· As we saw earlier, Japan’s mining and
manufacturing index is holding up after some special factors weakened it earlier in the year. Now the tertiary index is stabilizing in October. It rose to 110.9 in October but its 12 month change is still eroding (see chart). Japan’s Construction sector (not yet available for Oct) is clearly the weak sector.
Manufacturing is recovering from some weather disasters earlier in the year. The tertiary index, representing the more stable services sector is rather plodding along. As a result the overall all industries index (also not yet available for Oct) has
shown small increases but has been on the positive side of those Yr/Yr changes.