Japan unemployment rate was unchanged at 2.9% in January, slightly better than expectation of 3.0%. Job availability ratio rose to 1.10, up from 1.05. The data suggested that new job offers are rebounding, leading to resumption of recovery later in the quarter. “We can’t deny that the impact of the pandemic was felt but concerns that the state of emergency would worsen (the jobless rate) did not materialize,” an official of the internal affairs ministry said.
Capital spending dropped -4.8% in Q4, much worse than expectation of -2.0%. That’s the third straight quarter of decline, after the sharp -10.6% contraction in Q3. The data argued there might be downward revision in the 12.7% annualized Q4 GDP growth.
Also released, monetary base rose 19.6% yoy in February, versus expectation of 20.1% yoy rise.
