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The preliminary economic growth data for the second quarter of 2023 in Japan is here:

Q2 GDP has been revised to +1.2% q/q and +4.8% y/y

  • from +1.5% and +6.0% respectively

The data confirms weak domestic demand with private consumption coming in at -0.6% q/q (the preliminary for this was -0.5%). Business investment is soft too, capex coming in at -1.0% q/q (the prelim on this was -0.7%).

External demand a positive contribution at +1.8% q/q.

The deflator, an inflation indicator, comes in at 3.5% y/y

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