Gavekal Capital: Japanese Data Roundup

Monday, March 10, 2014

Japanese Data Roundup

The last few days have seen some important data points out of Japan. Below is a quick snapshot of some of those.

1) The Economy Watchers Survey posted a drop in the current conditions component, but the future conditions component plummeted by the largest single month amount since the earthquake in 2011.

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Bank loans posted a small MoM drop but continue to grow an an historically high rate.

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Trade numbers revealed more of the same: imports growing while exports remain stagnant to down. Below we show the volume of imports and exports to help mitigate currency effects. From this perspective import volume grew by 8% YoY in January while export volume fell by .2%.

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Finally, 4th quarter GDP was revised down slightly to growth of .7% annualized.

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