Japan just released a raft of economic data.
The detail was mixed with ongoing strength in labour market indicators and a stronger-than-expected lift in industrial output offset by inflation and retail sales data which disappointed to the downside.
In March, the unemployment rate held steady at 2.5%, in line with market expectations. The jobs-to-applicant ratio — measuring jobs available to those seeking work — rose to 1.59 from 1.58 in February, a result that was again in line with economist forecasts.
Industrial output growth also impressed in March, lifting by 1.2% following a 2% gain in February, well ahead of the 0.5% gain expected. Manufacturers indicated that they expect output to increase by a further 3.1% in April.
However, despite strong labour market conditions and industrial activity, inflationary pressures remained weak, at least in Tokyo.
In the Japanese capital, consumer price inflation (CPI) rose by just 0.5% in the 12 months to April, just half the increase seen in the year to March.
Core CPI — removing the impact of fresh food prices — grew by 0.6% over the same period, down from the 0.8% in the year to March. Economists had expected the annual rate to remain steady at 0.8%.
The Tokyo CPI report is released before the national figure, and hints that inflationary pressures nationwide may have also moderated in April.
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