C.  The Japanese economy  The Japanese economy has continued to show steady growth, particularly in private consumption, as evidenced by the fact that the real GDP growth rate for the July–September quarter of 2010 was 3.9 percent on an annualized, seasonally adjusted quarter-on-quarter basis.
Looking back, until around spring 2010, exports and production continued to increase against the backdrop of strong growth in emerging and commodity-exporting economies, and private consumption had been recovering partly because of increased corporate profits.