- Sizeable pullback in JGB yields and impressive rally in TOPIX, led by electric & precision instruments, and machinery. But Yen drifting lower (pages 3 – 5)
- Core inflation still rising in Japan, with ex-food & energy CPI up to 2.53% y/y in April. Services inflation accelerating (pages 6 – 10). Tokyo core CPI rose again in April too (pages 11 – 12). Weekly inflation indicators show price pressures are intensifying (page 12). Import prices and goods prices ease again (page 13)
- Service sector activity firms (PMI, Tankan). Contraction in manufacturing eases. Economy watchers survey turns up (pages 14 – 21)
- Strong consumption and non-residential investment propel GDP growth in Q1: private domestic demand up by an annualised 3.13% in Q1. Consumer confidence firms (pages 21 – 30)
- Japan government debt edges down to 222.9% of GDP (pages 31). Corporate debt edges down too (pages 32 – 35).
- Corporate profits fell in Q4, but net book value for small and medium companies rises quickly (pages 36 – 39)
- Unemployment rises again, despite strong data. Big increase in labour market participation rate for women. New job offers fall, contraction in real employee compensation deepens (pages 40 – 47)
- Trade deficit narrows: higher deficits with China and smaller surplus with rest of Asia. But trade surplus with US expands. Overseas subsidiary sales strong again in Q4 (pages 48 – 60)
- Construction orders dip in private sector (pages 61 – 64)
- BoJ assets as a share of GDP hits new high (pages 65 – 68)
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