Japan – no consumer rebound yet
As in China, consumption has been the big macro drag in Japan. That should change in 2024, but BOJ data through February show no turnaround yet.
![Japan – no consumer rebound yet](/content/images/size/w2000/2024/04/Japan--BOJ-consumer-activity-index--overall.png)
As in China, consumption has been the big macro drag in Japan. That should change in 2024, but BOJ data through February show no turnaround yet.