TAILIEUCHUNG - Japan Economics/Fixed Income Weekly

The four tools are focused on identifying and developing sources of knowledge and innovation in a regional economy. Today’s new economy is about neither goods nor services per se. Prosperity in today’s economy depends on our ability, both individually and collectively, to generate and apply knowledge. The most valuable economic resource is no longer capital, nor natural resources, nor labor (the traditional term economists have used for routine-type work). It is knowledge and our ability to apply knowledge. Innovation turns knowledge into useful products and services. It is fundamental for building prosperity today and in the future. Undifferentiated commodities, such. | Credit Suisse Research Analysts Hiromichi Shirakawa 81 3 4550 7117 hi romi chi .shi rakawa@cred i t-sui Takashi Shiono 81 3 4550 7189 Tomohiro Miyasaka 81 3 4550 7171 18 April 2013 Fixed Income Research http researchandanalytics Japan Economics Fixed Income Weekly Focus the largest trade deficit in 1Q The trade balance recorded a deficit of billion in seasonally adjusted terms resulting in the largest-ever quarterly deficit of trillion of GDP in the January-March quarter. Export volume rose mom recording the first recovery in three months helped by the general machinery and transport equipment sectors which seem to have opted to reduce product prices. The terms of trade meanwhile continued to deteriorate as the yen depreciated. As the country s external balance has deteriorated persistently its capacity to recycle savings abroad should have shrunk further. Fixed income market Since the BOJ announced new monetary easing measures at its policy meeting on 4 April the JGB market has been unstable with yields having risen throughout the yield curve except for the 12yr-14yr zone and volatility remains high in all maturities. Business cycle Money and credit Policy Fiscal policy the US and Japanese governments officially reached agreement on Japan s participation in Trans-Pacific Partnership TPP trade negotiations. Upcoming Indicators March nationwide CPI 26th Apr core CPI is expected to be yoy Japan Economic JGB Yield Recent Publications Japan Economic Adviser What matters is the balance between capex and consumption 18 April 2013 ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES ARE IN THE DISCLOSURE APPENDIX. FOR OTHER IMPORTANT DISCLOSURES PLEASE REFER TO https . CREDIT SUISSE SECURITIES RESEARCH ANALYTICS BEYOND INFORMATION .

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