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Japan’s coincident economic index—a key gauge of current economic activity derived from indicators such as industrial production, employment, and retail sales—rose to 118.1 in April 2026, surpassing both the preliminary estimate of 117.9 and March’s 116.8. This was the highest level since May 2019, signaling an ongoing economic recovery despite persistent uncertainty related to the conflict in the Middle East.
Domestic demand remained solid, underpinned by improving labor market and income conditions, even as consumer confidence weakened somewhat. In contrast, exports and imports were largely flat, underscoring cautious corporate sentiment in the face of geopolitical tensions and enduring trade-related uncertainties.
On the monetary policy front, the Bank of Japan left its short-term policy rate unchanged at 0.75% in April but raised its inflation outlook, pointing to higher energy costs and sustained price pressures.
