String of Conflicting Japanese Data Gives Mixed Signals
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Japanese data mixed
In the Asian overnight session trading volume was again low following the string of important data releases from Japan yesterday. The Traders remained cautious waiting for central bank stimulus. Later in the day the U.S. Federal Reserve will be getting together for policy and talk of European Central Bank interest rate cuts fills the investor forum. Some ECB policymakers made comments over the potential cut, suggesting that the bank would consider making cuts if economic releases to continue to look bleak. Italy finally saw the formation of their new government led by PM Enrico Letta who swore to decrease taxes to help stimulate growth.
Japanese Data Released
In Japan unemployment figures fell from 4.3 per cent in Feb to 4.1per cent in March. This surpassed expectation of 4.3 per cent amongst analysts. Household spending in Japan also increased from February with a 5.2 per cent hike from just a 0.8 per cent increase in the previous month. Industrial Production gained 0.2 per cent last month from 0.6 per cent in February underwhelming analyst estimates of 0.4per cent. Retail sales were down in March 0.3 per cent from last year overriding estimates of 0.6 per cent.
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