Data released in Japan overnight showed that Q3 GDP grew by 0.3 per cent Q/Q taking the annualised rate to 1.4 per cent from an upwardly revised 2.6 per cent in Q2; the deflator on these numbers came in at 0.1 per cent from a negative 0.4 per cent in the previous quarter. Capacity utilisation and industrial production both dipped in September. These figures may look decidedly pedestrian to many eyes but this is the longest expansion the nation has seen since 2001.
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