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JAPAN DATA: PPI Stronger Than Forecast

JAPAN DATA
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Japan's September PPI came in above market expectations. In m/m terms we were flat, against a -0.3% forecast, (prior was -0.2%). The y/y outcome rose to 2.8%, against a 2.6% Aug gain and consensus expectation of 2.3% 

  •  The chart below plots the y/y PPI against CPI y/y (nationwide). The PPI holding up from recent lows near flat at the start of the year is consistent with the CPI maintaining recent trends around recent levels, which is comfortably above the 2% long term BoJ target.
  • In terms of the detail, manufacturing edged up slightly (0.1%), while other positives were textiles (+0.9%m/m) and petroleum, coal (+0.9%m/m). Drags came from wood, chemicals and non-ferrous metals. 

Fig 1: Japan PPI and CPI - Y/Y Trends 

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Japan's September PPI came in above market expectations. In m/m terms we were flat, against a -0.3% forecast, (prior was -0.2%). The y/y outcome rose to 2.8%, against a 2.6% Aug gain and consensus expectation of 2.3% 

  •  The chart below plots the y/y PPI against CPI y/y (nationwide). The PPI holding up from recent lows near flat at the start of the year is consistent with the CPI maintaining recent trends around recent levels, which is comfortably above the 2% long term BoJ target.
  • In terms of the detail, manufacturing edged up slightly (0.1%), while other positives were textiles (+0.9%m/m) and petroleum, coal (+0.9%m/m). Drags came from wood, chemicals and non-ferrous metals. 

Fig 1: Japan PPI and CPI - Y/Y Trends 

Keep reading...Show less