Japan Data Response Japan Retail Sales & Industrial Production (Jan. 2022) The falls in both retail sales and industrial production in January confirm that the Omicron surge has knocked back the recovery. We think consumer spending will fall across this quarter, but it... 28th February 2022 · 2 mins read
Japan Data Response Japan Flash PMIs (Feb. 2022) The February flash PMIs suggest that the Omicron wave has dealt a significant blow to economic activity. But with that wave now having broken, we think Japan’s economy is set for a rebound stronger... 21st February 2022 · 2 mins read
Japan Data Response Japan Consumer Prices (Jan. 2022) Inflation slowed in January but that was entirely down to the base effects boost from the Go To Travel campaign disappearing. While underlying inflation is unlikely to reach 1% until later in the year... 18th February 2022 · 2 mins read
Japan Data Response Japan External Trade (Jan. 2022) Exports were broadly unchanged in January despite Omicron surges at home and abroad. We think they’ll rebound further this year as external demand for capital goods rises further and motor vehicle... 17th February 2022 · 2 mins read
Japan Data Response Japan GDP (Q4 2021 Preliminary) While Omicron will cause Japan’s economy to do little more than tread water this quarter following a rebound in Q4, output should soon resume its recovery and get back on its pre-virus trend by the... 15th February 2022 · 2 mins read
Japan Data Response Japan Wages & Household Spending (Dec. 2021) Wage growth turned negative in December due to another fall in end-of-year bonus payments, but it should soon bounce back above 1% y/y this year as the labour market tightens and strong corporate... 8th February 2022 · 2 mins read
Japan Data Response Japan Retail Sales & Industrial Production (Dec. 2021) The small fall in both retail sales and industrial production in December suggests that the post-Delta rebound was losing steam before local Omicron cases started to surge. And while output is still... 31st January 2022 · 2 mins read
Japan Data Response Japan Flash PMIs (Jan. 2022) The January flash PMI suggests that the manufacturing sector continues to expand at a rapid pace, but there are mounting signs that firms are passing on higher input costs to consumers. By contrast... 24th January 2022 · 2 mins read
Japan Data Response Japan Consumer Prices (Dec. 2021) Consumer price inflation reached a two-year high of 0.8% in December, but with energy prices set to fall back, we think that it will peak around 1% by mid-year. 21st January 2022 · 2 mins read
Japan Data Response Japan External Trade (Dec. 2021) Exports were broadly stable in December after a sharp rebound in November. We think they’ll continue to recover at a decent pace this year as external demand for capital goods continues to rise and... 20th January 2022 · 2 mins read
Japan Data Response Japan Machinery Orders (Nov. 2021) The rise in machinery orders in November supports our view that business investment recovered strongly across Q4. And private investment should continue to rebound strongly this year as firms look... 17th January 2022 · 2 mins read
Japan Data Response Japan Wages & Household Spending (Nov. 2021) Wage growth fell to zero in November due a slump in bonus payments, but it should accelerate as the labour market tightens and the recent reopening feeds into a renewed recovery in overtime and bonus... 7th January 2022 · 2 mins read
Japan Data Response Japan Consumer Prices (Nov. 2021) Headline inflation picked up in November due to another acceleration in energy inflation and a further rise in fresh food inflation. Underlying inflation remained weak, and while it will accelerate... 24th December 2021 · 2 mins read
Japan Data Response Japan External Trade (Nov. 2021) The jump in exports in November suggests that most supply chain constraints in the automobile sector had already eased last month. We think that exports will remain strong over the coming months as... 16th December 2021 · 2 mins read
Japan Data Response Tankan (Q4 2021) The Q4 Tankan survey showed that the services sector has started to narrow the gap relative to manufacturing and we think that process has further to run. 13th December 2021 · 3 mins read
Japan Data Response Japan Wages & Household Spending (Oct. 2021) Wage growth stayed weak in October but it should accelerate as the labour market tightens and the recent vaccine-led reopening allows a full recovery in overtime and bonus payments. Meanwhile, the... 7th December 2021 · 2 mins read
