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It’s expected that in the first quarter the Japanese economy will slump for the first time for two years due to poor private consumption as well as a milder export demand, the Reuters survey disclosed on Friday.
Negative reading, albeit quite insignificant, would mean the end of Japan's longest period of economic expansion – up to eight straight quarters of surge - since the bubble of the 1980s.
However, market experts told that the expected weakness in January-March could only be a temporary mild phenomenon, arguing that higher prices for fresh vegetables along with bad winter weather probably affected consumer spending in the first quarter.
The global economy is still firm, suggesting that Japan will restore momentum in the second quarter, as financial analysts pointed out.
According to a poll of 18 market experts, the gross domestic product headed south 0.2% in the first quarter after a 1.6% surge in the last quarter of the previous year.
It’s going to be the first reduction in the world's number three economy since the end of 2015.
The reduction on an annualized basis is going to provoke a zero reading for the previous quarter.
Market experts added that the Japanese economy has been reviving steadily, but it feels like it has temporarily stopped.
Economic indicators, including factory production and business sentiments of firms, have demonstrated a softening of economic dynamics. Apparently, data on GDP clearly reflects these phenomena.
Market experts are assured that this quarter there was no surge in private consumption, after it tacked on by 0.5% in the last quarter of the previous year. By the way, private consumption accounts for approximately 60% of GDP.
Additionally, the survey disclosed that external demand also didn’t contribute to this Asian country’s GDP.
The Kansas City Federal Reserve announced Friday the annual Jackson Hole symposium will be held virtually, a reversal from prior plans that saw a modified, in-person program…
The US dollar takes a breath after a long rally. Its recent jump was caused by the Fed’s Meeting Minutes. What else drives the market?
Investors concern that the economic recovery may be hampered by the fast-spreading delta virus variant.
Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
The United States will release MoM Retail Sales data on September 16, 15:30 GMT+3.
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