Japan Chart Pack Japan Chart Pack (Aug. 2023) Our Japan Chart Pack has been updated with the latest data and our analysis of recent developments. We no longer expect the economy to enter a recession across the second half of the year. But with... 16th August 2023 · 1 min read
Japan Economics Update Fall in energy imports has further to run Most of the plunge in import volumes last quarter reflects lower energy imports. With the Ukraine war rekindling concerns about energy security and energy prices remaining stubbornly high, import... 15th August 2023 · 3 mins read
Capital Daily Troubled times continue for the yen and the renminbi With more poor economic data out of China and US yields again threatening to push towards new highs, it is little wonder that the yen and the renminbi have come under renewed pressure. While we still... 11th August 2023 · 5 mins read
Japan Economics Weekly Recession now looking unlikely Wage growth has been strong in recent months which will make it easier for households to cope with high inflation. What’s more, the outlook for external demand has brightened as we no longer expect... 11th August 2023 · 8 mins read
Global Markets Update We doubt upward pressures on the JGB yield will last The yield of 10-year Japanese government bonds may come closer to the new “just-in-case” cap of 1.0% in the coming months, but we doubt it will settle that high further ahead. 10th August 2023 · 4 mins read
Japan Economics Weekly BoJ in fighting retreat from yield control 10-year government bond yields have steadily risen since the BoJ effectively raised the yield ceiling from 0.5% to 1.0% last Friday and could test the new ceiling by year-end. If that happens, we... 4th August 2023 · 6 mins read
Capital Daily RIP YCC: What next for Japanese and global markets? The Bank of Japan seems to have effectively ended yield curve control without making a big splash in financial markets, but we wouldn’t rule out further effects – on Japan’s markets and those around... 28th July 2023 · 5 mins read
FX Markets Update Effective end of YCC adds to the case for a stronger yen The BoJ’s decision earlier today to, in effect, end its long-standing Yield Curve Control (YCC) policy means that long-term government bond yields in Japan will become more responsive to economic... 28th July 2023 · 4 mins read
Japan Rapid Response Japan Industrial Production & Retail Sales (Jun. 23) June’s activity data were broadly positive for Q2, with both the industrial production and capital goods shipments data suggesting the economy expanded at a decent pace. However, firms’ forecasts for... 28th July 2023 · 2 mins read
Japan Economics Update Yield Curve Control is effectively over The Bank of Japan announced today that it will allow 10-year yields to rise above the 0.5% ceiling – which it says it is retaining – to a new “just-in-case” cap of 1.0%. With signs mounting of a... 28th July 2023 · 4 mins read
Japan Economics Weekly Nascent virtuous cycle raises risk of policy tightening Inflation continues to run well ahead of wage growth and we're sticking to our forecast that the resulting fall in real incomes will force consumers to tighten their belts over the coming months. With... 28th July 2023 · 7 mins read
Japan Economics Update Core inflation still far lower than elsewhere Comparing the proper inflation gauges reveals that core inflation in Japan remains far lower than elsewhere. And with most of the recent pick-up in core inflation reflecting soaring imports costs, the... 26th July 2023 · 2 mins read