Japanese Q3 GDP beats expectations, inflationary pressures non-existent

Japanese GDP data for Q3 came better than expected at 0.5% QoQ vs 0.2% exp and 0.2% last, while the GDP annualized (seasonally adjusted) YoY was 2.2% vs 0.8% expected and 0.7% last. 

As per the GDP nominal (seasonally adjusted) QoQ, came at 0.2% vs -0.1% exp and 0.3% last. However, a slight disappointment came from the GDP deflator YoY, which stood at  -0.1% vs 0.3% exp and 0.7% last. Meanwhile, GDP consumer spending QoQ stood at 0.1% vs 0.0% exp and +0.2% last. Even if the headline data looks rather encouraging, inflationary pressures remain non-existent in Japan, which should be perceived as a disappointment by the government and the Bank of Japan.