9th September 2013 – Good News for the Japanese Economy
Japan has seen its third successive quarterly rise in GDP. The Japanese Economy grew much faster than expected between April and June and as a result GDP growth has been revised upwards from 2.6% to 3.6%. Many have speculated that this success is due to the increased government spending and large stimulus package championed by Prime Minister Abe.
Hiroako Muto, a senior economist at Sumitomo Mitsui Asset Management explained, ‘Japan’s economic recovery will continue due to strong personal consumption and public works spending…Companies are replacing old equipment, which led to the large upward revision to GDP’.
Such positive news arrived simultaneously with the announcement that Tokyo is to host the 2020 Olympic Games – an event which will no doubt boost the Japanese economy further.
