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(CEP News) - It's an important day for economic data in Japan, and economists expect the reports to continue to point to growing problems in the economy.
The highlight of the day will be December industrial production, which is expected to show a monthly decline of 8.9% following November's decrease of 8.5%. The consensus is calling for an annualized decline of 20.0% following the previous reading of -16.6%. Economists from Capital Economics said that after last week's trade report, there's definitely scope for production to fall even further than expected. Another big data report scheduled for release is Tokyo CPI. Economists from Calyon noted that the drop in energy prices is leading inflation lower, but they said it is important to look at the non-energy components as well. They said they will be paying more attention to housing costs, and that a sudden decline in December could also lead to a drop in inflation. Finally, the last report that will garner attention is the Japanese unemployment rate for December, which is expected to move higher. The jobless rate is expected to rise to 4.1% following November's reading of 3.9%. Economists from Calyon said it is inevitable for unemployment to rise as the economy continues to weaken. All times in EST: Thursday: 16:45 NZ Building Permits (M/M) December Prior: +4.3% 18:00 AU Conference Board Leading Index NOV Prior: -0.5% 18:15 JP Nomura/JMMA Manufacturing PMI January Prior: +30.8 18:30 JP Jobless Rate December Exp: +4.1% Prior: +3.9% 18:30 JP Job-To-Applicant Ratio December Exp: +0.73 Prior: +0.76 18:30 JP Household Spending (Y/Y) December Exp: -3.6% Prior: -0.5% 18:30 JP Tokyo CPI (Y/Y) January Exp: +0.6% Prior: +0.7% 18:30 JP Tokyo CPI Ex-Fresh Food (Y/Y) January Exp: +0.6% Prior: +0.8% 18:30 JP Tokyo CPI Ex-Food, Energy (Y/Y) January Exp: +0.0% Prior: +0.2% 18:30 JP National CPI (Y/Y) December Exp: +0.4% Prior: +1.0% 18:30 JP National CPI Ex-Fresh Food (Y/Y) December Exp: +0.3% Prior: +1.0% 18:30 JP National CPI Ex Food, Energy (Y/Y) December Exp: +0.0% Prior: +0.0% 18:50 JP Industrial Production (M/M) December Preliminary Exp: -8.9% Prior: -8.5% 18:50 JP Industrial Production (Y/Y) December Preliminary Exp: -20.0% Prior: -16.6% 19:30 AU Private Sector Credit (M/M) December Exp: +0.5% Prior: +0.4% 19:30 AU Private Sector Credit (Y/Y) December Exp: +7.5% Prior: +8.2% 23:00 JP Vehicle Production (Y/Y) December Prior: -20.4% Friday: 00:00 JP Housing Starts (Y/Y) December Exp: -7.9% Prior: +0.0% 00:00 JP Annualized Housing Starts December Exp: +0.954M Prior: +0.954M 00:00 JP Construction Orders (Y/Y) December Prior: -12.5% By Neils Christensen,
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