mpc: 11 The first release suggested that Japanese GDP growth had been marginally negative for the third
consecutive quarter in 2004 Q4, with weakness in net trade and private consumption growth. Export
growth had apparently been affected by slowing in the global IT industry. Rising machinery orders in
2004 Q4, however, might signal an investment-led return to positive growth in 2005. There had not
been much news about growth in the rest of Asia, which seemed to have remained buoyant.
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