First signs of progress towards “Japanese corporate revival”

- "We expect Japan's economic growth to ease slightly through 2011 H1 as export growth slows and the impact of government measures wears off. It is difficult to be optimistic regarding the operating environment facing Japanese companies over this period. However, Japanese companies have already gone a long way towards eliminating the negative after-effects of Japan's bubble period, such as excessive debt, and have been steadily improving productivity and efficiency. We think it will become increasingly clear that the Japanese economy is likely to avoid a double-dip and that growth will probably start to pick up again from mid-2011. If Japanese companies step up their efforts to tap into demand in Asia and their medium-term growth expectations improve, that could lead to greater dynamism for Japanese companies and the Japanese economy through growth in capital investment and employment."

Nomura Japan Economic Overview 20100812

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