Indicators
Japan’s Economy Outperforms Forecasts, Keeping BOJ on Track
- GDP expands at annualized clip of 2.8%, giving yen a boost
- Consumption ekes out a gain despite inflation strain
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Japan’s economy outperformed forecasts as business spending and net trade helped fuel a third straight quarter of growth that will keep the Bank of Japan on track for further interest rate hikes. The yen strengthened.
Gross domestic product grew at an annualized pace of 2.8% in the three months through December from the prior period, the Cabinet Office reported Monday. That compared with a revised 1.7% clip in the previous period and beat the 1.1% consensus estimate.