mpc: 7
The news in Asia had been distinctly positive, with Japan recording very strong growth in Q4
and signs of continued strength in non-Japan Asia. Japanese industrial production had risen for the
sixth consecutive month in January and seemed consistent with another quarter of above trend growth
in Q1. Retail sales had also risen strongly in January and the labour market had continued to tighten.
Inflation, excluding the fresh food component, had been positive for three consecutive months.
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