The preliminary wage report for September 2017 showed a moderate acceleration in nominal wages. Basic and overtime wages rose by 0.7% year on year (YoY) in September, accelerating from 0.4% YoY in August. The 0.7%...
In the BoJ September Tankan Survey, we see continued improvements in the business condition DIs. Large manufacturers’ DI improved markedly from 17 in June to 22 in September. Small businesses also saw improvements. DIs for...
According to METI, retail sales rose by 3.2% year on year(YoY) in April 2017. The growth rate is the highest since April 2015. A breakdown of retail sales shows that a broad range of sub-sectors...
In the April 26-27 policy meeting, the Bank of Japan (BoJ) made minor adjustments to its growth and inflation outlook, but there were no changes in its generally cautious view. The BoJ sees inflation gradually...
According to the BoJ March Tankan Survey, the business conditions of Japanese companies improved in the first quarter of 2017. The improvements seem larger for manufacturers than for non-manufacturers. Large manufacturers saw their business condition...
The Trump administration seems to be stepping up the pressure on the Japanese yen, accusing Japan of manipulating the exchange rate to its advantage. In our view, the accusation is essentially valid. Japanese policy makers...
On December 8, Japanese government revised its GDP statistics to conform to the latest standard of national accounts, SNA2008. Before the revision, Japan was one of the last countries, among OECD members not to be...
On the surface, recent economic news in Japan offers a silver lining for Abenomics. Despite the initial misgiving at the beginning of 2016, Japanese exports have maintained a moderately expansionary trend in the first 4...
The March BoJ Tankan showed that Japanese companies are feeling the chill in their business condition and starting to prepare for continued deteriorations ahead. The business condition DI for large manufacturers deteriorated from 12 in...
BoJ surprised the market by taking an easing action on January 29. It was a bold move, introducing a negative central bank policy rate for the first time in Japan’s history. From February onward, the...
September BoJ Tankan survey delivered a few positive surprises for the economy. Non-manufacturers’ business condition DI improved by 2 points and the capital expenditure plan for large corporations for the fiscal year 2015 was revised...
Prime Minister Modi’s is visiting Japan for 5 days starting on August 30. Japan’s Prime Minister Abe is scheduled to personally welcome him as Mr Modi arrives in Kyoto, the ancient capital of Japan, on...