Japan economy grows 1.6 percent

- - AP, TOKYO

Mar 9, 2018-Japan reports its economy grew at an annualized rate of 1.6 percent in October-December, much stronger than the initial estimate, thanks to strong domestic demand and private investment. The revised government data issued Thursday by the Cabinet Office compared with a preliminary estimate of 0.5 percent annualized growth in GDP—the total value of a nation’s goods and services. Domestic demand and private investment excluding spending on housing were revised upward. Prime Minister Shinzo Abe has been pushing his “Abenomics” program based on fending off deflation and loosening old-style regulations that have discouraged new and foreign businesses. The government is also increasing public spending to give the economy a boost. Critics say the Abenomics approach hasn’t helped the poor enough, especially since companies have held back on raising wages. The revision came as a bit of a surprise, and a report by Barclays said inventory adjustments were a factor, the report said. Risks to the outlook remain, it said.

Published: 09-03-2018 09:20

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