GDP (Q4 Preliminary)

The 0.3% q/q (1.1% annualised) contraction in Japan's GDP in the final quarter of2010 was smaller than expected (consensus -0.5%, CE forecast -0.7%). However, the figure for Q4 was made to look less-bad by downward revisions totalling 0.5% to previous quarters. The revised profile for consumer spending is particularly worrying.

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