Japan Data Response Japan Retail Sales & Industrial Production (Aug. 2021) The sharp falls in both retail sales and industrial production in August indicate that activity weakened significantly at the height of the Delta-driven fifth wave. But while that suggests that the... 30th September 2021 · 2 mins read
Japan Data Response Japan Flash PMIs (Sep. 2021) September’s flash PMIs suggest that while the services sector is bouncing back as the delta wave has ebbed, the manufacturing sector is suffering from weaker demand and mounting supply shortages. 24th September 2021 · 2 mins read
Japan Data Response Japan Consumer Prices (Aug. 2021) Headline inflation stayed negative in August as a boost from Go To Travel base effects was offset by a major drag from fresh food inflation. But looking through one-off factors such as Go To and April... 24th September 2021 · 2 mins read
Japan Data Response Japan External Trade (Aug. 2021) Today’s trade figures suggest that export volumes kept rising and we think that Japan’s focus on cars and machinery means that they will hold up better than in other Asian economies. 16th September 2021 · 2 mins read
Japan Data Response Japan Machinery Orders (Jul. 2021) The rise in machinery orders in July and optimistic projections for August and September support our view that business investment will rise strongly again across Q3. And private investment should... 15th September 2021 · 2 mins read
Japan Data Response Japan Wages & Household Spending (Jul. 2021) Wage growth recovered in July and it should strengthen further over the coming months as the labour market tightens and vaccines fuel a further recovery in overtime pay. Meanwhile, the drop in... 7th September 2021 · 2 mins read
Japan Data Response Labour Market & Industrial Production (Jul. 2021) While the Delta wave may reverse some of July’s jump in employment, we think vaccines will allow employment to surpass its pre-virus level by the end of this year. Meanwhile, the fall in industrial... 31st August 2021 · 3 mins read
Japan Data Response Japan Retail Sales (Jul. 2021) While retail sales recovered further in July, the high frequency data point to a renewed fall in August as the Delta wave intensified and we’ve pencilled in a 0.8% drop in private consumption in Q3. 30th August 2021 · 2 mins read
Japan Data Response Japan Flash PMIs (Aug. 2021) Today’s flash PMIs suggest that the worsening Delta outbreak may yet result in a fall in consumption this quarter. And with supply shortages intensifying, the manufacturing sector isn’t stepping into... 23rd August 2021 · 2 mins read
Japan Data Response Japan Consumer Prices (Jul. 2021) While headline inflation rose in July due to a pickup in energy inflation, it’s far weaker than the figure initially reported for June due to the introduction of a new CPI basket this month knocking... 20th August 2021 · 2 mins read
Japan Data Response Japan External Trade (Jul. 2021) Japan’s export volumes stagnated in July but given that a large share of those exports are cars and capital goods, we think they will rise again over the coming months. 18th August 2021 · 2 mins read
Japan Data Response Japan GDP (Q2 2021 Preliminary) Output only edged higher in the second quarter and won’t do much better this quarter as the Delta-driven fifth wave holds back consumer spending. But with the vaccine rollout still moving fast, a... 16th August 2021 · 2 mins read
Japan Data Response Japan Wages & Household Spending (Jun. 2021) The weakness in wage growth in June reflected both a slowdown in regular pay and a drop in summer bonuses. But with the labour market set to tighten and corporate profits on the mend, we think that... 6th August 2021 · 3 mins read
Japan Data Response Labour Market, Ind. Production & Retail Sales (Jun. 21) Retail sales, industrial production and employment all rebounded strongly in June, pointing to a sizeable recovery in activity in between the Alpha- and Delta-driven coronavirus waves. That supports... 30th July 2021 · 3 mins read
Japan Data Response Japan Flash PMIs (Jul. 2021) Today’s flash PMI suggests that the services sector was hit by Tokyo’s state of emergency but we still expect activity to recover towards the end of this quarter. 26th July 2021 · 2 mins read
Japan Data Response Japan External Trade (Jun. 2021) The rebound in exports showed further signs of slowing in June despite another high y/y growth rate caused by base effects. We think external demand will only provide a small tailwind to growth over... 21st July 2021 · 2 mins read
