♦ Better-than-expected housing starts improvement. Latest July 2010 Japan housing starts saw a better-than-expected improvement (+4.3% yoy and +0.1% mom to 68,785 units), which brings it to two consecutive months of growth (Jun 10 +0.6% yoy) and signifies that Japan’s housing recovery may start gaining pace soon (refer to Chart 1). This is supported by the number of building permits issued, which has been increasing for the eight months up to the latest May 2010 data (+8.7% yoy).
Timber Sector Update : Positive Signs of Recovery-07/09/2010
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