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Japan’s Economic Woes Deepen as Manufacturers’ Mood Hits Three-Year Low

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Japanese manufacturers’ mood soured in August to its lowest since 2013 when the central bank embarked on aggressive monetary easing, a Reuters poll showed on Friday, highlighting the weakness in an economy facing declining exports and sluggish consumer spending.

The Reuters Tankan, which tracks the Bank of Japan’s quarterly tankan, came on top of recent data showing exports in July tumbled the most since the last global financial crisis, and that economic growth stalled in April-June.

It underscores the challenge facing Prime Minister Shinzo Abe to boost growth as his recipe of bold monetary stimulus, fiscal spending and structural reforms – dubbed “Abenomics” – has struggled to pull the economy out of deflation and low growth.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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