Japanese corporate spending on plant and equipment surged in the second quarter:Japan Q2 business capex +7.4% y/y (vs. expected +9.9%, prior +6.8%)Analyst takes I'm seeing are noting the data is fuelling optimism for a domestic-led recovery and bolstering the case for more interest rate hikes from the Bank of Japan in the coming months.The strong capex data, set to influence revised GDP figures due on September 9, aligns with a recent factory survey showing a softer contraction in manufacturing activity. indeed, we saw some improvement in the manufacturing PMI data released also todaY:Jibun Bank Japan manufacturing purchasing managers index 49.8 in August (vs. 49.1 prior)This reinforces the
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