Japan GDP disappointing - new BOJ Gov will find it difficult to start any normalization.

Japan's Q4 GDP data is here:

• Japan Q4 2022 GDP (preliminary) 0.2% q/q, missing estimate of 0.5%

Snippet take from ING's morning note pretty much nails what the incoming new Bank of Japan Governor is up against:

• 4Q22 GDP data was disappointing.
• We believe that the modest recovery will continue this year, but today’s data support the Bank of Japan’s argument that the recovery is still fragile and that easy monetary policy is needed. The incoming new governor will find it difficult to start any normalization.

Kazuo Ueda is expected to get nominated today