Japan Economy Watchers Survey Edges Up in June; Still Soft

MT Newswires Live
07-08

Japan's Economy Watchers Survey, a polling of frontline service workers in the private sector, edged higher in June, but remained depressed, reported officials on Tuesday.

The monthly Economy Watcher Survey Index logged at 45.0 in June, up from 44.4 in May, but still striking below the 50-mark that separates optimism from pessimism, reported the Cabinet Office.

The survey polls Japan's economy-facing employees such as taxi drivers, bar and restaurant staff, hotel workers and others in the services.

The Economy Watchers Survey index last posted above 50 in February of 2024, but since then has generally declined into the low-40s range.

In addition, the Economy Watchers Survey Outlook index rose 45.9 points in June from 44.8 points in May, marking the highest level in four months but also still in pessimism territory.

The Economy Watchers Survey results are likely to be perused by the Bank of Japan, that has been trying to stimulate the nation's economy, while also trying to put a lid on above-target inflation.

Bank of Japan officials, and elected office holders, have reiterated they are seeking a self-sustaining cycle of rising real wages that lead to higher levels of domestic consumption and retail spending, thus boosting overall economic growth.

Presently, the outlook for overall Japan economic growth is muted.

The Bank of Japan in May estimated that the nation's gross domestic product (GDP) would grow by a modest 0.5% in the fiscal year started in April.

Yet the nation's consumer price index-core (CPI-core), that strips out fresh foods, rose by 3.7% on year in May well above the Bank of Japan's 2% annual inflation target by the metric.

The next Bank of Japan monetary policy meeting is held at the end of July.

At the last two policy sessions, the central bank held interest rates unchanged at 0.5%, despite Bank of Japan statements that it wants to "normalize" rates to higher levels.

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