Today, the Japanese Cabinet Office published GDP data for Q3. According to these data, Japan's GDP in the third quarter decreased by 1.6% in annual terms. It was the result of the tax reform - raising the sales tax on 3% from 1 April this year. Before raising tax residents rushed to make purchases in stores, which led to the growth of GDP by 6.7% in Q1, and the fall of 7.3% in the next quarter. These data indicate the failure of the quantitative easing policy pursued by the Bank of Japan. I expect that this situation will lead to a change on the upcoming elections of the Cabinet Office and management of the Bank of Japan and the subsequent abandonment of the policy provided by Abe and Kuroda. Accordingly, it will result to a growth of the yen in the coming months.
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