JAPAN

摘要

Despite a 2.3% (y-o-y) drop in industrial production in the final quarter of 2011, the near-term outlook is relatively upbeat following the latest monthly data releases. December industrial production was actually strong, registering an increase of 4.0% (m-o-m) following a fall of 2.7% in November, whilst the manufacturing PMI increased again in January to 50.7, moving further above the neutral level. This boosted optimism that the sector is recovering and that supply chain disruptions caused by the Thai floods are easing. Elsewhere in the economy, real household spending rose to 0.5% (y-o-y) in December after a negative reading of 3.2% in November, that was in part attributed to a weather-related decline.