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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