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Outlook for the Japanese Economy - 2019

1. Outlook for the Japanese economy as well as the impact of the 2019 consumption tax hike This year, we saw serious damage in Japan from disasters such as heavy snowfalls, heavy rains, typhoons, and earthquakes. Looking forward to next year, we expect the next consumption tax hike will be implemented in October 2019 as planned. Some people are concerned over how much these factors will impact the Japanese economy. However, our outlook for the Japanese economy remains positive, and we expect to see a gradual recovery. 2. Market Review