TOKYO, JAPAN – SEPTEMBER 19: Tokyo Tower and city panorama on September 19, 2019.
Clive Rose – World Rugby | World Rugby | Getty Images
Japan’s economy grew at an annualized rate of 2.7% in the first quarter of this year, further expanding from an earlier estimate of 1.6% last month. government data showas the economy continues to see strong spending.
Economists polled by Reuters had expected growth of 1.9%.this yen It was up 0.14% against the dollar at 139.98 shortly after the release. The month-on-month increase was 0.7%, above the Reuters estimate of 0.5%.
Private demand rose 1.2 percent and domestic demand rose 1 percent, while exports of goods and services fell 4.2 percent. Imports also fell 2.3%, revised government data showed.
The surprise uptick in Japanese growth comes as stocks remain in focus after hitting three new decade highs recently.
Private spending was also in focus. Local media Kyodo reported on Wednesday According to the latest draft of the full-year economic blueprint, the government plans to cut “crisis mode spending”.
The blueprint also reaffirmed Prime Minister Fumio Kishida’s plan to boost wages while achieving economic growth as part of his push to accelerate wealth redistribution, Kyodo News reported.
It also includes measures aimed at restoring fiscal health, such as encouraging companies to offer higher wages and invest further in human resources, Kyodo News reported.
The Bank of Japan’s next two-day monetary policy meeting is scheduled for next week.
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