Japan Released Many Indicators on Christmas Day
December 26, 2009
For market old-timers, Friday offered rememberances of Christmas 1989 when the Bank of Japan raised reference interest rates. The Y92.3 trillion fiscal 2010/11 budget was approved, and a considerable number of economic indicators were released.
- Unemployment rose a tenth to 5.2% from 5.1%. Jobs fell 2.0% from a year earlier, and the ratio of job offers to seekers slid to 0.43.
- Core CPI was less deeply deflationary in November at minus 1.7% after minus 2.2% in the year to October. Analysts expected minus 2%.
- Real household spending rose 2.2% in the year to November, which was more than assumed and positive despite a 1.0% on-year drop in real disposable incomes.
- Housing starts and construction orders respectively fell by 19.1% and 11.6% in the year to November.
- Auto output increased 0.5%, while auto exports fell 19.8% in the year to November.
- Exports in December 1-10 were 7.8% greater than a year earlier, while imports remained in the red with a drop of 12.5%.
- Corporate service prices were unchanged in November and down 2.0% from a year before.
- An upward revision to Chinese 2008 GDP put Japanese GDP that year only 6.5% above China’s level. Those economies are the second and third largest in the world.
Copyright Larry Greenberg 2009. All rights reserved. No secondary distribution without express permission.
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