Japan Data Response Labour Cash Earnings (Jul.) The rebound in bonus payments in July was far too modest to prevent a drop in this year’s summer bonuses. With the tight labour market failing to create strong wage gains, the Bank of Japan still has... 4th September 2015 · 1 min read
Japan Data Response Capital Expenditure (Q2)-2015 The Ministry of Finance’s survey on corporate finances suggests that the economy shrank by even more last quarter than initially estimated. 1st September 2015 · 1 min read
Japan Data Response Industrial Production (Jul.) The drop in industrial production in July suggests that economic activity will recover only slowly this quarter. 31st August 2015 · 1 min read
Japan Data Response Unemployment, Retail Sales, Household Spending Consumer Prices (Jul.) Underlying price pressures are not quite as weak as the stagnation in the ”core” CPI suggests. But following a renewed widening in spare capacity last quarter, the chances of hitting the Bank of Japan... 28th August 2015 · 1 min read
Japan Data Response Small Business Confidence (Aug.) Small business confidence moderated in August, but still points to modest gains in industrial output. 26th August 2015 · 1 min read
Japan Data Response Flash Manufacturing PMI (Aug.) Today’s flash manufacturing PMI for August suggested that the sector has continued to gain momentum, adding to signs that the economy has returned to growth this quarter, following a contraction in Q2... 21st August 2015 · 1 min read
Japan Data Response External trade (Jul.) The trade deficit widened in July, and should continue to rise in coming months as the weaker yen pushes up import costs. 19th August 2015 · 1 min read
Japan Data Response GDP (Q2 Preliminary) The slump in output last quarter should be followed by a tepid recovery in the second half of the year. We remain convinced that the Bank of Japan will announce more easing in October. 17th August 2015 · 1 min read
Japan Data Response Machinery Orders (Jun.) Despite a marked decline in June, machinery orders continued to recover last quarter, consistent with another rise in non-residential investment. 13th August 2015 · 1 min read
Japan Data Response Labour Cash Earnings (Jun.) Labour cash earnings fell the most since the 2009 recession during the first month of the summer bonus season, highlighting that the tight labour market has not created stronger wage pressures. 4th August 2015 · 1 min read
Japan Data Response Unemployment, Consumer Prices, Household Spending (Jun.) Today's data provide some tentative signs that underlying price pressure has started to strengthen again. But with consumer spending falling to the lowest level since last year’s sales tax hike, we... 31st July 2015 · 1 min read
Japan Data Response Industrial Production (Jun.) The rebound in industrial output in June was not strong enough to prevent a contraction in Q2, and we stick to our view that the economy shrank last quarter. 30th July 2015 · 1 min read
Japan Data Response Small Business Confidence (Jul.) The jump in small business confidence in July suggests that the economy should recover in the third quarter after Q2’s slump. 29th July 2015 · 1 min read
Japan Data Response Retail Sales (Jun.) The renewed drop in retail sales in June adds to the evidence that consumer spending fell last quarter. 29th July 2015 · 1 min read
Japan Data Response Flash Manufacturing PMI (Jul.) Today’s flash manufacturing PMI suggests that the sector returned to growth in the third quarter following a likely drop in output in Q2. 24th July 2015 · 1 min read
Japan Data Response External trade (Jun.) While today’s data showed a rebound in export values in June, we think that net trade remained a drag on GDP growth last quarter. 23rd July 2015 · 1 min read
