Japan Data Roundup

We saw some important Japanese statistics released today that deserved a bit of comment. The most important release of the day was Japan's balance of payments position, which showed a third consecutive month of a current account deficit on a seasonally adjusted basis. Abenomics is supposed to produce an expanding current account surplus, but so far the opposite has happened.



Next we have bank loans, which again showed a strong positive reading suggesting that at least some pickup in economic activity is taking place.



Finally, the Economy Watchers Survey improved again in December to remain at an already high level. We'd be weary of reading too much into the improved bank loan and survey data as some of the increases could simply be attributed to demand being brought forward ahead of the April consumption tax hike.