The main item today is to highlight the dramatic improvement in Japan's terms of trade during 2Q - they have improved 9.5% qoq and 10.9% yoy. This is pretty much unprecedented, and will make an impact not only on corporate cashflows, profits and ROEs, but will also make Japan's second quarter national accounts really difficult to read.
I make brief mention of slightly better than expected manufacturing output results from India, France and Italy for May - despite the fact that they're all still down 25%-35% yoy.
I mention the 1.2% yoy fall in Taiwan's average monthly earnings, which were hit by slumps in overtime and bonus payments.
