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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.
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Free AccessMNI INSIGHT: BOJ Eyes Industrial Lag And Consumption Rebound
The Bank of Japan will likely maintain an overall view the economy will rebound as a trend as private consumption recovers with pandemic curbs lifted and phased tourism re-starts in June but is cautious on continued chip shortages restricting auto production, MNI understands.
April data on industrial production pointed to weakness for the month and a fresh fall in automobile output, raising some concerns the BOJ could tweak language the economy is "recovering as a trend” at the June 16-17 policy-setting meeting. But a survey by the Ministry of Trade And Industry (METI) of manufacturers, METI projected industrial production would rise 4.8% on month in May and 8.9% in June.
Also on the upbeat side, retail sales rose 2.9% y/y in April, data on Tuesday showed, with an upgrade to signs of recovery from flattening.
KEY DATA
Industrial output is a key piece of data for BOJ economists as it reflects both external and domestic demand, and look at policy settings, (See MNI INTERVIEW: Ex-BOJ Economist Defends Easy Policy, Yield Cap).
Bank officials are paying great attention to whether weaker manufacturing, mainly automobiles, can recover and drive capital investment and profits as key parts supplier China moves to lift some lockdown restriction in Shanghai in June.
The world's top carmaker, Toyota Motor on Friday lowered its global production forecast for June by about 50,000 vehicles on parts shortages that stem in part from the lingering effects of lockdowns in Shanghai.
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.