Japan’s economy rebounded at a slower pace than expected in the final quarter of 2022, even as the reopening of the country’s borders gave a boost to growth.
Asia’s second-largest economy grew just 0.2 percent during the October-December period, government figures showed on Tuesday, indicating that the slowdown in the global economy may be dragging on the country’s recovery.
Analysts surveyed by Bloomberg had forecast 0.5 percent growth for the last quarter of the year. Japan’s economy unexpectedly shrank in the third quarter as a weak yen and higher import costs cut into household consumption and businesses.
The latest figures mean that the world’s third-largest economy grew 1.1 percent overall in 2022.
“Japan saw moderate growth in Q4 2022,” Hiroyuki Ueno, senior economist at SuMi TRUST, said in a note before the data was released.
“Consumer services benefitted from an increase in domestic travel and a rise in inbound tourists,” he wrote.
“Exports were resilient, reflecting the easing of supply constraints on automotive-related goods and moves to restore inventories overseas.”
Japan in October welcomed the return of mass tourism after two-and-a-half years of some of the world’s toughest pandemic travel restrictions.
A record 31.9 million foreign visitors visited Japan in 2019 before the country shut its borders in response to the arrival of COVID-19.
Policymakers are hoping that an uptick in domestic consumption will drive up wages to help households weather rising food and fuel costs.
Despite rising inflation, the Bank of Japan (BOJ) has bucked the international trend of hiking interest rates, sticking to an ultra-easy monetary policy aimed at boosting growth.
Outgoing BOJ Governor Haruhiko Kuroda, who is set to retire in April, has expressed a preference for an ultra-loose monetary policy until wages rise significantly.
Kuroda’s successor is expected to be nominated by Prime Minister Fumio Kishida later on Tuesday. Kazuo Ueda, an economics professor at Kyoritsu Women’s University and a former BOJ policy board member, is tipped to take over the role.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
