Jibun Bank Final PMI from Japan for December is due today.
Flash Manufacturing December: 49.4 (in contraction for 6 straight months.) November Final 49.2September 2024: The PMI stood at 49.7, signaling a contraction in manufacturing activity.
November 2024: The PMI further decreased to 49.0, the lowest level since March, indicating a modest yet stronger contraction. This decline was driven by sustained reductions in new orders and output, with subdued demand from both domestic and international markets. Notably, firms reduced employment levels for the first time since February, and backlogs of work fell significantly.
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Wrap highlights:
December inflation in Tokyo accelerated for a second month, the government temporarily phased out utility subsidies;the ‘Summary of opinions’ from the Bank of Japan December meeting (when the bank maintained its policy rate at 0.25%) showed the policy board members remaining optimistic in its assessment that the economy and inflation are moving in line with its projections – amidst caveats of course – supporting market expectations for a near-term rate hike, perhaps as soon as the January 23-24, 2025 meeting.More:
Japan finance minister Kato - alarmed by FX moves, driven by speculatorsJapan inflation data and BoJ December summary raise expectations of a January rate hikeBoJ December 2024 Summary of Opinions - 'Gradual increase in CPI'Japan Retail sales for November: +2.8% y/y (expected +1.6%)Japan Industrial Production for November (preliminary): -2.3% m/m (expected -3.4%)Japan data: October Unemployment rate 2.5% (expected 2.5%)Tokyo area December inflation data: Headline 3.0% y/y (expected 2.9%) This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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