Japan springs growth surprise to allay recession fears

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Japanese growth improved in the first quarter, contrary to expectations of a 0.1% quarter-on-quarter (q/q) contraction. The headline number itself suggests investors should shrug off worries of a Japanese recession. These fears have been elevated following the Cabinet Office’s downgrade of its assessment on the economy to “worsening” – the worst out of five assessments of the economy. However, our view is that the drivers of growth in the first quarter warrant caution.

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