’t be enough to lift overall GDP... 1st March 2018 · 1 min read
Japan Data Response Industrial Production & Retail Sales (Jan.) Industrial production plunged and retail sales fell rather sharply in January. It looks increasingly likely that the longest period of uninterrupted expansion will come to an end this quarter. 28th February 2018 · 1 min read
Japan Data Response Consumer Prices (Jan.) Underlying inflation has picked up again but we think this mostly reflects the lagged pass-through from previous exchange rate weakness. With producer prices of consumer goods now moderating... 23rd February 2018 · 1 min read
Japan Data Response Flash Manufacturing PMI (Feb.) While the manufacturing PMI weakened in February it remains near the highest it has been since 2014’s sales tax hike and consistent with strong gains in industrial output. Meanwhile, the survey... 21st February 2018 · 1 min read
Japan Data Response External Trade (Jan.) Trade values were distorted in January by seasonal swings ahead of the Lunar New Year. The bigger picture is that external demand remains robust. 19th February 2018 · 1 min read
Japan Data Response Machinery Orders (Dec.) While machinery orders fell sharply in December, they were broadly unchanged in the fourth quarter as a whole. However, we already know from yesterday’s release of the GDP data that business... 15th February 2018 · 1 min read
Japan Data Response GDP (Q4 Preliminary) GDP growth slowed sharply last quarter and we think that the economy won’t expand as strongly this year as it did in 2017. 14th February 2018 · 1 min read
Japan Data Response Economy Watchers Survey (Jan.) The slump in the Economy Watchers Survey in January probably reflects cold winter weather and we wouldn’t read too much into it. 8th February 2018 · 1 min read
Japan Data Response Labour Cash Earnings (Dec.) The slowdown in wage growth in December was driven by bonus payments and overtime pay whereas regular pay rebounded. The big picture is that wage growth remains sluggish. 7th February 2018 · 1 min read
Japan Data Response Consumer Confidence (Jan.) Household sentiment remained strong at the start of 2018 and suggests that the expansion in consumer spending has further to run. 31st January 2018 · 1 min read
