The economic impact of the Japan-Korea trade dispute is broadening as many South Koreans start to boycott Japan as a holiday destination. Booking of trips to Japan have halved and cancellations of flight tickets have increased 5-fold. However, we continue to think that the fallout from the dispute for Japan’s economy will be small. Meanwhile, PM Abe’s failure to secure a supermajority in the Upper House elections leaves his pet project of constitutional reform in doubt. This could be good news for the economy.
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