Japan Data Response Flash Manufacturing PMI (Sep.) The fourth straight rise in the manufacturing PMI suggests that the sector continued to take the strong appreciation of the exchange rate in its stride. However, the weakness in price pressures should... 23rd September 2016 · 1 min read
Japan Data Response External trade (Aug.) The contraction in both export and import values eased last month despite the ongoing price drag from the stronger yen. Export volumes are holding up well as the bulk is invoiced in currencies other... 21st September 2016 · 1 min read
Japan Data Response Machinery Orders (Jul.) Despite the further rise in “core” machinery orders in July, it still appears that business investment has stagnated. Indeed, other surveys of activity are hardly reassuring. 12th September 2016 · 1 min read
Japan Data Response Labour Cash Earnings (Jul.) Wage growth held up better than expected in July, helped by faster growth in bonus payments. But with regular earnings still expanding at a sluggish pace, wage growth is set to moderate over the... 5th September 2016 · 1 min read
Japan Data Response Consumer Confidence (Aug.) Households have become more upbeat about the outlook for their personal finances, which suggests that the recent jump in the household saving rate should reverse before long. By contrast, the renewed... 2nd September 2016 · 1 min read
Japan Data Response Capital Expenditure (Q2) Today’s data on capital spending showed a fall that broadly matched the drop in non-residential investment in the preliminary estimate of Q2 GDP. The upshot is that the second estimate of GDP, due... 1st September 2016 · 1 min read
Japan Data Response Small Business Confidence (Aug.) While the drop in today’s Shoko Chukin survey partly reflects seasonal patterns, the index remains consistent with falling industrial production. 31st August 2016 · 1 min read
Japan Data Response Industrial Production (Jul.) While industrial production was unchanged in July, firms’ forecasts for the following months suggest that the economy started expanding again in the third quarter. However, this alone is unlikely to... 31st August 2016 · 1 min read
Japan Data Response Unemployment, Retail Sales & Household Spending (Jul.) Today’s labour market data showed that job growth accelerated further in July. As the number of people in paid employment continues to rise rapidly, consumer spending should recover further this... 30th August 2016 · 1 min read
Japan Data Response Consumer Prices (Jun.) Today’s inflation figures confirm that the recent moderation in price pressures can no longer be blamed on cheaper energy. While economic activity is on the mend, the slump in import prices suggests... 26th August 2016 · 1 min read
Japan Data Response Flash Manufacturing PMI (Aug.) The third straight rise in the manufacturing PMI suggests that the sector is coping quite well with the sharp strengthening of the exchange rate since the start of the year. 23rd August 2016 · 1 min read
Japan Data Response External trade (Jul.) The trade surplus declined only slightly in July, but business surveys still point to a sharp fall in export volumes this quarter. 18th August 2016 · 1 min read
Japan Data Response GDP (Q2 Preliminary) Japan’s economy stagnated in the second quarter, so spare capacity didn’t shrink any further. Adding in the deflationary impact of the stronger yen, underlying inflation should moderate further in... 15th August 2016 · 1 min read
Japan Data Response Machinery Orders (Jun.) Despite a rebound in “core” machinery orders in June, their Q2 average points to a renewed decline in business investment. Nonetheless, we have pencilled in a small rebound as “core” capital goods... 10th August 2016 · 1 min read
Japan Data Response Economy Watchers Survey (Jul.) The improvement in both current conditions and the outlook in today’s Economy Watchers Survey was the strongest since spring 2014. That said, the survey’s link with actual economic activity is often... 8th August 2016 · 1 min read
Japan Data Response Labour Cash Earnings (Jun.) Wage growth rebounded in June, and the headline continues to mask solid gains in hourly earnings. Nonetheless, wages are not growing fast enough to create noticeable price pressures. 5th August 2016 · 1 min read
