Japanese Economy Minister statement on the Q3 GDP release earlier (data is here, contraction recorded):

  • Risk of global slowdown pushing down Japan's economy warrants attention
  • Domestic demand including consumption, capex lacked strength in q3
  • Private consumption turned out flat due to effect of price hikes
  • Capex weighed by rises in materials prices and declining machinery and construction investments
  • Service consumption such as eating out remained in recovery

He added that concerns about the outlook for the Chinese economy need to be closely watched.

Japan factory 31 March 2023