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Car production to drive Q2 GDP rebound

Shutdowns at major carmakers were a key reason behind the likely plunge in GDP last quarter, but with production now having been resumed, a strong rebound in activity is on the cards. Meanwhile, the Bank of Japan is more worried about upside risks from the weaker yen than it has previously communicated, which provides some upside risks to our forecast that it will only hike its policy rate once more in July.

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