It appears “hope” is a strategy in Japan. Abe’s nation emerged from recession in Q4 but with business spending (capex grew at a mere 0.1%) and private consumption (+0.3% – which Amari defined as “solid private demand supporting economic recovery”) both coming in considerably below estimates, Japanese GDP QoQ SAAR grew at+2.2% (missing expectations of 3.7%) but real GDP growth was negative for the 3rd quarter in a row.