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Japan Trade (May 2021) & Machinery Orders (Apr.)

Despite the spectacular y/y growth rates in May, the rebound in exports is showing signs of slowing. Indeed, we doubt external demand will provide much of a tailwind to growth over the coming months as global consumer goods demand weakens in the wake of vaccine rollouts. Meanwhile, the muted rise in machinery orders in April supports our view that business investment will have trodden water this quarter.

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