mpc: 9
The news from Asia, by contrast, was rather stronger than expected. Fourth-quarter growth in
Japan was reported to have been 1.7%, substantially above the figure included in the Committee's
February projections. While there might be doubts about this figure, it was noteworthy that nominal
GDP had increased by 0.7% and that the all-activity index had been 1.2% higher. GDP growth had
generally also picked up elsewhere in Asia.
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