Slow but steady

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As we have entered 2010, economic data for late 2009 has shown positive signals. Although Japanese gross domestic product is likely to remain depressed in comparison to year-ago levels, and certainly weaker than quarters prior to the Lehman shock, Japan is showing signals of broader-based economic recovery. The Japan strategy growth model estimates expansion of 0.96% quarter on quarter in the fourth quarter of 2009, which we expect in popular (yet misleading) annualised terms will equal growth

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