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Japanese data continue to disappoint

Emily Nicol
Chris Scicluna
  • While the Chinese PMIs suggest ongoing steady, but relatively gradual, economic recovery from the shock of the pandemic, the latest Japanese IP and labour market figures were still consistent with an economy reeling from the blow of the pandemic.

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Japanese manufacturers more downbeat as exports tumble

Chris Scicluna
Emily Nicol
  • Japanese manufacturers remained extremely downbeat as exports fell by the most since 2009, illustrating the significant impact the pandemic at home and abroad is having on economic activity. And with the number of overseas visitors at their lowest since the series began in the early 1990s, services firms maintained pessimism about the near-term outlook too.

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BoJ sits tight

Chris Scicluna
Emily Nicol
  • At the conclusion of its latest two-day policy meeting the BoJ predictably left its main tools unchanged. And with inflation set to remain negative for the time being and momentum for reaching the 2% target having been lost, Governor Kuroda stated that the BoJ wouldn’t raise rates for at least two years, tallying with the message from the Fed’s most recent meeting.

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UK GDP plunges in April

Chris Scicluna
Emily Nicol
  • With lockdown measures in place in April, UK GDP slumped a record 20.4%M/M to its lowest level since mid-2002, adding to evidence that the economy is the worst affected by the pandemic of all countries in the region.

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Japanese firms inevitably downbeat

Chris Scicluna
Emily Nicol
  • After the Fed emphasised that the economic recovery would be a long one, a Japanese sentiment survey illustrated the severe deterioration in business conditions in Q2, and saw firms revise significantly lower their projections for profits and investment growth this fiscal year.   

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