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Japan’s car sales surged in October as recovery picks up speed
Bloomberg reports that Japan’s car sales surged in October, rising at the fastest pace in more than eight years as the economy continues to bounce back in the fourth quarter.
Vehicle sales rose 31.6% from a year earlier, according to the Japan Automobile Dealers Association. The large jump partly reflects the distortion of a -26.4% drop 12 months ago after a sales tax increase triggered a sharp drop in spending on big ticket items.
“Auto sales are showing a stronger pickup than expected,” said Taro Saito, head of economic research at NLI Research Institute. “Automakers are back in production and many Japanese households have extra money to spend thanks to the government’s cash handouts.”
Like the overall recovery in the economy, the pace of sales is unlikely to continue at the current rapid pace. An increasing number of Japanese businesses are announcing sharp profit falls that point to lower winter bonuses and smaller wage increases.
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Market focus
- U.S. retail sales unexpectedly decline in December
- U.S. consumer sentiment index decreases more than anticipated in early January
- Key events for next week: China GDP, eurozone ZEW Economic Sentiment index, UK, Canada and New Zealand CPI, Bank of Canada, ECB and Bank of Japan interest rate decisions, Australian unemployment rate, Eurozone, UK and US PMIs
- U.S. industrial production grows much more than forecast in December
Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.
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Pacific | Wellington | 19:00 | 04:00 | 22:00 | 07:00 | 22:00 | 07:00 |
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Pacific | Sydney | 21:00 | 06:00 | 00:00 | 09:00 | 00:00 | 09:00 |
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Asian | Tokyo | 23:00 | 08:00 | 02:00 | 11:00 | 02:00 | 11:00 |
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Asian | Hong Kong, Singapore | 00:00 | 09:00 | 03:00 | 12:00 | 03:00 | 12:00 |
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European | 06:00 | 15:00 | 09:00 | 18:00 | 9:00 | 18:00 | |
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European | London | 07:00 | 16:00 | 10:00 | 19:00 | 10:00 | 19:00 |
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American | New York | 12:00 | 21:00 | 15:00 | 00:00 | 15:00 | 00:00 |
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American | Chicago | 13:00 | 22:00 | 16:00 | 01:00 | 16:00 | 01:00 |