Japanese Economy Monthly Forecast (January 2020)

Data updates
▶ All major economic indicators deteriorated in 2019 Q4, including industrial production, plannned residential construction, capital goods shipments, private capital investment, exports, imports, and large retailers’ revenues.
▶ Inventories piled up due to the reactionary fall in demand after the consumption tax hike in October.

2019 Q4 Forecasts
▶ Our forecast for 2019 Q4 real GDP growth is an annualized -4.4% QoQ.
▶ We forecast an overall GDP deflator of +0.1% QoQ in 2019 Q4.