Japan Data Response External trade (Nov.) The sharp weakening of the yen has contributed to a rebound in the annual growth rate of trade values. However, since imports are invoiced in foreign currency more often than exports, the trade... 19th December 2016 · 1 min read
Japan Data Response Flash Manufacturing PMI (Dec.) The manufacturing PMI was the highest in December in almost a year and supports our view that the economy continued to expand at a robust pace this quarter. 15th December 2016 · 1 min read
Japan Data Response Tankan (Q4) While firms’ capital spending plans remain much weaker than in previous years, the rebound in the headline index of today’s Tankan should encourage the Bank of Japan to refrain from further easing. 14th December 2016 · 1 min read
Japan Data Response Machinery Orders (Oct.) Combined with the recovery in capital goods shipments, October’s rebound in “core” machinery orders suggests that business investment will start to recover this quarter. 12th December 2016 · 1 min read
Japan Data Response Economy Watchers Survey (Nov.) Today’s Economy Watchers Survey showed that current conditions are the most buoyant since 2014’s sales tax hike. However, the survey still points to a slowdown in job growth in coming months. 8th December 2016 · 1 min read
Japan Data Response GDP (Q3 Preliminary) GDP growth wasn’t quite as strong last quarter as initially reported, but this was more than offset by upward revisions to previous quarters. Spare capacity is narrowing and we still expect the Bank... 8th December 2016 · 1 min read
Japan Data Response Labour Cash Earnings (Oct.) Wage growth picked up marginally in October but remained very weak. While wages are rising more strongly allowing for falling working hours, the tight labour market has yet to create noticeable cost... 6th December 2016 · 1 min read
Japan Data Response Consumer Confidence (Nov.) While consumer sentiment worsened in November, household inflation expectations seem to have turned the corner. 5th December 2016 · 1 min read
Japan Data Response Capital Expenditure (Q3) Today’s capital spending figures suggest that non-residential investment was a touch stronger last quarter than initially estimated. However, the second preliminary estimate of Q3 GDP should confirm... 1st December 2016 · 1 min read
Japan Data Response Small Business Confidence (Nov.) Small business confidence was flat in November and suggests that the economy is treading water. Meanwhile, there are signs that the recent weakening of the exchange rate is boosting price pressures. 30th November 2016 · 1 min read
Japan Data Response Industrial Production (Oct.) While industrial production was little changed in October, firms’ forecasts point to a strong rise in the current quarter. 30th November 2016 · 1 min read
Japan Data Response Unemployment, Retail Sales & Household Spending (Oct.) While the jobless rate held steady in October, the job-to-applicant ratio is approaching the record-highs from the early-1990s. However, the tighter labour market has yet to translate into a visible... 29th November 2016 · 1 min read
Japan Data Response Consumer Prices (Oct.) While underlying inflation edged up in October, past falls in import prices may still push underlying inflation towards zero by year-end. But with the yen now weakening again and spare capacity... 25th November 2016 · 1 min read
Japan Data Response Flash Manufacturing PMI (Nov.) Following five straight monthly gains, the small decline in the manufacturing PMI in November is hardly a disaster. In fact, the survey suggests that price pressures have started to strengthen again. 24th November 2016 · 1 min read
Japan Data Response External trade (Oct.) Even though the drag from the stronger yen has started to fade, the annual growth rate of both export and import values fell deeper into the red last month. Nonetheless, net exports may still provide... 21st November 2016 · 1 min read
Japan Data Response GDP (Q3 Preliminary) The 0.5% q/q rise in GDP last quarter implies that the output gap was the smallest since 2014’s sales tax hike. Combined with the recent weakening of the yen, today’s figures therefore reduce the... 14th November 2016 · 1 min read
