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Q1 Capex Falls, Company Profits Firmer

JAPAN DATA
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Q1 Capex spending slowed in the Japan economy. In y/y terms spending eased back to +6.8% from +16.4% in Q4 and against a 11.0% forecast. In q/q terms capital spending fell -4.2% (after a +10.7% rise in Q4 last year).

  • Spending ex software was back to 6.8% y/y as well (from 1.7% in Q4), while this segment saw a 0.5% dip in q/q terms.
  • Both the manufacturing and non-manufacturing saw falls in Capex. Manufacturing down -3.3%q/q, non-manufacturing off -4.7%. Both measures are still positive in y/y terms.
  • The capex data will feed into GDP revisions for Q1, which print on June 10. In the initial GDP report, business spending was down -0.8% q/q.
  • Other data released showed better than expected company profits, up 15.1% y/y, versus 8.3% forecast. Company sales were close to expectations at 2.3% y/y (2.4% was the forecast).
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Q1 Capex spending slowed in the Japan economy. In y/y terms spending eased back to +6.8% from +16.4% in Q4 and against a 11.0% forecast. In q/q terms capital spending fell -4.2% (after a +10.7% rise in Q4 last year).

  • Spending ex software was back to 6.8% y/y as well (from 1.7% in Q4), while this segment saw a 0.5% dip in q/q terms.
  • Both the manufacturing and non-manufacturing saw falls in Capex. Manufacturing down -3.3%q/q, non-manufacturing off -4.7%. Both measures are still positive in y/y terms.
  • The capex data will feed into GDP revisions for Q1, which print on June 10. In the initial GDP report, business spending was down -0.8% q/q.
  • Other data released showed better than expected company profits, up 15.1% y/y, versus 8.3% forecast. Company sales were close to expectations at 2.3% y/y (2.4% was the forecast).