September 28, 2023
Japan retail sales 7.0% y-o-y (consensus 6.6) in Aug-23
- Japan's retail sales grew by 7.0% y-o-y in August 2023, surpassing market expectations and indicating a positive trend in the sector.
- The growth rate of 7.0% is 1.57 pp above the one-year average and 5.55 pp above the long-run average, suggesting robust performance compared to historical trends.
September 22, 2023
Bank of Japan
- The BOJ is implementing a flexible yield curve control, targeting a -0.1% short-term policy interest rate and maintaining 10-year JGB yields at around 0%, and continues asset purchases with specific caps, ensuring liquidity in the market.
- Despite international economic slowdowns, Japan’s economy is exhibiting signs of moderate recovery, marked by increased corporate profits, employment, and private consumption, with a focus on sustaining this through a balanced approach to monetary easing and financial stability.
- Amidst high uncertainties and potential risks from economic activity and price developments both domestically and internationally, the BOJ remains committed to achieving its 2% price stability target sustainably, ready to enforce additional easing measures if deemed necessary, highlighting a comprehensive and adaptive policy framework.
September 22, 2023
Japan PMI manufacturing 48.6 (consensus 49.9) in Sep-23
- The Japan PMI manufacturing index for September 2023 indicates a contraction in the sector, reaching its lowest level since February 2023.
- The index being 0.74 points below the one-year average suggests a sustained period of weakness, potentially raising concerns about the overall health of the economy.
September 22, 2023
Japan PMI services 53.3 in Sep-23
- Japan's PMI services index for September 2023 decreased to 53.3, the lowest level since January 2023, indicating a slowdown in the service sector.
- The decline aligns with other data releases, suggesting a cautious sentiment among businesses and a potential impact on overall economic growth.
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