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Y/Y Capex Surges Back To 2006 Levels

JAPAN DATA

Japan Q4 capital spending was stronger than expected. We were up 16.4% y/y for headline spending, versus 2.8% forecast and 3.4% prior. This is the stronger y/y rise since the end of 2006. Excluding software capex also beat expectations (up 11.7%y/y versus 1.5% forecast). This term rose 8.0% q/q, while total capital spending was 10.4% in q/q terms.

  • At face value this should help alleviate some of the concerns around second half growth momentum in Japan. Recall the economy was in a technical recession, based off the two consecutive quarters of negative GDP growth, for this period.
  • Other data showed company profits at 13.0% y/y, versus 21.3% forecast and 20.1% prior. Company sales were close to expectations at 4.2%y/y (4.5% forecast and 5.0% prior).
  • Capex across the manufacturing and non-manufacturing sectors was firm. Up 11.7%q/q for manufacturing and 9.6% q/q for non-manufacturing.
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