Japanese Prime Minister Yoshihide Suga announced today a fresh economic stimulus package worth JPY 73.6T. Suga said, “we will maintain employment, keep businesses going, revive the economy and open a path to growth including through green and digital technology.”
A batch of economic data is released from Japan today. Q3 GDP growth was finalized at 5.3% qoq, revised up from 5.0% qoq. In annualized term, GDP grew 22.9%, revised up from 21.4%. In October, labor cash earnings dropped -0.8% yoy versus expectation of -0.7% yoy. Household spending rose 1.9% yoy versus expectation of 2.5% yoy. Current account surplus widened to JPY 1.98%. In November, bank lending rose 6.3% yoy.
