Japan Data Response Japan Consumer Prices (Feb. 2023) Government energy subsidies took 1%-pt off headline inflation last month, but the rise in underlying inflation to a four-decade high underscores the strength in price pressures. The data point to a... 24th March 2023 · 2 mins read
Japan Economics Weekly Less short-term pressure on Yield Curve Control The case for abandoning Yield Curve Control (YCC) has weakened further. The recent troubles at US regional banks and Credit Suisse should further reduce already easing pressure on the 10-year JGB... 17th March 2023 · 5 mins read
Japan Data Response Japan External Trade (Feb. 2023) & Machinery Orders (Jan. 2023) The trade deficit narrowed in February as export volumes picked up and import volumes continued to fall. “Core” machinery orders surprised to the upside in January, but that still points to a fall in... 16th March 2023 · 3 mins read
Japan Rapid Response Japan External Trade (Feb. 2023) & Machinery Orders (Jan. 2023) 16th March 2023 · 2 mins read
Japan Economics Update Wage-price disinflation spiral looms This year’s Shunto should result in the strongest negotiated pay hikes in decades. But the average Japanese employee will have little to rejoice in. Weaker corporate profits as well as a likely... 15th March 2023 · 3 mins read
Japan Economic Outlook Economy on brink of mild recession The economy is on the brink of a mild recession but with underlying inflation still accelerating, we expect new Bank of Japan Governor Ueda to end Yield Curve Control at the upcoming meeting in April. 13th March 2023 · 23 mins read
Japan Economics Weekly Yield Curve Control set to end in April The Bank of Japan didn’t alter policy settings at today’s meeting. With economic activity set to disappoint the Bank’s overly optimistic forecasts and wage growth slowing again, the case for... 10th March 2023 · 6 mins read
Japan Data Response Japan Labour Cash Earnings (Jan. 2023) Wage growth fell sharply in January to its weakest in almost two years due largely to a slowdown in the growth of regular and overtime hours worked. Real wages posted the worst fall since the Global... 7th March 2023 · 2 mins read
Japan Economics Weekly Economy headed for recession We're expecting industrial production to rebound strongly in February. Even so, industrial output will still slump this quarter, pointing to a larger q/q fall in Q1 GDP than we’re forecasting. However... 3rd March 2023 · 5 mins read
Japan Data Response Labour Market (Jan. 23) & Tokyo CPI (Feb. 23) The unemployment fell slightly in January but we’re still expecting it to rise through mid-year due to an economic downturn. Meanwhile, energy inflation fell by less than we expected in Tokyo as... 3rd March 2023 · 3 mins read
Japan Rapid Response Japan Labour Market (Jan. 2023) & Tokyo CPI (Feb. 2023) 2nd March 2023 · 2 mins read
Japan Data Response Japan Capital Spending (Q4 2022) The increase in capital spending reported in today’s “Financial Statements Statistics of Corporations” is broadly consistent with the preliminary Q4 GDP estimate. That means Q4 GDP growth is likely to... 2nd March 2023 · 2 mins read
Japan Data Response Japan Industrial Production & Retail Sales (Jan. 23) We suspect that the early start to the Lunar New Year was partly responsible for the sharp fall in industrial production in January and there should be a strong rebound in February. Meanwhile, retail... 28th February 2023 · 2 mins read
