Domestic demand is incredibly resilient now. With consumers set to increase spending now that deflation concerns are fading, the Bank of Japan may raise rates by 25 basis points as soon as October.

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Consumer spending will remain strong in the first quarter following the final quarter of last year. Supporting this is improving employment and wages.

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Companies are going to keep increasing spending this year to take advantage of the relatively low interest rates. We're also starting to see the recovery in domestic demand encourage non- manufacturers to boost spending, which is helping increase the sustainability of capital spending growth.

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