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Welcome from our asian headquarters here in hong kong. Japans economy looking slightly stronger for the First Quarter. that one point figure looking in the bit better at better than economists were expecting. We broke the numbers last week. It was rising 1. 4 in the First Quarter from the previous quarter. Suggesting here that the Business Sentiments were stronger than previously thought. Slightlynsumption rise in the quarter. Theres still a lot of headwinds coming through for the japanese economy. When we talk about this current account balance, it dear thierry it quite a bit. That is weighing on japan. Pointing to some positive growth even after you subtract the first percentage point contribution from this leap year affect that we did see. This probe has been mainly driven by the fact that we do see this rapid reduction in real imports. That is not necessarily a good sign of good growth. Of course, with this sales tax ite being postponed now, lowers japans growth trajectory in 2016,

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