Whilst QMG data continues to improve, albeit at a gradual rate, Japan remains one of our preferred markets globally.... Average volume growth across our coverage universe is now +2% yoy (was +1% in January and dipped to zero growth in April - has now recovered strongly and we are on trajectory back towards the +2.5% yoy level last seen in July 2014).... Average price growth is now +1% and costs have fallen to -2.5% - an impressive margin growth opportunity.... Consumer Staples, IT and Consumer Discretionary are the standout industries in terms of both sales and margin performance.... Energy remains a distinct under-performer.... The full report is available to QMG subscribers here: (VIEW LINK)