{"id":13334,"date":"2014-04-01T07:22:01","date_gmt":"2014-04-01T11:22:01","guid":{"rendered":"https:\/\/acrossthecurve.com\/?p=13334"},"modified":"2014-04-01T07:22:01","modified_gmt":"2014-04-01T11:22:01","slug":"brown-brothers-on-tankan-report","status":"publish","type":"post","link":"https:\/\/acrossthecurve.com\/?p=13334","title":{"rendered":"Brown Brothers on Tankan Report"},"content":{"rendered":"<p>Via Mark Chandler of Brown Brothers:<\/p>\n<ul id=\"yui_3_13_0_1_1396351193150_2497\">\n<li id=\"yui_3_13_0_1_1396351193150_2496\"><span id=\"yui_3_13_0_1_1396351193150_2495\" style=\"font-family: Calibri; font-size: medium;\">First, Japan&#8217;s Tankan survey generally showed improvement, but slightly less than the consensus expected. \u00a0For example, the much followed sentiment among large manufacturers improved to 17 from 16. \u00a0This is the highest since 2007, but fell shy of the 19 the consensus forecast. \u00a0<\/span><\/li>\n<li id=\"yui_3_13_0_1_1396351193150_2509\"><span id=\"yui_3_13_0_1_1396351193150_2511\" style=\"font-family: Calibri; font-size: medium;\"><b id=\"yui_3_13_0_1_1396351193150_2510\">Evident in the details was a degree of pessimism, and this is really the take away.<\/b> \u00a0Capex among the large companies is expected to increase 0.1% in the fiscal year that begins today. \u00a0The last Tankan survey in December showed a 4.6% increase. \u00a0Profits were expected to fall 2.3% this year after a 28% rise last year. \u00a0Projections for the June survey were lower than expected. \u00a0 \u00a0Moreover, the Japanese economy unexpectedly lost momentum in February. \u00a0As we learned yesterday, industrial output fell 2.3% in February. \u00a0The market had expected a 0.3% increase. \u00a0 We learned last week that the overall household spending fell 2.5% y\/y in February. \u00a0The market had expected a 0.1% increase after 1.1% in January. \u00a0<\/span><\/li>\n<li id=\"yui_3_13_0_1_1396351193150_2512\"><span id=\"yui_3_13_0_1_1396351193150_2524\" style=\"font-family: Calibri; font-size: medium;\"><b id=\"yui_3_13_0_1_1396351193150_2523\">The controversial retail sales tax increase (from 5% to 8%) goes into effect today.<\/b> \u00a0The economy was losing momentum prior to it, and this is of some concern to the Japanese government. \u00a0Finance Minister Aso said last week that the government will expedite this year&#8217;s spending. \u00a0Although the decision is unlikely before late in the year, the next leg of the retail sales tax (to 10%) may very well be deferred.<br \/>\n<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Via Mark Chandler of Brown Brothers: First, Japan&#8217;s Tankan survey generally showed improvement, but slightly less than the consensus expected. \u00a0For example, the much followed sentiment among large manufacturers improved to 17 from 16. \u00a0This is the highest since 2007, but fell shy of the 19 the consensus forecast. \u00a0 Evident in the details was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-13334","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9YXi-3t4","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts\/13334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13334"}],"version-history":[{"count":1,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts\/13334\/revisions"}],"predecessor-version":[{"id":13335,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts\/13334\/revisions\/13335"}],"wp:attachment":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}