– Kansai’s economy is expected to keep improving.

Consumption is expected to pick up moderately, but rising prices might exert downward pressure –

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Forecast updates

▶ Our forecast for Japan’s real GDP growth in 2022 Q2 is an annualized +0.7%.

▶ We forecast a GDP deflator of -1.1% QoQ in 2022 Q2.

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– Kansai’s economy is expected to keep improving.

As China’s economy is slowing down, domestic service spending is expected to drive recovery.-

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Forecast updates

▶ Our forecast for Japan’s real GDP growth in 2022 Q2 is an annualized -0.4%.

▶ We forecast a GDP deflator of -1.3% QoQ in 2022 Q2.

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Overseas factors casting a shadow on the normalization of economic activity.

China’s zero-COVID policy will have a major impact on Kansai’s economy.

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China’s zero-covid policy, high oil prices, and the weak yen pose risks to Japan’s economic recovery

– Real GDP growth forecast: +1.9% in FY2022, +1.7% in FY2023 –

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– Latest indicators suggest an improvement in Kansai’s economic outlook

Consumption expected to recover, but slowdown in China poses risks-

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– Current and future outlook: Kansai’s economy is at a phase change.

The deteriorating international situation poses risks※–

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Forecast updates

▶ Our forecast for Japan’s real GDP growth in 2022 Q1 is an annualized -3.2%.

▶ We forecast a GDP deflator of +0.4% QoQ in 2022 Q1.

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–  Current and future outlook for Kansai’s economy remains at a phase change  –

The international situation and high oil prices pose risks

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