Japanese Japan Manufacturing Output Fall Continues With Weak Demand

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    Helmholtz Watson

    The Nikkei Japan Manufacturing PMI® in May showed…


    Helmholtz Watson

    Japan May 2019 Services PMI 51.7 prior 51.8 & Composite PMI 50.7 prior 50.8


    “Japan’s services economy continued to tick along at a modest pace during May. Taken in conjunction with the earlier-released manufacturing PMI, private sector output in Japan is growing at a rate that’s broadly in line with the underwhelming average seen in the opening quarter.

    The current underlying trend in Japan’s economy is disappointing and will certainly warrant concern from Abe amid the upcoming upper house elections in July and the scheduled consumption tax hike later this year. Indeed, service sector panellists indicated a degree of concern towards the sales tax increase, which pulled sentiment to its joint-lowest level in 18 months.”


    Japan May PPI 0.7% y/y as expected
    prior 1.3%, revised from 1.2%

    #Deflation -0.1% m/m expected 0.0% m/m, prior 0.4%, revised from 0.3%


    Japan Core Machinery Orders for April: 5.2% m/m (expected -0.8%) prior 3.8%

    – fastest m/m gain since October last year in 3rd consecutive monthly rise.
    2.5% y/y expected -5.3% y/y, prior -0.7%


    Ahead Sun Sept 29, 2019

    19:50 JPY BoJ Summary of Opinions
    19:50 JPY Capacity Utilization (MoM) (Aug)
    19:50 JPY Industrial Production (MoM) (Aug)
    19:50 JPY Industrial Production forecast 1m ahead (MoM) (Sep)
    19:50 JPY Industrial Production forecast 2m ahead (MoM) (Oct)
    19:50 JPY Retail Sales (YoY) (Aug)

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