Japan’s economy rebounds strongly on consumption boost

[Pelican Press 0]

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Japan’s economy rebounds strongly on consumption boost

Japan’s economy has expanded by a much faster-than-expected annualised 3.1 per cent in the second quarter, rebounding from a slump at the start of the year thanks to a strong rise in consumption and backing the case for another near-term interest rate hike.

The Bank of Japan had forecast that a solid economic recovery will help inflation sustainably hit its 2.0 per cent target, and justify raising interest rates further after it hiked them last month in its continued quest to exit years of massive monetary stimulus.

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