Investor Presentaiton
Japan enters the reopening phase
Nomura's estimate for Japan's real GDP
(Q1 2019=100)
104.0
Actual
102.0
· Nomura est. as of 8 September 2021
Nomura est. as of 8 December 2021
100.0
98.0
96.0
94.0
92.0
90.0
NOMURA
→>
CY21 CY22
+4.3%
We expect more or less full normalization of
economic activity for Japan to be achieved in
2022, overcoming supply constraints and the
5th wave of infection in the summer of 2021.
Nomura expects real GDP growth for 2022 to
exceed 4% year on year, well above the
potential growth of Japan, driven both by
corporate related demands of real exports
and capital expenditures which will overcome
supply constraints and household demand
relieved from public health measures.
88.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (CY)
19
20
Source: Nomura, based on Cabinet Office data
21
22
23
9View entire presentation