Japan’s Consumers Drive Economy Before Omicron Setback
- Consumer spending jumps as virus restrictions eased in autumn
- Latest infection wave could shrink economy this quarter
A shopper in the Omotesando area of Tokyo on Feb. 12.
Photographer: Noriko Hayashi/BloombergThis article is for subscribers only.
Japan’s economy returned to growth at the end of 2021, fueled by the power of consumer spending that is now threatened by the latest omicron wave.
Gross domestic product expanded at a slightly slower-than-expected annualized pace of 5.4% in the three months through December compared with the previous quarter, the Cabinet Office reported Tuesday. Economists had estimated growth of 6%.