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12 Feb 2013
Forex Flash: Expect a Japanese export recovery – Nomura
Nomura strategists have taken a look at upcoming events and trends in Japan and suspect that Japan looks set to experience an export recovery in 2013.
Looking at exports, they note that despite the tension, the recovery should be driven by China´s economic recovery which is set to deliver positive growth in Q1 of 2013. They believe that the export recovery should stimulate domestic demand and ensure the overall economy is in a stable growth phase in 2013. The team especially highlight that they expect the BOJ’s policy stance to be more accommodative with the new Governor and two deputy governors, and while the main risks are Yen appreciation, other factors to watch for are a worsening European debt problem and the US and China slowing.
Looking at exports, they note that despite the tension, the recovery should be driven by China´s economic recovery which is set to deliver positive growth in Q1 of 2013. They believe that the export recovery should stimulate domestic demand and ensure the overall economy is in a stable growth phase in 2013. The team especially highlight that they expect the BOJ’s policy stance to be more accommodative with the new Governor and two deputy governors, and while the main risks are Yen appreciation, other factors to watch for are a worsening European debt problem and the US and China slowing.