Japan’s capital spending Increased 3.5% in Q-1
Capital spending excluding software rose 3.5% from a year earlier, after increasing 4.9% in the previous Quarter, the Finance Ministry said today in Tokyo. The 2nd straight Quarter of expansion compared with a median estimate of a 0.1% decline in a news service survey of 7 economists.
Finance Minister Jun Azumi told reporters in Tokyo this morning that the government is watching excessive Yen moves, and that the yen and stock markets do not reflect the fundamentals of the economy.
Today’s report will be used by the government to revise preliminary gross domestic product data that showed annualized growth of 4.1% in the 1st 3 months of the year.
The economy should continue to grow this Quarter, even with the strengthening Yen and electricity supply concerns weighing down company outlooks and export performance.
Companies including Panasonic Corp. (NYSE:PC)) and Nippon Steel Corp. ADR (PINK:NISTY) are preparing power-saving measures as the government forecasts electricity shortages due to the closure of all nuclear power plants and will request users to cut consumption this Summer.
A government panel deliberating on Japan’s energy supply after the Fukushima disaster proposed 4 scenarios on 29 May, including one to go nuclear free, for a final decision by the Summer.
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Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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