The Ministry of Finance’s quarterly investment survey was weaker than most had expected, but shouldnonetheless mean a slightly upward revision to Q3 GDP. Unlike the forthcoming Tankan and BusinessOutlook surveys, the investment survey is only backward looking so does not tell us anything newabout firms’ investment intentions. We suspect these remain weak: global growth continues todisappoint and the uncertainty created by the forthcoming Lower House election is likely to weigh oncapital spending.
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