While some economies saw growth return quickly to pre-pandemic levels, Japan remains in a slump, writes Research Director Nobuo Iizuka in the July/August issue of Japan Spotlight, with GDP in the first quarter of 2022 still 2.6% lower than in 2019.

The Gold Week string of holidays in 2022 was the first in three years without a state of emergency or quasi-state of emergency, fueling expectations of an increase in personal consumption, with the Bank of Japan’s consumption activity index improving since March. Such hopes must be tempered, Iizuka cautions, given the recent rise in energy and other prices.

“Revenge Consumption: Will It Finally Start to Move?” Japan Spotlight
https://www.jef.or.jp/journal/pdf/244th_Economic_Indicators.pdf

Profile of Research Director Nobuo Iizuka
https://www.tkfd.or.jp/en/experts/detail.php?id=381