Canadian Labour Force Survey, July 2025

*WHITE HOUSE TO CLARIFY MISINFORMATION ON GOLD TARIFFS: OFFICIAL White House Official Says "Gold Order To Be Posted In Near Future

Japan's economy has recovered moderately, although some weakness has been seen in part. Japan's economic growth is likely to moderate due to the effects of trade and other policies in each jurisdiction. Thereafter, however, Japan's economic growth rate is likely to rise, with overseas economies returning to a moderate growth path. • Agreement in tariff negotiations between Japan and the United States represents great progress and will lead to reduced uncertainty regarding Japan's economy. These developments do not require the Bank to change the baseline scenario from the previous Outlook for Economic Activity and Prices (Outlook Report); meanwhile, the likelihood of this baseline scenario being realized has increased.  While, in Japan, the amount of exports from industries such as transportation machinery and large machinery to the United States is large, the impact of tariffs has not been widely seen in the results of the Tankan (Short-Term Economic Survey of Enterprises in Japan) and other surveys. This may be because many of the industries covered by these surveys, such as nonmanufacturing, are less directly affected by tariffs. BOJ July Summary: One Member Says Trade Policy Uncertainty, Economic Impact Remain High BOJ July Summary: One Member Urges Maintaining Accommodative Policy To Support Economy For Now BOJ July Summary: One Member Says US Policy, FX Could Shift Sharply On Inflation, Jobs Data;… BOJ July Summary: One Member Says 2–3 Months Needed To Assess US Tariff Policy Impact BOJ July Summary: If US Handles Tariff Impact Well, Japan Downside May Be Limited, Allowing BOJ To Exit Wait-And-See By Year-End BOJ July Summary: One Member Says Further Rate Hikes Needed When Opportunity Arises As Policy Rate Still Below Neutral BOJ July Summary: One Member Sees No Change To View Inflation Will Stall Before Re-Accelerating, Despite Japan-US Tariff Deal

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