Nishimura trying to find some positives in the disastrous GDP data:

(ICYMI: Japan Q2 GDP (final) -7.9% q/q)

Nishimura:

  • Japan's economy showing signs of pickup
  • downward revision in capex underscores worsening corporate profits, uncertainty on outlook
  • some positive corporate spending to adapt to new lifestyle is seen, such as capex to boost production capacity, spending on telecom equipment
  • household income is rising so economy likely to continue recovering but must watch impact on renewed rise in infection numbers, hot temperatures on consumption

Headlines via Reuters