Japan Economics Update Heading back into recession The latest figures on Japan’s economy paint an even worse picture than we had anticipated. That the economy contracted in Q3 is now taken as a given. However, chances of a recovery in Q4 are... 31st October 2012 · 1 min read
Japan Economics Update Still no game changer from Bank of Japan The Bank of Japan’s further loosening of monetary policy today left markets underwhelmed. There is still no real sense that the Bank is getting ahead of the curve rather than playing catch up to... 30th October 2012 · 1 min read
Japan Economics Update Export slump will drag on Q3 GDP The weakness in the global economy in the third quarter has weighed heavily on Japan’s exporters. Despite the small rise in September, exports fell sharply over the quarter as a whole and will act as... 22nd October 2012 · 1 min read
Japan Economics Update Monetary Indicators Monitor (Sep.) A sustained pick-up in bank lending helped support broad money growth in September, although the rate of expansion remains subdued. Household borrowing continues to be the main driver of bank lending... 17th October 2012 · 1 min read
Japan Economics Update Worse to come as machinery orders slump The fall in Japan’s machinery orders in September adds to a large body of evidence that the economy contracted in Q3. What’s more, there are increasing signs that the economy will contract again in Q4... 11th October 2012 · 1 min read
Japan Economics Update Tankan consistent with GDP contraction Today’s weak Tankan survey supports our long-held view that Japan’s economy will have contracted in the third quarter. What’s more, a further contraction in Q4 looks increasingly likely. 1st October 2012 · 1 min read
Japan Economics Update Tankan to signal weaker Q3, no recovery in Q4 The Bank of Japan’s Tankan Survey for September (to be released on Monday) will probably show a deterioration in business conditions in the third quarter, and predictions for the fourth quarter are... 26th September 2012 · 1 min read
Japan Economics Update Shrinking exports will act as large drag on Q3 GDP Japan’s goods exports fell further in August as the slowdown in the global economy continued to weigh on trade. Unless exports have rebounded in September, and today’s flash PMIs from China and the... 20th September 2012 · 1 min read
Japan Economics Update BoJ easing welcome but will not succeed in capping yen The Bank of Japan surprised markets today with a move that gave the impression of co-ordinated easing by the major global central banks, providing a welcome boost to confidence. However, we had... 19th September 2012 · 1 min read
Japan Economics Update Monetary Indicators Monitor (Aug.) Broad money growth remained weak in August but it picked up slightly amid a continued rise in bank lending. Household demand for credit remains firm but businesses are cutting back on borrowing from... 17th September 2012 · 1 min read
Japan Economics Update Machinery orders still weak despite pick-up in July The second successive monthly rise in Japanese core machinery orders in July, announced today, does not suggest business capital spending will expand in Q3. The level of orders remains low, firms... 12th September 2012 · 1 min read
Japan Economics Update Businesses’ hopes of recovery scaled back The Japanese government’s Business Outlook Survey suggests conditions improved slightly in Q3, with firms expecting further improvements over the next six months. Whilst clearly good news, the pick-up... 11th September 2012 · 1 min read
Japan Economics Update No sign yet of slowdown bottoming out The latest figures on the state of Japan’s economy in August were not uniformly bad, but as signs that the slowdown has bottomed out they were unconvincing. Our long-held view that the economy will... 10th September 2012 · 1 min read
Japan Economics Update Disappointing investment survey suggests weaker growth The acceleration in business capital spending revealed by the Ministry of Finance’s (MoF) investment survey was not enough to impress markets. Indeed, the headline annual figure is flattered by... 3rd September 2012 · 1 min read
Japan Economics Update Disappointing investment survey suggests weaker growth The acceleration in business capital spending revealed by the Ministry of Finance’s (MoF) investment survey was not enough to impress markets. Indeed, the headline annual figure is flattered by... 3rd September 2012 · 1 min read
Japan Economics Update Retail sales fall as support from vehicle subsidy fades Slowing auto sales dragged down retail spending last month. Even sharper falls are likely when the funds for the eco-car subsidy run out, probably any day now. With few signs of support elsewhere in... 30th August 2012 · 1 min read
