Whilst Japan’s 1.6% y/y growth will not set global growth figures alight, it did come in more than twice economists’ forecasts of 0.7% and could potentially help raise it above the BOJ’s fiscal 2023 forecast. Growth also expanded for the first quarter in three, capital expenditure expanded unexpectedly and private consumption also bear estimates. However, it is worth noting that the GDP deflator – which measures the prices of goods within GDP – rose to its highest level since late 2015 of 2% y/y. Whist the BOJ will take note of this development, they’re unlikely to take any action any time soon, as demonstrated in ... (full story)