Japan: Exports Offset Domestic Weakness

Modest recovery is expected to continue in Japan, driven by export demand, particularly from China. Domestic demand remains weak, weighed down by rising unemployment and appreciation of the yen. Japanese chemical makers have generally lowered earnings expectations for the fiscal year ending March 31, 2010, citing weak conditions. “We expect real GDP growth of 1.5%” in Japan for 2010, says Kiichi Murashima, economist with Citi (Tokyo). “After a temporary pause in activity early [this year], the Japanese economy will likely return to a growth path...

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