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Economy in Brief

Economy Watchers Index Drops Sharply in Japan 
by Robert Brusca December 11, 2007

Japan’s economy watchers index is very weak. The future index is in the bottom 10 percent of its five year range. The current index and the employment reading are in about the bottom 15th percentile of their respective ranges. The Teikoku weighted indexes are weak in their respective ranges for the entire spectrum of indexes but retailing and wholesaling are on new five-year lows. MFG is in the bottom 10% of its range. The Japanese readings are in accordance with the OECD LEI for Japan from last week that showed conditions worsening sharply.

Key Japanese Surveys
  Raw readings of each survey Percent of 5Yr range*
  Nov-07 Oct-07 Sep-07 Aug-07 Nov-07 Oct-07 Sep-07
Diffusion
Economy Watchers 38.8 41.5 42.9 44.1 15.1% 27.5% 33.9%
  Employment 41.9 43.8 48.8 48.3 14.7% 21.5% 39.4%
  Future 38.8 43.1 46.0 46.5 10.6% 32.2% 46.7%
NTC MFG 50.8 49.5 49.8 49.6 30.2% 15.5% 18.7%
Economy Trends (Teikoku'/50 neutral/weighted diffusion)
MFG 41.7 42.4 43.8 44.2 9.7% 18.9% 44.7%
Retail 34.4 37.2 37.7 38.3 0.0% 17.1% 22.5%
Wholesale 38.3 39.1 40.2 41.2 0.0% 6.3% 30.2%
Services 45.0 45.6 46.6 47.3 36.4% 42.7% 56.2%
Construction 32.6 34.7 36.8 36.3 22.8% 43.8% 68.9%
100 is high; Zero is low
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