Kaitou Macro: Japan's GDP growth is expected to stagnate this quarter According to a report by Golden Finance, on May 19th, prior to the Iran War, the Japanese economy had accumulated a steady momentum, but Kaitou Macro believes that GDP growth for this quarter and the next quarter will slow down to a stagnant state. The first quarter data shows that both household spending and corporate investment have increased month on month, and the growth momentum brought by the surge in exports has exceeded the much smaller increase in imports. However, economist Marcel Thieliant stated that despite discussions about the loose fiscal policy led by Japanese Prime Minister Hayao Takashi, government consumption has slowed down month on month, highlighting that the supplementary budget announced in November last year did not have a substantial impact on government spending. At the same time, consumer confidence has significantly declined, and the upper limit of fuel prices can only maintain moderate inflation for a limited period of time. He added that even with new supplementary budgets to provide funding for gasoline subsidies, at best it can only stabilize consumer spending.