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Economy in Brief

Japan’s MFG and Services Sectors Show Some Strength
by Robert Brusca October 17, 2007

Japan’s economic signals took a turn for the better in August as the sector indexes for manufacturing and mining as well as for the services sector (the tertiary index) advanced strongly in August. Each of these sectors show the highest readings in their respective ranges since February 1993. The manufacturing and mining index is on a strong surge. The tertiary index is slower but steadily gaining trend.These readings come as the IMF in its twice-yearly World Economic Outlook (WEO) warned the BOJ not to hike rates too soon. Japan’s recent economic readings have been erratic. Its price trends have not completely set the event of deflation behind it. So while these sector readings are good news they do not yet make the needed clear case for solid growth in Japan.

Japan Industry Surveys
Recent Months Moving Averages Extremes; Range
  Aug-2007 Jul-2007 Jun-2007 3-Mo 6-Mo 12-Mo Max Min %-Tile
Mining and MFG 111.9 108.1 108.5 109.5 108.4 108.2 111.9 87.7 100.0%
Tertiary 111.3 109.9 110.3 110.5 110.1 109.7 111.3 91.0 100.0%
Ranges, Max, Min since 1993
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