Trial now

Tsy Sec Yellen


BLOCK, Green June Call Fly

MNI (London)
--Japan Q4 Real GDP +0.3% Q/Q; MNI Median +0.3% 
--Japan Q4 Real GDP +1.4% Annualized; MNI Median +1.2% 
--Japan Q4 GDP Posts 1st Q/Q Rise in 2 Quarters 
--Japan Q4 Domestic Demand Contribution +0.6 PP
--Japan Q4 Net Export Contribution -0.3 PP
--Japan Q4 Consumption +0.6% Q/Q, +0.3 PP Contribution 
--Japan Q4 Capex +2.4% Q/Q, +0.4 PP Contribution 
--Japan Q4 Private Inventory Contribution -0.2 PP
--Japan Q4 Public Investment -1.2% Q/Q, -0.1 Point Contribution 
--Japan Q3 Real GDP Revised to -0.7% Q/Q 
--Japan Q3 Real GDP Revised to -2.6% Annualized
     TOKYO (MNI) - Japan's economy posted the first growth in two quarters in
the October-December period, up 0.3% on quarter, or an annualized +1.4%, thanks
to higher private consumption and capital investment, preliminary gross domestic
product data released Thursday by the Cabinet Office showed.
     The data came in largely in line with the median economist forecast for a
growth of 0.3% q/q, although slightly outpacing the annualized forecast of
+1.2%. The growth in the fourth quarter followed a Q3 drop of 0.7% Q/Q, or an
annualized -2.6%.
     The key points from the latest GDP data:
     --Private consumption, which accounts for about 60% of Japan's GDP, rose
0.6% on quarter in Q4, marking the first quarterly rise in two quarters after an
unrevised -0.2% in Q3. The median forecast was +0.6% on quarter, ranging from
+0.4% to +0.9%.
     --Business investment rose 2.4% on quarter in Q4 (the median forecast was
+2.0%), also the first q/q rise in two quarters, with the increased reversed
from -2.7% in Q3.
     --Net exports of goods and services -- exports minus imports -- made a
negative 0.3 percentage point contribution to the total domestic output (the
median forecast was -0.4 percentage point). It was the third straight negative
contribution after pushing Q3 GDP growth down by 0.1 percentage point.
     --Exports rose 0.9% on quarter in Q4 after falling 1.4% in Q3, while
imports rose 2.7% after falling 0.7% in the previous quarter.
     --Private-sector inventories contributed a negative 0.2 percentage point to
Q4 GDP following +0.1 percentage point in Q3.
     --Public investment fell 1.2% on quarter following -2.1%. Its contribution
to GDP was -0.1 percentage point.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email:
--MNI London Bureau; tel: +44 203-586-2225; email:
[TOPICS: MAJDS$,MAUDR$,MAUDS$,M$A$$$,M$J$$$,M$U$$$,MT$$$$]
MNI London Bureau | +44 203-865-3812 |