We get Q2 economic growth data from Japan today, the revised estimate. The preliminary data for this was a huge beat:
Annualised growth camera in at 6%, well ahead of the 3.1% that was expected. It was driven by external demand that more than offset very poor corporate and consumer spending. Q2 GDP is likely to be revised down, many firms are delaying investment projects due to the shortage of workers and the still high and rising costs of material inputs. A sluggish Chinese economy is also weighing on Japanese business expectations for the near term.