- Japanese economic data has been relatively disappointing in 2021
- This has been fueled by a decline in private consumption
- With the State of Emergency only lifted at the end of September, savings rates remain elevated
- A normalisation of household saving rates would be a significant boon to the economy
- An alleviation of supply issues, particularly in the auto sector, should lead to a recovery in industrial production
- With Covid restrictions having been lifted much later than in other developed economies, Japan is due an economic catch-up