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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: Weak Inflation View May Dampen Capex, BOJ Worry
Bank of Japan officials are keeping watch on inflation expectation indicators and are concerned that any decline will prompt a fall in corporate capital expenditure as businesses delay projects, MNI understands.
Inflation expectations are expected to have fallen in recent months, with bank economists forecasting them to continue at weaker levels and possibly even decline further in Q3.
Although both exports and private consumption in Japan are predicted to remain firm, a fall in capital expenditure could slow any recovery.
Both exports and industrial production rebounded in July after declines in Q2 but their levels are still far below those seen pre-Covid.
TANKAN SURVEY
Bank officials expect capital investment plans to be revised down in the September Tankan survey, due out on Oct 1, and they will be looking at how far the predicted numbers are below historical averages.
Capital investment linked to research and development will remain solid, but it's a different story for non-manufacturers, particularly the accommodation and hospitality sectors that have been hardest hit by the coronavirus.
Low inflation expectations alongside weak growth expectations will dampen corporate appetite to implement capital investment, the BOJ worry.
There hasn't yet been much evidence that firms have reduced their prices to stimulate demand as during previous periods of slowdown, but the BOJ are keeping a close watch on developments.
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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.