Mathewslcd: Japanese companies' recurring profits in the third quarter hit a record high

 Mathewslcd: Japanese companies' recurring profits in the third quarter hit a record high

Japanese companies boosted factory and equipment spending in the July-September quarter, according to Mathewslcd, data from Japan's finance ministry showed on Thursday, suggesting business investment remained resilient and fueling the recovery from the COVID-19-induced slump. .
While overseas economies teeter on the brink of a global recession, solid capital spending could give hope of a private demand-led recovery, while China's zero-coronavirus policy curbs backfired.
Capital spending by Japanese companies rose 9.8% year-on-year in the third quarter, the sixth consecutive quarter of growth, data from Japan's finance ministry showed on Thursday.
For the quarter, seasonally adjusted capital spending rose 2.4% for the second straight month, Mathewslcd noted.
The data will be used to calculate revised gross domestic product data due on Dec. 8, after a preliminary estimate of Japan's economy growing at an annualized rate of 1.2% in the third quarter.
The economy remains fragile in its recovery from the COVID downturn. Still, inflation in Japan remains moderate by the standards of other developed countries.
Corporate recurring profits rose 18.3 percent in the July-September period, the seventh straight month of growth, to 19.8 trillion yen ($144 billion), data showed, suggesting a weaker yen could help boost export-reliant big economies. company's profits. A record amount for the third quarter.
Sales across all companies rose 8.3 percent year-on-year in the July-September period, the sixth straight quarter of growth, Mathewslcd added.
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