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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.
JAPAN DATA
Japan's Jan jobless rate and job-to-applicant ratio were in line with market expectations. The jobless rate printing at 2.4% (which was down from a revised 2.5% in Dec last year). This lows back in the unemployment rate back to early 2020. The job-to-applicant ratio at 1.27 was in line with the prior outcome.
- The participation rate was 62.6%, versus 62.8% in Dec. The number of employed fell by 30k in the month, while those unemployed rose by 130k.
- The chart below overlays the jobless rate and the job-to-applicant ratio (which is inverted on the chart). We are seeing some modest divergence, although the job-to-applicant ratio has stabilized in recent months.
- Also note the new job-to-applicant ratio rose to 2.28 from 2.25 in Dec, the first improvement since August last year.
- Overall, labor market conditions suggest tightness, while BoJ Governor Ueda reiterated the importance of current wage negotiations in driving a sustainable wage/inflation cycle and aiding a consumer spending recovery in H2.
Fig 1: Japan Unemployment Rate & Job To Applicant Ratio (Inverted)
Source: MNI - Market News/Bloomberg
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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