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Free AccessMNI 5 THINGS: Japan Q4 GDP Revised Higher on Stronger Capex
--Japan Q4 GDP Rev +0.5% Q/Q; Prelim +0.3%; MNI Median +0.5%
--Japan Q4 Annualized GDP Rev +1.9% Vs +1.4%; MNI Median +1.8%
--Japan Q4 Capex Rev +2.7% Q/Q; Prelim +2.4%; Median +3.0%
--Japan Q4 Capex Contribution Unrevised At +0.4 Point
--Japan Q4 Consumption Revised +0.4% Q/Q Vs. +0.6%
--Japan Q4 Consumption Contribution Revised +0.2 Point
--Japan Q4 Net Export Contribution Unrevised -0.3 Pct Point
--Japan Q4 Private Inventories Revised +0.0 Pct Point Vs. -0.2 Pt
--Japan Q4 Public Investment Contribution Unrev at -0.1 Pt
TOKYO (MNI) - Japan's economy grew at a faster pace than initially
estimated in the October-December quarter, as business investment turned out to
be stronger than initially seen, according to revised (second preliminary) data
released by the Cabinet Office Friday.
The economy rose 0.5% on quarter, or an annualized +1.9%, thanks to
stronger capital investment, bouncing back from the -0.6% q/q, or an annualized
-2.4%, in Q3.
--Real Q4 GDP was revised up to +0.5% on quarter, or an annualized +1.9%,
from the preliminary estimate of +0.3% q/q, or an annualized +1.4%, in line with
expectations. The MNI median forecast by economists was +0.5% on quarter, or an
annualized +1.8%.
--The upward revision came mainly from higher domestic demand, revised up
to a +0.8 percentage point contribution from the preliminary +0.6 percentage
point.
--Capital investment was revised up from the initial reading of +2.4% to
+2.7% on quarter (the MNI median forecast was +3.0%), and was much higher than
-2.6% in the third quarter. Its contribution to the Q4 GDP was unchanged at +0.4
percentage point.
--Private consumption, which accounts for about 60% of GDP, was revised
down to +0.4% on quarter in Q4 from +0.6%. It pushed up the Q4 GDP by a revised
0.2 percentage point, down from 0.3 percentage point.
--The contribution of net exports -- exports minus imports -- was unrevised
at -0.3 percentage point.
--The contribution of private-sector inventories to the total domestic
output was revised to +0.0 percentage point from -0.2 percentage points while
the contribution of public investment was unrevised at -0.1 percentage point.
--Japan's economy in the fourth quarter rebounded from the temporary dip
caused by natural disasters in the third quarter, but the growth in the fourth
quarter wasn't enough to offset the contraction in the third quarter.
--Japan's exports and industrial production data for January were weak,
indicating that the economy will slow from the fourth quarter.
--BOJ economists are focused on the quarter-on-quarter change of major
economic components to examine a strength of economic activity. They are also
keeping a close eye to see if both exports and industrial production return to a
rising trend in the second quarter.
--The average economist forecast for Q1 GDP growth is annualized at 1.34%,
according to the latest monthly ESP Survey of 39 economists by the Japan Center
for Economic Research conducted from Jan 28 to Feb 4.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MAJDS$,MAUDR$,MAUDS$,M$A$$$,M$J$$$,M$U$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.