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JAPAN DATA: Retail Sales & IP Slightly Below Forecast

JAPAN DATA
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Other data has also crossed in terms of retail sales and industrial production for Oct. The retail sales print was slightly below expectations at 0.1%m/m, versus 0.4% forecast. The Sep dip was revised up slightly. The y/y print came in at 1.6%, also below expectations but above Sep's 0.7% outcome. The trend around retail sales has largely been sideways since March. 

  • IP for Oct (preliminary) was also a little below forecast at 3.0%m/m, versus 4.0% forecast. In y/y terms we were at 1.6% also sub the 2.0% forecast. Again the trends are largely sideways, albeit with a slightly stronger impulse relative to consumer spending trends. METI expects Nov and Dec IP to fall though.
  • The authorities will again be pushing for strong wage gains in 2025 to aid the real household wage and spending outlook. 

 

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Other data has also crossed in terms of retail sales and industrial production for Oct. The retail sales print was slightly below expectations at 0.1%m/m, versus 0.4% forecast. The Sep dip was revised up slightly. The y/y print came in at 1.6%, also below expectations but above Sep's 0.7% outcome. The trend around retail sales has largely been sideways since March. 

  • IP for Oct (preliminary) was also a little below forecast at 3.0%m/m, versus 4.0% forecast. In y/y terms we were at 1.6% also sub the 2.0% forecast. Again the trends are largely sideways, albeit with a slightly stronger impulse relative to consumer spending trends. METI expects Nov and Dec IP to fall though.
  • The authorities will again be pushing for strong wage gains in 2025 to aid the real household wage and spending outlook.