Japan's economy surges at the fastest pace in a year in January-March

Japan's economy tacked on at the fastest pace in a year during the first quarter just to mark the longest period of expansion for a decade. It definitely heightened prospects that sturdy overseas demand will back a steady revival.

The data provides some relief to the BOJ policymakers. They’re actually hoping that the Japanese economy has already gained enough momentum just to drive up wage surge along with inflation that remains quite low on soft household spending.

The Japanese economy, the world's number three, added an annualized 2.2% in January-March, as Cabinet Office data disclosed on Thursday. It exceeded a median market prediction for a 1.7%ascend to post the fastest surge rate since January-March 2016.

It appears to be the fifth straight quarter of expansion, and also the longest surge run since a six-quarter streak through 2006.

As for consumer spending, it remains relatively soft, while it boasts a room to drastically improve.

Similar

30.05.2023 10:14 Gold Rises as Central Banks Buy More

About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.