Japan Data Response Machinery Orders (May) Machinery orders fell to a one-year low in May. But with capacity shortages intensifying and capital goods shipments rebounding, business investment should continue to expand. 10th July 2017 · 1 min read
Japan Data Response Labour Cash Earnings (May) The acceleration in base pay in May largely reflects a rebound in working hours. While strong growth in part-time pay points to faster overall gains, there is still a long way to go before wage growth... 7th July 2017 · 1 min read
Japan Data Response Consumer Confidence (Jun.) Despite a decline in June, consumer sentiment remains at elevated levels and household inflation expectations continue to recover. 3rd July 2017 · 1 min read
Japan Data Response Tankan (Q2) The jump in the Tankan’s headline index for large manufacturers suggests that economic activity accelerated last quarter. Capacity shortages have intensified and manufacturers are reporting the... 3rd July 2017 · 1 min read
Japan Data Response Ind. Prod., H’H Spending, Unempl. & Cons. Prices (May) Today’s activity data suggest that industrial production expanded at a decent pace in the second quarter. However, consumer spending appears to have eased a touch last month, while price pressures... 30th June 2017 · 1 min read
Japan Data Response Retail Sales (May) We wouldn’t read too much into the fall in retail sales in May as sales remain stronger than they were throughout most of 2016 and the early part of this year. We’ve pencilled in another rise in... 29th June 2017 · 1 min read
Japan Data Response Small Business Confidence (Jun.) Small business confidence rose in June and suggests industrial production will continue to record modest gains. While firms reported severe staff shortages, price pressures remain subdued. 28th June 2017 · 1 min read
Japan Data Response Flash Manufacturing PMI (Jun.) Even though the manufacturing PMI fell rather sharply in June, it still points to a robust expansion in industrial output. What’s more, today’s survey suggests that price pressures continue to... 23rd June 2017 · 1 min read
Japan Data Response External trade (May) Export values didn’t rebound in May while import values edged higher which suggests that net exports turned into a drag on GDP growth in Q2. However, business surveys suggest that external demand... 19th June 2017 · 1 min read
Japan Data Response Machinery Orders (Apr.) We wouldn’t read too much into the fall in machinery orders in April as the figures have not been a good guide to business investment recently. In fact, the rebound in capital goods shipments suggests... 12th June 2017 · 1 min read
Japan Data Response Economy Watchers Survey (May) Today’s Economy Watchers Survey suggests that consumer spending will accelerate in coming months. By contrast, the survey points to broadly stagnant industrial output and a slowdown in job growth. 8th June 2017 · 1 min read
Japan Data Response GDP (Q1 Revised) & Current Account (Apr.) Revised data show that GDP growth was weaker last quarter than initially reported. However, the early indications for the current quarter are positive and we reiterate our 2017 GDP forecast of +1.5%. 8th June 2017 · 1 min read
Japan Data Response Labour Cash Earnings (Apr.) Following an unusually weak reading in March, the rebound in wage growth in April came as no surprise. But the bigger picture is that labour cash earnings are not growing fast enough to create... 6th June 2017 · 1 min read
Japan Data Response Consumer Confidence (May) Consumer sentiment rebounded in May and remains near the highest it has been since the sales tax hike. Meanwhile, household inflation expectations have started to recover again. 2nd June 2017 · 1 min read
Japan Data Response Capital Expenditure (Q1) Today’s capital spending figures suggest that business investment was fractionally stronger last quarter than initially reported. However, we expect next week’s revised GDP figures to confirm the... 1st June 2017 · 1 min read
Japan Data Response Small Business Confidence (May) Small business confidence was little changed in May and points to continued gains in industrial output. But despite rising labour shortages, price pressures remain subdued. 31st May 2017 · 1 min read
