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In March, Japan's household spending went up for the fourth month in a row, although dismal factory output along with exports could keep pushing the Japanese economy into a moderate contraction in the first quarter.
As a matter of fact, household spending is antic pated to have soared by 1.7% last month from 2018, which is the same surge recorded in February.
The employment situation happens to be favorable, although wage recovery is still mild. That’s the reason why private consumption lacks momentum. It has been reported by the chief economist at Norinchukin Research Institute, Takeshi Minami.
Still, domestic demand is going to be relatively firm till a scheduled sales tax lift in October. However, after that, the Japanese economy is seen going down unless external demand gets stronger enough to have the Japanese economy boosted.
Japan is expected to have its sales tax lifted to 10% from October’s outcome of 8% after Prime Minister Shinzo Abe delayed it two times.
The last sales tax lifts from 5% in 2014 delivered a blow to private consumption, accounting for nearly 60% of the Japanese economy.
The Japanese cabinet is going to officially uncover household spending data on Friday at 8:30 am Japan time, on May 10.
As recent data revealed, Japan's industrial output headed south in January-March at the fastest tempo for nearly five years, while exports went down for the fourth month in a row.
The common currency hit $1.1143 having slumped to $1.1125 overnight. The UK currency reached $1.2909, having declined to a two-week minimum of $1.2867, on soaring signs of political instability because the European parliamentary election campaign escalates.
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 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…
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The FOMC, a committee within the Federal Reserve, will hold an important meeting and press conference on September 22 at 21:00 MT time (GMT+3).
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.
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