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2 Aug 2016

Japan's GDP: productivity growth is poor - BBH

Analysts at Brown Brothers Harriman explained that Japan's GDP is about JPY500 trillion.

Key Quotes:

"Abe has set a goal of JPY600 trillion in by 2020.

Perhaps setting the goal is more politically important than achieving it. However, the measures announced do not seem to address what ails Japan. At best, the fiscal support leads to marginally better short-term growth, without lifting the country's growth potential.

The BOJ estimates trend growth around 0.2%.

It is well known that Japan has a shrinking and aging population.

On top of that productivity growth is poor. There seems to be very little of the stimulus aimed at boosting labor productivity. Part of the problem is that Abe himself is divided. He has one foot in the "old" world: faith, family, and flag. His cabinet, before and likely after tomorrow's reshuffle, reflects this. Several are former prime ministers or senior officials."

Aug 2, 2016

BoE: to cut by 25bps - Scotiabank

Analysts at Scotiabank noted the forthcoming BoE...

US Dollar: another sharp decline

Greenback resumed the decline that started last week. The US dollar moved with a bearish bias all day and extended losses during the American session...