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mpc: 10 Japanese GDP appeared to have been broadly flat in both 2004 Q2 and Q3. Indicators appeared to point to weaker activity in Q4, in particular industrial production and exports. It was possible that this reflected slower growth in China. There was also evidence of a marked slowdown in some of the information and communications technology (ICT) sectors ­ for example, sales growth in the world semiconductor market had fallen sharply. The prospects for near-term Japanese growth looked weaker than expected at the time of the November Inflation Report. There were also signs of slower growth elsewhere in Asia.