In this briefing:
1. Japan: Upcycle Intact
Following 3Q’s contraction, economic activity rebounded in the final quarter of 2018 led by investment spending. Global trade tensions and the planned increase in the consumption tax in 2019 are headwinds but we expect the Japanese economy to sail through. The investment upcycle remains intact underpinned by rising profits and consumption spending well supported by easy monetary and fiscal policy. We reiterate our overweight call on Japanese equities.
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