Week of April 17, 2011 thru April 23, 2011

Eurozone Data: MNI Survey Of Economic Data Forecasts

[[
February March 3-mo Priv Apr March April EU Comm
ind orders M3 M3 Loans HICP jobless sentiment survey
m/m y/y y/y y/y y/y y/y rate econ ind svc
]]
------------------------------------------------------------------------
Median fcst* 0.8 na 2.2 1.9 2.7 2.7 9.9 107.0 6.7 10.5
High forecast 1.4 24.1 2.4 2.0 3.3 2.8 9.9 107.5 7.0 11.0
Low forecast 0.5 20.3 2.1 1.9 2.7 2.5 9.8 106.7 6.0 10.4

China SAFE Official Rules Out Continued Sharp Yuan Rise

-- Says Currency Nearing 'Equilibrium Point'

BEIJING (MNI) - A senior official with China's foreign exchange
reserve manager said there's no foundation for ongoing, sharp yuan
appreciation, arguing that the currency is nearing its equilibirium
point.

The comments of Guan Tao, head of the international payments
department of the State Administration of Foreign Exchange, were
published amid the most marked period of exchange rate appreciation
since China's last bout of inflation, suffered at the start of 2008.

MNI Survey: Japan Mar Core CPI Seen -0.2% Y/Y Vs Feb -0.3%

-- See Separate Table For Details Of Individual Economist Forecasts

TOKYO (MNI) - Japan's core consumer price index is expected to have
declined 0.2% on year in March, smaller drop than the 0.3% decline in
February but matching the drop in January, due mainly to higher energy
prices, according to the median forecast of analysts surveyed by Market
News International.

The Ministry of Internal Affairs and Communications will release
the CPI data at 0830 JST on Thursday, April 28 (2330 GMT Wednesday).

The national average retail price for regular gasoline rose 14.2%

China Economic Data Calendar

All figures year-over-year percent changes unless otherwise
specified.

Date Time For Event Previous
Local/GMT
------------------------------------------------------------------------
29 Apr 0935/0135 Apr MNI China Business Sentiment Survey +69.33
01 May 0900/0100 Apr Purchasing Manager's Index (CFLP) +53.4
03 May 1030/0230 Apr Purchasing Manager's Index (HSBC) +51.8
10 May -- / -- Apr Trade Balance ($ bln mth, ytd) 0.14/-1.02

MNI Survey: Japan Mar Output Seen -11.0% M/M, Record Drop

-- See Separate Table For Details of Individual Forecasts

TOKYO (MNI) - Japanese industrial production is expected to have
plunged a record 11.0% month-on-month last month after the March 11
earthquake wreaked havoc on the northeastern Pacific coast, according to
the median forecast of analysts surveyed by Market News International.

The Ministry of Economy, Trade and Industry will release the data
at 0850 JST on Thursday, April 28. (2350 GMT Wednesday).

In the industrial production statistics that date to February 1953,

ASIA FX: US Dollar in Narrow Ranges in Holiday-Thinned Trade

SINGAPORE, April 22 (MNI) - The U.S. dollar traded in narrow ranges
through a holiday-thinned Asian session Friday, as the dollar found
temporary respite from recent selling as markets wound down at the start
of the Easter holiday weekend for many trading centers.

Many trading centers in Asia are closed for Good Friday today,
while players in Japan, China and South Korea, were content to watch FX
pairs shuffle through their initial ranges from the sidelines.

"FX markets were extremely thin during the Asia session and the

China Commerce Ministry: Yuan, Rising Costs To Hurt Exporters

BEIJING (MNI) - Chinese companies will see their profit margins
squeezed this year by yuan appreciation and increasing input and labor
costs, the Ministry of Commerce said in its latest the foreign trade
report.

"Yuan appreciation pressure is relatively large, which will hurt
the ability of Chinese companies to take export orders," the ministry
said in the biannual report.

The Ministry of Commerce has been identified as a source of
opposition to overly-rapid currency appreciation, but has been
relatively quiet on the issue in recent months as the yuan has been

Japan Yosano:BOJ Head Says Fixing Supply Curbs To Spur Demand

TOKYO (MNI) - Economic and Fiscal Policy Minister Kaoru Yosano on
Friday quoted Bank of Japan Governor Masaaki Shirakawa as saying that
demand will be revived when supply restrictions caused by the March 11
earthquake disaster are repaired.

Shirakawa, who attended a meeting of economic ministers this
morning as an observer, was quoted as saying that it is necessary to
"make the utmost efforts" to fix the disruptions in supply chains in
order for the earthquake-hit economy to rebound from the current slump.

China PBOC Sets Dlr-Yuan Parity At Record High of 6.5156

BEIJING (MNI) - The People's Bank of China set the yuan's central
parity rate at a record high of 6.5156 on Friday, beating the previous
record of 6.5228 set Thursday.

Today's fixing marks the third consecutive record high in a row.

Dlr-CNY Eur-CNY Yen-CNY

Today fixing 6.5156 9.4958 7.9677
Prev. fixing 6.5228 9.5027 7.9300
Prev. close 6.5205 -- --
%Chg since June 19* 4.79% -- --

Japan Govt Drafts 1st FY2011 Extra Budget Worth Y4 Trln

-- Japan Govt To Issue No New Bonds To Finance Extra Budget

TOKYO (MNI) - The government of Japanese Prime Minister Naoto Kan
drafted on Friday the first supplementary budget for fiscal 2011
totalling Y4.015 trillion, mainly to finance the reconstruction of the
northeastern areas wrecked by the March 11 earthquake and tsunami.

The government will finance the extra budget by slashing outlays
planned in the initial FY2011 budget, without issuing new debt.

The supplementary budget will exceed the first such budget which