J P M O R G A N Japan Economic Research 17 August 2026 The Cabinet Office's first estimate of 2Q26 GDP surprised to the downside, rising 1.1%q/q saar (JPM: 1.9%, consensus: 2.0%). Growth has remained strong, exceeding the potential for the third consecutive quarter, but relative to the strong growth suggested by the monthly data, the outcome was weaker than expected. The downside surprise mainly came from domestic demand, with both private consumption and capex coming in weaker than expected. The 2Q GDP rep ...