Japan Economics Update No sign yet of slowdown bottoming out The latest figures on the state of Japan’s economy in August were not uniformly bad, but as signs that the slowdown has bottomed out they were unconvincing. Our long-held view that the economy will... 10th September 2012 · 1 min read
Japan Economics Update Disappointing investment survey suggests weaker growth The acceleration in business capital spending revealed by the Ministry of Finance’s (MoF) investment survey was not enough to impress markets. Indeed, the headline annual figure is flattered by... 3rd September 2012 · 1 min read
Japan Economics Update Disappointing investment survey suggests weaker growth The acceleration in business capital spending revealed by the Ministry of Finance’s (MoF) investment survey was not enough to impress markets. Indeed, the headline annual figure is flattered by... 3rd September 2012 · 1 min read
Japan Economics Update Retail sales fall as support from vehicle subsidy fades Slowing auto sales dragged down retail spending last month. Even sharper falls are likely when the funds for the eco-car subsidy run out, probably any day now. With few signs of support elsewhere in... 30th August 2012 · 1 min read
Japan Economics Update Weak Japanese exports continue regional trend The weakness in Japan’s export data in July provides yet another reminder of the fragility of the recovery in the global economy. What’s more, these data underline the trend across Asia, with no sign... 22nd August 2012 · 1 min read
Japan Economics Update Monetary Indicators Monitor (Jul.) The acceleration in the monetary base is not feeding through to broader money growth as demand for credit, particularly from businesses, is weakening. 14th August 2012 · 1 min read
Japan Economics Update Fading growth remains reliant on government support Japan’s economy slowed to a crawl in Q2, with growth remaining dependent on government support for a second consecutive quarter. With the external economy weak and private demand fragile, GDP is... 13th August 2012 · 1 min read
Japan Economics Update The economy is not “picking up moderately” The Bank of Japan left monetary policy unchanged at its August meeting, as was widely expected. However, it continues to state that the economy is “picking up moderately” despite the growing body of... 9th August 2012 · 1 min read
Japan Economics Update Recovery starting to unravel The Economy Watchers’ Survey, published today, adds to the growing body of evidence that Japan’s economic recovery has not just paused but has started to unravel. Worryingly, labour market conditions... 8th August 2012 · 1 min read
Japan Economics Update Recovery loses more steam The latest figures on Japan’s economy do little to assuage fears that the recovery has lost its way. The sharp fall in the manufacturing PMI in July suggests that the industrial sector continues to... 31st July 2012 · 1 min read
Japan Economics Update Industrial sector leading the way down June’s weak industrial production data may have caught the markets by surprise but were only the latest in a run of poor figures and surveys from the sector. Activity could drop more sharply once the... 30th July 2012 · 1 min read
Japan Economics Update Threat of FX intervention building Japan’s merchandise trade figures, released today, showed a reduction in the seasonally-adjusted deficit in June, but the country remains firmly on course to end the year in the red. At the same time... 25th July 2012 · 1 min read
Japan Economics Update Loan demand rises in response to government policy According to the Bank of Japan’s Senior Loan Officer Survey (SLOS), there was a large divergence in loan demand in Q2. Household demand picked-up but business demand dropped. Rising household... 19th July 2012 · 1 min read
Japan Economics Update Monetary Indicators Monitor (Jun.) The recent slowdown in broad money growth appears to have levelled off as bank lending has started to rise. Lending appears to be being driven by households as corporate borrowing has declined despite... 12th July 2012 · 1 min read
Japan Economics Update Bank of Japan saves its ammunition The latest tweaks to the Asset Purchase Program maintain the bias towards “powerful easing” at the Bank of Japan, although for now the Policy Board has kept additional JGB buying in reserve. 12th July 2012 · 1 min read
Japan Economics Update Orders collapse as global worries mount Japan’s recovery appears to be fading. According to figures released today, core machinery orders plunged in May while the Economy Watchers’ Survey shows that sentiment continued to decline in June... 9th July 2012 · 1 min read
