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Friday, June 21, 2024

Japan Economic Indicators Point to Continued Recovery

Japan’s Economy

The Japanese yen weakened slightly against the US dollar today after a mixed bag of economic data released from Japan. The USD/JPY pair increased 0.11% to 156.983 as of writing.

USDJPY 1-Minute Chart

Consumer price inflation came in higher than expected in Tokyo for the month of May. The Tokyo CPI rose 2.2% year-over-year, beating estimates of 2.0%. Core CPI which excludes food and energy also to the upside, increasing 1.9% versus the previous 1.6%. However, the unemployment rate remained steady at 2.6% as expected.

Higher inflation coming in from Japan could lead to a possible interest rate hike in the future. Especially when inflation starts to reach their goal.

Some indicators of domestic demand also painted an uneven picture. Retail sales jumped 2.4% in April compared to the prior year, beating forecasts for a 1.9% gain. On a month-on-month basis, retail sales grew a stronger-than-expected 1.2%. However, industrial production declined 0.1% in April when a 0.9% rise was anticipated. Year-over-year, industrial output fell 1% when a steeper 4.3% drop was expected.

May 30, 19:30JPYTokyo CPI YoY (May)LOW1.8%2%2.2%
May 30, 19:30JPYTokyo Core CPI YoY (May)LOW1.6%1.9%1.9%
May 30, 19:30JPYTokyo CPI Ex Food and Energy YoY (May)LOW1.8%1.6%2.2%
May 30, 19:30JPYUnemployment Rate (Apr)MEDIUM2.6%2.6%2.6%
May 30, 19:30JPYJobs/applications ratio (Apr)LOW1.281.281.26
May 30, 19:50JPYRetail Sales YoY (Apr)MEDIUM1.1%1.9%2.4%
May 30, 19:50JPYIndustrial Production MoM (Apr) MEDIUM4.4%0.9%-0.1%
May 30, 19:50JPYRetail Sales MoM (Apr)LOW-1.2%0.6%1.2%
May 30, 19:50JPYIndustrial Production YoY (Apr) LOW-6.2%-4.3%-1%
Economic Indicators, myfxbook
Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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