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Japan Data Response

Japan Data Response

Japan Flash PMIs (May 2022)

While the flash manufacturing PMI was little changed in May, the details suggest that supply shortages worsened yet again, weighing on output and lifting prices.

24 May 2022

Japan Data Response

Japan Consumer Prices (Apr. 2022)

Inflation rose above the Bank of Japan's 2% inflation target for the first time since 2008 and we expect underlying inflation to approach 2% later this year, but this won't prompt the Bank to tighten policy.

20 May 2022

Japan Data Response

Japan External Trade (Apr. 2022)

Export volumes fell in April, and they are likely to remain subdued over the coming months until supply shortages dissipate and allow exporters to make up for lost ground.

19 May 2022
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Japan Data Response

Japan GDP (Q1 2022 Preliminary)

Japan’s economy only contracted slightly in Q1 as consumption held up well despite prolonged restrictions during the Omicron wave. But while the economy will bounce back this quarter, we think Japan’s delayed reopening recovery will look weak when stacked up against the reopening rebounds in other advanced economies last year.

Japan Data Response

Japan Labour Cash Earnings (Mar. 22)

Nominal wage growth stayed at 1.2% in March and we think it could touch 2% over the coming months as overtime and bonus payments get back to their pre-virus levels. But with base pay growth still weak, we think overall wage growth will fall back to 1% before long. China Drop-In (12th May, 09:00 BST/16:00 SGT): Join our China and Markets economists for a 20-minute discussion about near to long-term economic challenges, from zero-COVID disruptions to US-China decoupling. Register now.

Japan Data Response

Japan Retail Sales & Industrial Production (Mar. 2022)

The strong rebound in retail sales in March suggests that the post-Omicron recovery got off to a good start. Meanwhile, industrial production edged up last month, but it will continue to be held back by supply shortages in the near term.  

Japan Data Response

Japan Labour Market (Mar. 2022)

Employment bounced back in March and it should continue to recover over the coming months as long as the reopening doesn’t go into reverse again. That should push the unemployment rate back down to its pre-virus level of 2.5% by the end of the year.

Japan Data Response

Japan Consumer Prices (Mar. 2022)

Inflation picked up in March due to a further rise in utilities inflation and a jump in food inflation. And headline inflation will hit 2% in the April data released in just under a month’s time as most of the drag from mobile phone tariffs cuts drops out of the annual comparison, and we expect it to stay there until early next year.

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