Our Japan Chart Pack has been updated with the latest data and our analysis of recent developments.
We no longer expect the economy to enter a recession across the second half of the year. But with external demand set to remain soft and real household incomes declining for a while yet, the recent strength in activity won’t last. And with plunging import costs soon pulling down inflation, the Bank of Japan won’t risk snuffing out the nascent virtuous cycle between prices and wages.
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