Japan Update

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Japan Update: A Quick Word on USDJPY

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

Japan Special Report: "Worst Ever” 30-Year JGB Auction Hits Bonds, Equities, Currency

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

Japan Update: BoJ’s Himino Latest to Hint at Policy Change

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

Japan Update: BoJ Cuts Size of 10-25 Year Buying Operation

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

Japan Update: Quarterly Corporate Report Shows Record Earnings, Improved Capex

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

Japan Update: ¥13.1 Trillion Supplementary Budget Passes

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

Japan Update: October Core CPI Rises 2.9% as Energy Subsidies Cut

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

Japan Update: BoJ: Is Ueda Softening Up the Market for End to NIRP?

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

Japan Update: Manufacturing Earnings Rebound as Yen Weakens

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