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2 Oct 2015
Japan: Household spending surges - BBH
FXStreet (Delhi) – Research Team at BBH, note that the household spending in Japan came in much higher than expected in August, rising to 2.9% y/y against expectations for 0.3% and this was the first positive print in three months.
Key Quotes
“However, the employment numbers were mixed. The August jobless rate was a bit higher than expected at 3.4%, but the job-to-applicant ratio surprised on the upside at 1.23, the highest level since January 1992.”
“This follows a softer Tankan survey yesterday. On balance, however, the recent data is unlikely to be enough to make a difference in the BOJ’s reaction function. As such, we continue to think that some observers have got ahead of themselves by calling for imminent action by the BOJ.”
Key Quotes
“However, the employment numbers were mixed. The August jobless rate was a bit higher than expected at 3.4%, but the job-to-applicant ratio surprised on the upside at 1.23, the highest level since January 1992.”
“This follows a softer Tankan survey yesterday. On balance, however, the recent data is unlikely to be enough to make a difference in the BOJ’s reaction function. As such, we continue to think that some observers have got ahead of themselves by calling for imminent action by the BOJ.”