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Asia Economic Indicator News
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Japan: Monetary Policy
A mere three weeks after deciding to reduce the overnight call rate by 20 basis points, the board of the Bank of Japan met again in Tokyo. This time, the committee decided to leave official interest rates unchanged at 0.30%.
Singapore: GDP
Singapore's GDP contracted 0.6% q/q in the third quarter. The amount was revised down from government advance estimates of -0.5% q/q, as forecast by Moody's Economy.com. Falling manufacturing output was a large reason for the result.
Taiwan: GDP
As expected, economic activity slowed significantly in Taiwan during the third quarter. Real GDP contracted 1.02% y/y, collapsing after growth of revised 4.6% in the second quarter.
Japan: Foreign Trade
Japan recorded another monthly foreign trade deficit in October—the third successive month the trade ledger has been in the red, having never previously been in deficit since seasonally adjusted records commenced in 1995. The adjusted balance was -¥175.6 billion in October, following September’s (downwardly revised) ¥67.1 billion deficit. The unadjusted trade balance was also in the negative to the tune of ¥63.9 billion.
World: Moody's Economy.com Survey of Business Confidence
Global business confidence fell again last week to another new record low. Sentiment has turned negative across the globe, including heretofore sturdy Asia. It has also turned negative across all industries with record low sentiment among real estate firms, business service companies, and manufacturers. Assessments regarding the economy more broadly and the outlook six months hence are especially grim. Sales strength, equipment investment, and office space demand hit new lows as have hiring intentions. The global economy is in an increasingly severe recession according to the survey results.
Indonesia: GDP
Indonesia’s GDP growth slowed to 6.1% y/y in the third quarter from 6.4% in the second quarter. This was the slowest pace of growth in seven quarters, but is very respectable considering recent GDP figures from neighbouring ASEAN economies.
Singapore: Foreign Trade
Singapore's nonoil domestic exports fell for a sixth consecutive month, down 15.2% y/y in October, after a 5.7% drop in September.
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