{"id":2246,"date":"2016-05-24T15:54:17","date_gmt":"2016-05-24T14:54:17","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.com\/?p=2246"},"modified":"2016-05-24T16:09:44","modified_gmt":"2016-05-24T15:09:44","slug":"japan-upside-surprise-in-first-quarter-growth","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/japan-upside-surprise-in-first-quarter-growth\/","title":{"rendered":"Japan: Upside surprise in first quarter growth"},"content":{"rendered":"

CHART OF THE WEEK<\/b><\/p>\n

Fears that industrial output figures may signal a second consecutive economic contraction, and therefore a technical recession, were warded off as annualised<\/b> GDP jumped 1.7% instead of the expected 0.3%. <\/b>Although this preliminary estimate is to be viewed with caution given that second estimates based on more complete data are prone to significant revision, most of the upside is driven by household consumption.<\/b><\/p>\n

\"chart20\"<\/b><\/p>\n

OUR ANALYSIS<\/b><\/p>\n

This welcome surprise has cast doubt over the possibility of new fiscal stimulus and, according to some, reduced the need to delay the VAT increase scheduled for April 2017<\/b>. Stronger consumption may continue as a result of recent and ongoing wage inflation. That said, the government will undoubtedly seek to maintain the momentum. <\/b>In the short term, the April 14th earthquake could weigh on the industrial sector but it will be partially offset by the reconstruction effort in the longer term. This may translate into a second-quarter slowdown followed by a significant acceleration. <\/b><\/p>\n

 <\/p>\n

 <\/p>\n

The opinion expressed above is dated May 20th, 2016 and is liable to change.<\/i><\/p>\n

\u00a0<\/b><\/p>\n

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

CHART OF THE WEEK Fears that industrial output figures may signal a second consecutive economic contraction, and therefore a technical… <\/p>\n","protected":false},"author":101016,"featured_media":2244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148,1274],"tags":[],"class_list":["post-2246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","category-graphique-de-la-semaine-en"],"yoast_head":"\nJapan: Upside surprise in first quarter growth – Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"Japan: Upside surprise in first quarter growth Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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