2012 Outlook Masked By Global Headwinds

摘要

However, we believe a demand recovery in the Japanese beer nmarket will continue to run its course over the coming quarters nand we do not expect a prolonged slump in the beer market as nwe move into 2012. That said, we caution that the global macroeco-nnomic headwinds of a sovereign debt crisis in Europe, a hard landing nin China and economic stagnation in the US could potentially weigh non consumer sentiment and affect domestic demand.