Japan Data Response Japan Consumer Prices (June 2022) While inflation fell slightly in June, it will remain above the BoJ’s 2% target until early-2023, while underlying inflation will approach 2%. However, the Bank won’t respond with tighter policy. 22nd July 2022 · 2 mins read
Japan Data Response Japan External Trade (Jun. 2022) Japan’s trade deficit in June was the largest it has been since 2014 but the recent fall in commodity prices suggests it will narrow again before long. 21st July 2022 · 2 mins read
Japan Data Response Labour Cash Earnings (May 22) The slowdown in wage growth in May was entirely due to volatile bonus payments. Nonetheless, we don’t expect wages to grow fast enough for the Bank of Japan to start tightening policy anytime soon. 5th July 2022 · 2 mins read
Japan Data Response Tankan (Q2), Labour Market (May) & Tokyo CPI (Jun.) Today’s Tankan survey suggests that while the services sector is benefitting from the easing of virus restrictions, the outlook for the manufacturing sector is worsening. Meanwhile, the labour market... 1st July 2022 · 3 mins read
Japan Data Response Japan Industrial Production (May 2022) The plunge in industrial output in May suggests that Japan’s recovery is disappointing yet again. The upshot is that it will take until the second half of the year for GDP to surpass its pre-virus... 30th June 2022 · 2 mins read
Japan Data Response Japan Retail Sales (May 2022) The disappointing rise in retail sales in May poses downside risks to our upbeat forecasts for consumption growth in Q2. Asia Drop-In (30 th June, 09:00 BST/16:00 SGT): Are Asia’s central banks behind... 29th June 2022 · 2 mins read
Japan Data Response Japan Consumer Prices (May 2022) While inflation didn’t rise any further in May, it will remain above the BoJ’s 2% target until early-2023, while underlying inflation will approach 2%. However, the Bank won’t respond with tighter... 24th June 2022 · 2 mins read
Japan Data Response Japan Flash PMIs (Jun. 2022) The PMIs suggest that supply shortages are still holding back manufacturing output and adding to price pressures. On a more upbeat note, the surveys also point to a strong pick-up in consumption as... 23rd June 2022 · 2 mins read
Japan Data Response Japan External Trade (May 2022) Export volumes recovered a bit in May, but they are likely to stay weak in the near term until supply shortages dissipate and allow exporting automakers to ramp up production again. Markets Drop-In... 16th June 2022 · 2 mins read
Japan Data Response Japan Wages & Household Spending (Apr. 22) While regular wage growth is approaching its pre-pandemic peak, it won’t reach the 3% the Bank of Japan is aiming for anytime soon. More positively though, with overtime working hours reaching levels... 7th June 2022 · 2 mins read
Japan Data Response Labour Market, Industrial Prod. & Retail Sales (Apr. 22) While employment recovered sharply in April and should soon reclaim its pre-pandemic level, the weakness in both goods production and goods consumption last month suggests that the economy’s Q2... 31st May 2022 · 3 mins read
Japan Data Response Japan Flash PMIs (May 2022) While the flash manufacturing PMI was little changed in May, the details suggest that supply shortages worsened yet again, weighing on output and lifting prices. 24th May 2022 · 2 mins read
Japan Data Response Japan Consumer Prices (Apr. 2022) Inflation rose above the Bank of Japan's 2% inflation target for the first time since 2008 and we expect underlying inflation to approach 2% later this year, but this won't prompt the Bank to tighten... 20th May 2022 · 2 mins read
Japan Data Response Japan External Trade (Apr. 2022) Export volumes fell in April, and they are likely to remain subdued over the coming months until supply shortages dissipate and allow exporters to make up for lost ground. 19th May 2022 · 2 mins read
Japan Data Response Japan GDP (Q1 2022 Preliminary) Japan’s economy only contracted slightly in Q1 as consumption held up well despite prolonged restrictions during the Omicron wave. But while the economy will bounce back this quarter, we think Japan’s... 18th May 2022 · 2 mins read
Japan Data Response Japan Labour Cash Earnings (Mar. 22) Nominal wage growth stayed at 1.2% in March and we think it could touch 2% over the coming months as overtime and bonus payments get back to their pre-virus levels. But with base pay growth still weak... 9th May 2022 · 2 mins read
