Boom underneath a technical bust

Japan is now back in recession after a brief recovery which lasted only six months. GDP has now fallen for two consecutive quarters, according to figures released on 13 March. However, this so-called 'technical recession' seems to be at odds with most monthly data, and few people feel it is an accurate reflection of the market's underlying realities. We think the confusion stems primarily from the inadequacies of the collection and construction of Japanese data series, coupled with the tendency for Japanese economic figures to be somewhat dated - often reflecting the Japan of the previo...