For the world's second largest economy, better does not mean good.
Data released over the past two weeks support hopes that Japan has passed through the harshest stage of its deepest slump since the second world war. Growth in industrial output in May matched the half-century record set in April; exports have stabilised after collapsing late last year; and the much-watched Tankan survey of big manufacturers found sentiment in June markedly improved over March.
“Looking at the output data and the Bank of Japan's Tankan survey, we have indeed escaped the worst period,” Yoshimasa Hayashi, newly appointed minister for economic and fiscal policy, said yesterday.
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