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Japan |
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| Abstract: | Data from Q3 have been quite mixed, but on balance suggest that the fallout from April's sales tax hike has been worse than initially expected. The composite PMI reached a six‐month high of 52.8 in September, but the Cabinet Office's index of coincident indicators has continued to fall through Q3. On balance, we estimate that GDP was virtually flat in Q3. We thus now expect growth for 2014 as a whole to come in at 0.7%, down from 1.1% three months ago… |
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