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Economy in Brief

Japan's Economy Watcher’s Index Drops for Sixth Month in a Row
by Robert Brusca October 9, 2007

Economy watchers index at five year low.

Japan’s economy watcher’s index fell again for the six month running and extending a drop from a local peak reached back in March of 2006. The current future and employment indexes all are trending lower.The current economy watchers index and the employment components are at their five-year lows. The future index stands in the bottom 20% of its five-year range.

Japan’s economy continues to emit irregular signals despite ongoing statements of optimism from the BOJ.

Key Japanese Surveys
  Raw readings of each survey Percent of 5Yr range*
  Aug-07 Jul-07 Jun-07 May-07 Aug-07 Jul-07 Jun-07
Diffusion
Economy Watchers 44.1 44.7 46.0 46.8 0.0% 3.8% 25.7%
Employment 48.3 51.2 51.2 50.7 0.0% 4.0% 27.5%
Future 46.5 46.7 48.4 50.0 19.8% 21.4% 34.9%
NTC MFG 49.6 49.0 50.4 51.4 6.7% 0.0% 0.9%
Econ Trends (Teikoku'/50 neutral/weighted diffusion)
MFG 44.2 44.5 44.6 45.2 55.7% 63.2% 69.7%
Retail 38.3 37.9 39.2 39.6 39.6% 37.0% 52.7%
Wholesale 41.2 41.3 42.1 42.8 51.1% 56.6% 68.0%
Services 47.3 47.6 48.6 49.1 67.9% 74.0% 83.0%
Construction 36.3 36.6 36.8 37.7 68.2% 71.9% 77.5%
100 is high; zero is low
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