Surprise #1 - Japan Capex Surges

1st December - Surprise Value 8.8 / 10

What Happened?  

Why it Matters:

What Happens Next? 

• Japan 3Q Capital Spending Surprises +11.2% yoy
• Strongest Rise Since 1Q07 Against Reasonably Tough Base of Comparison
• Manufacturing +12.6% yoy and +13.3% ex-Software
• Petroleum/Coal +54.3% yoy, Infocomms Electronics +31.4%, Transport Machinery +25%, Electrical Machinery +24.2%, Production Machinery +19/9%
• Non-Manufacturing +10.4%, with Construction+46.6%, Goods Rental/Leasing +39.3%, Electricity +30.8%
• Small Companies +21.8% yoy, Large Cos +8.1%, Medium-Szied +4.8%