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Japan Labour Market & Activity (Dec. 2022)

The unemployment rate stayed unchanged in December, but labour market conditions are beginning to betray signs of loosening. Similarly, the strong rebound in retail sales is likely to give way to slower growth as the savings rate falls further. Meanwhile, industrial production fell sharply in Q4 from Q3, and our GDP tracker suggests that the recession we are expecting in H1 2023 may have already begun.

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