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Japan Market Outlook

Economic momentum and growth supportive policies underpin Japan’s renaissance
Aadish Kumar, International Economist
T. Rowe Price,  December 2023

Key Insights

  • An encouraging growth outlook, nascent inflationary pressure, and ongoing market reform point to a positive outlook for Japan in 2024.
  • Japan’s tightening labour market is leading to wage growth for the first time in decades. This is encouraging as a potential indicator that higher inflation can persist.
  • Japan remains an outlier among developed market peers in terms of its accommodative policy stance. Any potential tightening of policy is a key risk to the 2024 outlook.

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