Nevertheless, stimulus pays off, although household spending remains low and the constant fluctuations in the yen exchange rate do not add calm to exporters. As today’s data show, Japan’s GDP grew by 21.4% year-on-year in the third quarter of this year. The market immediately saw this as a clear signal of a rapid recovery in the economy, although the statistics, roughly speaking, are pulled by the ears: this would be annual growth if the economy grew at a similar pace for four quarters. But this is the first such fact in a difficult year in 2020. Compared year-on-year, the index fell by 5.8% and increased by 5% compared to quarter-on-quarter growth expectations of 4.4%. If you look at these numbers, the situation looks pretty smooth, there really is a smooth improvement, but there are no explosive emotions. The rally in the Japanese stock market, which we are seeing this morning, is more related to the very positive fact of a positive move in the economy than to data of different order.