Japan Update


December 8, 2023
  • A Quick Word on USDJPY
  • October Real Wages Fall 2.3%, Real Consumption Declines 2.5%
  • October Current Account Surplus Tops ¥2.5 Trillion
  • Revised July-September GDP Down 2.9%
  • BoJ Buys Fewer JGBs During November
December 7, 2023
  • 30-Year JGB Auction “Worst Ever”
  • JGBs Heavily Sold Across All Maturities
  • Ueda Tells Diet Ending NIRP and Adjusting YCC Will Come into View
  • Kishida and Ueda Meet Thursday Afternoon
  • “Bad News is Bad News,” Higher JGB Yields Rock Equities
  • USDJPY Sold as US-Japan Yield Spread Narrows
December 6, 2023
  • BoJ’s Himino Latest to Hint at Policy Change
  • JGBs Follow Treasury Yields Lower
  • BoJ Policy Review: JGB Liquidity Adversely Impacted by QQE, YCC
  • Position: What Happens After NIRP?
  • JCM Seeks ¥10,000 Monthly Pay Increase
  • Japan Will Not Join Powering Past Coal Alliance
  • Weak Chinese Demand Pushes Asia Benzene Prices Lower
  • Spot Bulk Carrier Rates Soar as Weather, Drought Idle More Ships
December 4, 2023
  • BoJ Cuts Size of 10-25 Year Buying Operation
  • LDP Continues to Debate Defense Tax Increase
  • Could BoJ Surprise the Markets This Month?
  • Loan Rates Hit Eight-Year High
December 1, 2023
  • Quarterly Corporate Report Shows Record Earnings, Improved Capex
  • October Unemployment Falls to 2.5% as Hiring Improves
  • October Production Index Higher
  • Rengo Officially Calls for 5%-Plus Wage Hike
  • Suzuki Urges Companies to Use Excess Cash Flow to Fund Wage Hikes, Capex
  • Questions Arise Over Abe Faction Fund Raising
  • DPFP Members Leave to Start New Party, Seek Cooperation with Isshin No Kai
  • How Will Japan’s Money Market React to Ending NIRP?
  • Semiconductor Production Equipment Sales to China Hit Record
  • Price of New Ships Hits Fifteen Year High
November 29, 2023
  • ¥13.1 Trillion Supplementary Budget Passes
  • Annual Bond Expense Expected to Top ¥30 Trillion by FY 2029
  • Corporate Taxes to be Raised “Over the Medium- to Long-Term”
  • BoJ’s Adachi: “Hard to End NIRP Until Wages and Prices Enter Virtuous Cycle”
  • BoJ Had ¥10.5 Trillion Unrealized Loss on JGB Portfolio
  • Ueda Seeks to Avoid Shocking the Market When NIRP Ends
November 27, 2023
  • October Core CPI Rises 2.9% as Energy Subsidies Cut
  • Are Big Companies Standing in the Way of Higher Wages?
  • Labor Unions Representing Small Company Employees Propose Big Wage Increases
  • Voters Continue to Shun Kishida
  • Tokyo Financial Exchange to Establish Market for Loan Receivables
November 22, 2023
  • BoJ: Is Ueda Softening Up the Market for End to NIRP?
  • BoJ: Will the Board Continue to Underestimate Inflation?
  • BoJ Reduces Size of JGB Buying Operations as Long Yields Fall
  • Local Tax Revenues Exceed Pre-COVID Levels
  • LDP Proposes Allowing Export of Used F-15 Engines, Parts
November 20, 2023
  • Manufacturing Earnings Rebound as Yen Weakens
  • Small Business Manufacturing Workers Demand Big Pay Rise
  • Loan Spreads Widening at Megabanks
  • Kishida’s No Good, Awful, Very Bad Day
  • Central Tokyo Average New Condo Price Tops ¥100 Million
  • Nikkei 225 Index Hits 33-Year High—Then Retreats