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Global growth to boost Japanese corporate earnings in 2018 - Moody's

Moody's Japan says that moderate global economic growth and solid domestic demand will support Japanese corporate earnings in 2018.

Key points

We project 2018 GDP growth of 3.2 % for the G20 economies and 1.1% for Japan, while rated Japanese companies' EBITDA will grow 1%-3%.

The recovery in commodity prices will support the earnings of trading companies, and the oil & gas and mining sectors, but higher raw material costs may pressure margins for autos.

At the same time, for Japanese corporates overall, a cautious stance towards financial management and investments will lead to a modest fall in leverage, supporting credit quality and ratings.

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