The first assessment of Japanese economic growth in the July to Sept September quarter
GDP (seasonally adjusted) for Q3, preliminary, -0.3% q/q ….. in line
- expected -0.3%, prior +0.7%
GDP Annualized (seasonally adjusted) for Q3, preliminary -1.2% y/y ….. miss … not good.
- expected -1.0%, prior +3.0%
GDP Nominal (seasonally adjusted) for Q3, preliminary -0.3% q/q
- expected -0.3%, prior +0.7%
GDP Deflator y/y for Q3, preliminary % (recall this is an inflation indicator)
- expected -0.1%, prior +0.1%
GDP Consumer Spending y/y for Q3, preliminary -0.1% q/q …. down but a small beat
- expected -0.2%, prior was +0.7%
GDP Business Spending y/y for Q3, preliminary -0.2% q/q … a miss … capex had been a particular bright spot …. so this is a wee bit ugly
- expected +0.2%, prior was +3.1%
Oh, look at that … yen is doing nothing. If you've been with me on this shift you'll know that Japanese data does not tend to have too much of a forex moving impact upon release.
OK, back to the data …. we have had some poor data, attributed to weather (and in this case its a reasonable attribution …. dreadfully damaging floods in parts of Japan with a large deathtoll) and a large earthquake (yes, lots of earthquakes in japan but again this was serious, a big death toll also).
