Japan Data Response

Flash Manufacturing PMI (Feb.)

The manufacturing PMI in February was the highest it has been since 2014’s sales tax hike and suggests that activity in the sector continued to expand at a strong pace this quarter. What’s more, the...

21st February 2017 · 1 min read

Japan Data Response

External trade (Jan.)

The tailwind from rising export prices was offset by a drop in export volumes in January. By contrast, import volumes recorded the strongest increase since mid-2014.

20th February 2017 · 1 min read

Japan Data Response

GDP (Q4 Preliminary)

Growth was not fast enough last quarter to reduce spare capacity any further, but the current level of the output gap remains consistent with stronger price pressures. The upshot is that monetary...

13th February 2017 · 1 min read

Japan Data Response

Machinery Orders (Dec.)

While machinery orders rebounded in December, their link to spending on machinery and equipment has been weak lately. Nonetheless, the pronounced recovery in capital goods shipments supports our view...

9th February 2017 · 1 min read

Japan Data Response

Labour Cash Earnings (Dec.)

Headline wage growth slowed in December as firms cut winter bonuses. While it should pick up again in coming months, a strong rebound is not on the cards.

6th February 2017 · 1 min read

Japan Data Response

Consumer Confidence (Jan.)

The slight rise in consumer confidence in January leaves it at its highest level in over three years. Meanwhile, household inflation expectations were broadly unchanged last month.

2nd February 2017 · 1 min read

Japan Data Response

Industrial Production, Household Spending & Unemployment (Dec.)

While today’s release on household spending suggests private consumption may have weakened in the fourth quarter, better-than-expected industrial production in December is consistent with a continued...

31st January 2017 · 1 min read

Japan Data Response

Retail Sales (Dec.)

December’s retail sales figures were weaker than expected and suggest our forecast of a 0.2% q/q rise in consumer spending last quarter appears too optimistic. At this stage a fall of around 0.5% q/q...

30th January 2017 · 1 min read

Japan Data Response

Consumer Prices (Dec.)

Both headline and underlying inflation weakened in December as the lingering effects of last year’s strengthening of the yen lowered goods prices. But with the yen having weakened markedly in recent...

27th January 2017 · 1 min read

Japan Data Response

External trade (Dec.)

The first rise in export values in more than a year reflects a combination of soaring export volumes and the recent depreciation of the yen. However, a weaker exchange rate tends to lift import prices...

25th January 2017 · 1 min read

Japan Data Response

Flash Manufacturing PMI (Jan.)

January’s manufacturing PMI suggests that Japan’s economic recovery picked up pace at the start of the year. What’s more, the weaker yen is fuelling price pressures.

24th January 2017 · 1 min read

Japan Data Response

Machinery Orders (Nov.)

While machinery orders fell in November, their current level remains consistent with a rebound in investment spending last quarter. The rebound in capital goods shipments also suggests that business...

16th January 2017 · 1 min read

Japan Data Response

Economy Watchers Survey (Dec.)

Today’s Economy Watchers Survey showed that the outlook has deteriorated somewhat relative to current conditions. Nonetheless, the survey remains consistent with a recovery in industrial production.

12th January 2017 · 1 min read

Japan Data Response

Consumer Confidence (Dec.)

The rebound in consumer confidence to a three-year high in December supports our view that consumer spending will be one of the driving forces of the economic recovery this year.

10th January 2017 · 1 min read

Japan Data Response

Labour Cash Earnings (Nov.)

Headline wage growth remained close to zero in November and part-time wages would have to rise at a much stronger pace to generate faster gains in consumer prices.

6th January 2017 · 1 min read