Stronger-than-expected industrial production and solid labour market data suggest Japan's economy continued to recover in the current quarter. A further easing of border restrictions and resumption of domestic travel aid programmes will support next quarter's growth as well. Thus, we upgrade 2022 GDP growth to 1.6% YoY from 1.2% previously. Industrial production recorded a third monthly gain in August: Industrial production in August rose 2.7% month-on-month seasonally-adjusted (vs 0.8% in July), beating the market consensus of 0.2%. In three-month sequential terms, IP rebounded quite sharply by 4.6% from -2.7% in ... (full story)