With Japan initially entirely reliant on imports of the Pfizer vaccine, many initial concerns over the speed of the vaccine rollout centred on supply constraints. However, that hasn't been an issue thus far. Instead, the major bottleneck right now is getting the vaccine into arms. We expect such teething problems to be resolved over the coming months and remain confident in our view that the recovery will get a shot in the arm from end-Q2. Meanwhile, the lifting of the state of emergency in all remaining prefectures from this weekend will give a more immediate boost to consumer spending heading into Q2.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services