Everywhere you look, the recession is over, at least through the lens of official governmnet statistics.
Japan is the latest to come surging out of the gate.
WSJ: The nation’s real GDP rose 1.2% in July-September from the prior quarter, working out to a 4.8% increase on an annualized basis, Cabinet Office data showed. That was much better than the 0.6% on-quarter growth and 2.2% annual pace of expansion expected by economists. In the April-June period, the economy grew for the first in five quarters, at a revised annual rate of 2.7%.
The better-than-expected growth came despite worries over the outlook for Asia’s largest economy, due to a grim job market and prolonged deflation.
The Nikkei is only up a fraction on the news. Perhaps it’s been “priced in” ever since the better-than-expected reading on machine orders booked last week.