Japan GDP grew 0.2% qoq in Q4, below expectation of 0.5% qoq. In annualized term, GDP rose 0.6%, below expectation of 2.0%. GDP deflator rose 1.1% yoy, matched expectations. For the full year of 2022, GDP expanded 1.1%, slowed from 2021’s 2.1%.
Economy Minister Shigeyuki Goto said after the release, “Rising inflation and the global slowdown are risks… But corporate spending appetite hasn’t cooled … we’re not too pessimistic about the outlook.”
Finance Minister Shunichi Suzuki said, “With global monetary tightening continuing, the slowdown in overseas economies could still drag on Japan’s economy as well. We also need to pay attention to the impact from inflation, supply constraints, volatility in financial markets and the spread of Covid cases in China.”
Separately, it’s confirmed that the government nominated Kazuo Ueda as the next BoJ Governor, when Haruhiko Kuroda’s term ends on April 8. Ueda is a 71-year-old former BoJ board member and an academic at Kyoritsu Women’s University.
