mpc: 12 In contrast to the euro area, Asian economies had been reporting strong growth. Real GDP
growth in Japan had been 1.6% in 2003 Q4, according to the second estimate, well above the
Committee's expectation in February. The latest Tankan survey suggested that there had been a
further improvement in confidence in the corporate sector. Elsewhere in Asia, notably China and
India, growth had also been robust.
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