Japan Economics Update Monetary Indicators Monitor (May) Today we are launching a new monthly publication on the Japan service, the Monetary Indicators Monitor. The recent levelling out in the monetary base has been cited by many commentators as evidence... 14th June 2012 · 1 min read
Japan Economics Update Monetary Indicators Monitor (May) Today we are launching a new monthly publication on the Japan service, the Monetary Indicators Monitor. The recent levelling out in the monetary base has been cited by many commentators as evidence... 14th June 2012 · 1 min read
Japan Economics Update Underlying investment outlook remains weak We are sceptical that signs of an increase in business capital spending signal a rebound in private non-residential investment. Underlying business investment is weak, albeit on a gradual upward trend... 13th June 2012 · 1 min read
Japan Economics Update Can Japan’s stimulus offset weak demand elsewhere? Japan’s post-earthquake policy stimulus may be having a positive impact on the demand for commodities, but any boost will be short-lived and should be far smaller than the potential adverse effects of... 13th June 2012 · 1 min read
Japan Economics Update Business conditions tougher than expected but optimism remains The government’s Business Outlook Survey indicates conditions deteriorated slightly in Q2, confounding Q1’s forecasts of a strong recovery. Despite the tougher-than-expected environment, firms remain... 11th June 2012 · 1 min read
Japan Economics Update Recovery already losing momentum Japan’s rapid recovery in Q1 already appears to be losing momentum. The unemployment rate has risen again and retail spending fell for a second consecutive month in April. However, government... 29th May 2012 · 1 min read
Japan Economics Update Bank of Japan still biased towards further easing There is no real substance to suggestions that the lack of any explicit reference to “powerful” easing in the Bank of Japan’s policy statement today signals a shift towards a more neutral stance... 23rd May 2012 · 1 min read
Japan Economics Update Recovery in Japan too dependent on government support The rebound in Japan’s Q1 GDP was a welcome bolt of good news. Unfortunately it is also likely to mark the high point of the year as we expect growth will slow in the coming quarters. The recovery is... 17th May 2012 · 1 min read
Japan Economics Update Economic outlook improving but challenges remain On the basis of figures released today, Japan’s recovery appears to be on track. But recent data have not been uniformly positive and the next few months are likely to be bumpy. 10th May 2012 · 1 min read
Japan Economics Update Rising wages could be a small bright spot for the economy The increase in labour cash earnings in March could be an early sign of improvement in the Japanese economy. Although base effects played an important part, other labour market indicators suggest... 2nd May 2012 · 1 min read
Japan Economics Update Recovery appears to be faltering Today’s data releases were inevitably overshadowed by the outcome of the Bank of Japan’s Policy Board meeting, but they were disappointing too. Indeed, they suggest that Japan’s economic recovery may... 27th April 2012 · 1 min read
Japan Economics Update Bank of Japan plays a poor hand badly The Bank of Japan’s Policy Board failed to impress with the additional monetary “stimulus” announced today. Any market impact from the ¥10 trillion increase in outright purchases of JGBs was offset by... 27th April 2012 · 1 min read
Japan Economics Update Pick-up in loan demand suggests policy already loose enough According to the Bank of Japan’s latest Senior Loan Officer Survey (SLOS), loan demand from firms and households jumped in Q1. The pick-up in household demand is particularly encouraging. The survey... 20th April 2012 · 1 min read
Japan Economics Update Net trade supports return to GDP growth in Q1 Strong annual export growth in March was flattered by the disruption caused by the Great East Japan Earthquake last year and is still heavily dependent on the recovery in the US. Nonetheless, net... 19th April 2012 · 1 min read
Japan Economics Update More easing coming, but will it work? The focus has quickly shifted to the second April meeting of the Bank of Japan’s Policy Board after the widely anticipated decision not to announce any further easing measures today. The publication... 10th April 2012 · 1 min read
Japan Economics Update Stagnant Tankan highlights risk of relapse in Japan The Bank of Japan’s quarterly Tankan survey showed business conditions in Japan remained lacklustre in Q1 despite some recent improvements in the monthly data. Respondents forecast only a marginal... 2nd April 2012 · 1 min read
