Japan

摘要

Monthly data suggest that GDP growth remained solid in Q3. Industrial production increased 2.1% on the month in August, more than reversing the 0.8% decline in July. Goods export volumes also rose strongly, growing nearly 9% y/y in July-August combined, while the latest Tankan survey showed a rise in capital spending intentions. And although the BoJ's real consumption activity index suggests that growth in household spending moderated in Q3, this followed a very robust outturn in the previous quarter.