Japan: GDP and inflation GTM –UK | 31 Real GDP growth Average Q316 Inflation Average Nov % change quarter on quarter since 1999 % change year on year since 1999 2016 Real GDP 0.2% 0.3% 5 Headline CPI* 0.0% 0.5% 3 Core CPI -0.3% 0.1% CPI less food & -0.1% -0.4% y 2 4 consumption tax Average 1 3 Global econom0 2 -1 1 -2 0 -3 -4 -1 -5 -2 -6 -3 '00 '02 '04 '06 '08 '10 '12 '14 '08 '09 '10 '11 '12 '13 '14 '15 '16 Source: (Left) FactSet, Japan Statistics Bureau & Statistics Centre, J.P. Morgan Asset Management. (Right) Bloomberg, FactSet, Japan Ministry of Internal Affairs & Communications, J.P. Morgan Asset Management. *CPI is the Consumer Price Index. Core CPI is defined as CPI excluding food and energy. Guide to the Markets - UK. Data as of 31 December 2016. 31