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Free AccessMNI: PBOC Sets Yuan Parity Higher At 7.1055 Tues; -6.03% Y/Y
MNI China Press Digest Jan 30: PBOC, He Lifeng, Evergrande
REPEAT:MNI POLICY: BOJ Sees Solid Underlying Consumption Trend
Repeats Story Initially Transmitted at 05:34 GMT Aug 7/01:34 EST Aug 7
TOKYO (MNI) - Bank of Japan officials see that the underlying trend of
private consumption remains solid and they expect spending to follow a
"moderate" uptrend, MNI understands.
The BOJ's supply-side Consumption Activity Index released Tuesday showed
that it posted the first quarter-on-quarter rise in two quarters in April-June,
up 0.4% after -0.5% in January-March.
In June alone, the index also rose a modest 0.4% on month for the first
rise in two months after -1.0% in May and +1.8% in April.
BOJ officials see no need to change the current view that "private
consumption has been increasing moderately, albeit with fluctuations, against
the background of steady improvement in the employment and income situation."
They are focused on preliminary gross domestic product data for the second
quarter due out Friday to examine how spending rebounded after slumping in the
winter months, hit by severe weather conditions.
BOJ officials remain vigilant against the risk that volatile financial
markets caused by the U.S.-China trade dispute will dampen consumer sentiment
and spending.
Japan's gross domestic product for the April-June quarter is expected by
economists to have expanded a modest 0.2% on quarter, or an annualized 1.0%,
rebounding from what many see as a temporary slump in Q1, thanks to solid
consumption and business investment.
The expected Q2 growth will follow the first contraction in nine quarters
in January-March, when GDP fell 0.2% on quarter, or an annualized 0.6%.
The median forecast for private consumption, which accounts for about 60%
of GDP, is 0.3% on quarter in Q2 (ranging from +0.2% to +0.4%) following -0.1%
in Q1.
The BOJ's Consumption Activity Index is designed to forecast revised
private consumption, not a preliminary estimate.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
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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.