Event
The first preliminary estimate for July-September 2016 Japanese real GDPgrowth has been released: QoQ saar 2.2 %, YoY 0.9%; above expectations.
The consumption component was QoQ saar 0.2%, YoY 0.1%; in line withexpectations. Net exports made a strong contribution.
Impact
At 58% of GDP, consumption is key. Its contribution remained subdued.
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