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Economy in Brief

Japan IP Rebounds in June but still has Uncertain Momentum
by Robert Brusca August 10, 2007

Industrial production in Japan has clearly been slowing down. But the three-month pace is showing more lift. Still, this is the volatile measure and its greater lift does not mean that will remain force. For the time being Japan appears to be doing better, but its momentum remains uncertain. By sector, manufacturing is strong over three months but still lower over 6 months and one year and its gain is based on the first monthly rise in four months. Investment and mining categories have a bit more of an uptrend in place; mining is up over 3-month, 6-month and one-year period. This sector does not look solid enough to justify a rate hike anytime soon.

Japan Industrial Production Trends
  m/m % Saar % Yr/Yr
  Jun-07 May-07 Apr-07 3-mo 6-mo 12-mo Yr-Ago
Mining & Manufacturing 1.3% -0.3% -0.2% 3.4% -2.0% 2.3% 5.3%
Total Industry 1.2% -0.6% 0.3% 3.4% -2.7% 2.3% 4.9%
Manufacturing 1.3% -0.3% -0.2% 3.4% -1.8% 2.3% 5.3%
Food & Tobacco -1.5% 0.7% -0.6% -5.4% -0.9% -0.7% -0.3%
Textiles 1.1% 0.2% 0.0% 5.3% -1.6% -3.7% -2.9%
Transportation 0.7% 4.2% -2.4% 9.5% -5.4% 5.8% 6.4%
Product
Consumer Goods 3.5% -3.4% 0.6% 2.4% -2.5% 0.8% 4.2%
Intermediate Goods 1.3% -0.5% -0.3% 1.7% -0.7% 4.4% 5.7%
Investment Goods 0.1% 2.0% 0.6% 11.4% 0.0% -1.2% 5.7%
Mining 4.1% 0.6% 0.4% 21.9% 18.5% 9.1% 5.5%
Electricity & Gas 0.3% -2.6% 2.0% -1.4% -1.7% 2.9% 1.4%
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