Briefing.com says that US GDP could grow close to 3% annualized in Q2 versus Street expectations of 0.5%~2.0%. This upbeat forecast contrasts sharply with Japan's Q2 GDP, which most believe will show Japan has slipped into recession. Even the most optimistic of those polled by the Nikkei think Japan's economy won't come back until December, and/or until oil prices stop rising.

The US GDP numbers lend support to the outperformance of the automobile sector in Japan since January of this year, despite all the concern about weakening US and Japan auto sales. Conversely, the electronic equipment sector has been underperforming the Nikkei 225 due to heavy competition from Asian rivals on top of weakening demand.