Japan Data Response Japan External Trade (Mar. 2023) The trade deficit narrowed in March as import values fell faster than export values. Data for Q1 so far are still consistent with a negative contribution from net trade to GDP. 20th April 2023 · 3 mins read
Japan Economics Weekly Slowing wage growth dampens inflation hopes Governor Ueda said this week he will be watching if wage growth can be sustained at a level that will support inflation at or above target. So far, the signs aren’t encouraging. Wage growth has fallen... 14th April 2023 · 6 mins read
Japan Chart Pack Governor Ueda to cull YCC as his first act Japan has escaped the recent banking turmoil in the US and Switzerland relatively unscathed. While banks face some risks arising from their lending exposure overseas, there are no signs of liquidity... 12th April 2023 · 11 mins read
Japan Data Response Japan Machinery Orders (Feb. 2023) The fall in “core” machinery orders in February is another bearish signal on business investment last quarter. Domestic machine tool orders suggest a further fall in March, but even if “core”... 12th April 2023 · 2 mins read
Japan Data Response Japan Economy Watchers Survey (Mar. 2023) Both the current and outlook readings in March hit their highest in more than a year, capping off a strong first quarter for the EWS. This is another sign that private consumption remained resilient... 10th April 2023 · 2 mins read
Japan Economics Weekly External demand weakness has further to run Firms expect the recent weakness in external demand to last another quarter at least, according to the BoJ’s latest Tankan survey. That should drag on business investment as well and cause the economy... 6th April 2023 · 5 mins read
Japan Data Response Japan BoJ Tankan (Q1 2023) Today’s Tankan survey suggests that while the services sector remains resilient, the outlook for the manufacturing sector has worsened materially. 3rd April 2023 · 3 mins read
Japan Economics Weekly Yield Curve Control still on counted time The Bank of Japan faces a dilemma as inflationary pressures are becoming increasingly broad-based at the same time as economic activity is softening. What may tilt the balance towards the ending of... 31st March 2023 · 6 mins read
Japan Data Response Japan Labour Market (Feb. 2023) & Tokyo CPI (Mar. 2023) Labour market conditions loosened in February and should continue to do so over coming months due to a recession. Meanwhile, Tokyo CPI data showed a large increase in underlying inflation, as both... 31st March 2023 · 3 mins read
Japan Rapid Response Japan Labour Market (Feb. 2023) & Tokyo CPI (Mar. 2023) 31st March 2023 · 2 mins read
Japan Economics Weekly No signs of stress in Japan’s financial markets There has so far been no sign of stress in Japan’s financial markets as a result of the banking crises in the US and the demise of Credit Suisse. Meanwhile, the government has announced another... 24th March 2023 · 7 mins read
Japan Data Response Japan Flash PMIs (Mar. 22) March’s flash PMIs corroborate our view that the economy will see a mild recession this year. The manufacturing PMI improved but was still contractionary, as demand remained weak. Meanwhile a further... 24th March 2023 · 2 mins read
