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
Japan Economics Update Retail sales jump flattered by temporary factors The surprisingly strong rise in Japanese retail sales in February largely reflects a number of temporary factors, including an extra shopping day due to the leap year and earthquake-related insurance... 29th March 2012 · 1 min read
Japan Economics Update Tankan to signal return to anaemic growth The Bank of Japan’s Tankan survey for March (to be released on Monday) will probably show a small improvement in business conditions in the first quarter, consistent with a return to growth in GDP, as... 27th March 2012 · 1 min read
Japan Economics Update Net exports on course to boost Q1 GDP Japan’s export figures saw a marked improvement in February amid signs of recovery in the global economy. As things stand, net exports could boost Q1 GDP by up to 0.4%, helping the economy return to... 22nd March 2012 · 1 min read
Japan Economics Update Reconstruction to drive improvement in Business conditions The government’s Business Outlook Survey indicates conditions deteriorated slightly Q1, consistent with a further contraction in both the Q1 Tankan and GDP. However, the survey also suggests a rapid... 14th March 2012 · 1 min read
Japan Economics Update Further monetary easing in the pipeline The Bank of Japan’s decision to extend its support for lending to “growth sectors” rather than add to its Asset Purchase Program (APP) today appears to have disappointed some but was the outcome that... 13th March 2012 · 1 min read
Japan Economics Update Fragile recovery still needs more policy support February’s household survey, released today, suggests that Japan’s consumers still lack confidence in the recovery, while the January data on core machinery orders do not yet justify hopes of a strong... 12th March 2012 · 1 min read
Japan Economics Update Current account deficit a one-off Japan’s current account swung into deficit in January, but this was mainly the result of seasonal factors and the deficit is likely to be reversed in February. Nonetheless this acts as a reminder of... 8th March 2012 · 1 min read
Japan Economics Update Industrial production points to a return to growth January’s increase in industrial production and forecasts for further rises in February and March point to a return to GDP growth in Q1. However, further increases in output beyond Q1 are far from... 29th February 2012 · 1 min read
Japan Economics Update Jump in retail sales due to temporary factors The sharp rise in retail spending in January does not herald a resurgence in consumer spending. Sales are likely to drop back when one-off supports, such as the temporary reintroduction of the eco-car... 28th February 2012 · 1 min read
