{"id":11781,"date":"2023-08-15T01:12:10","date_gmt":"2023-08-15T01:12:10","guid":{"rendered":"https:\/\/isafespend.com\/news\/japan-gdp-grew-6-handily-beating-expectations-on-robust-exports\/"},"modified":"2023-08-15T01:12:11","modified_gmt":"2023-08-15T01:12:11","slug":"japan-gdp-grew-6-handily-beating-expectations-on-robust-exports","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=11781","title":{"rendered":"Japan GDP grew 6%, handily beating expectations on robust exports"},"content":{"rendered":"
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Japan’s economy posted its third straight quarterly expansion, provisional government data showed Tuesday, as robust export growth contributed to an annualized 6% expansion in the second quarter, handily beating market expectations.<\/p>\n

Economist surveyed by Reuters had expected the world’s third-largest economy to post 3.1% growth in the April-June quarter. The impressive gross domestic product print translated to a more modest quarterly expansion of 1.5%, topping expectations for 0.8% growth.<\/p>\n

The benchmark\u00a0Nikkei 225\u00a0index extended gains slightly to trade up nearly 1%, while the\u00a0Japanese yen\u00a0pared losses against the U.S. dollar and Japanese government bonds across the various tenures were broadly unchanged.<\/p>\n

Tuesday’s GDP print pointed to a continued post-Covid recovery for Japan’s economy. Still, this narrower gap between reality and expectation in quarterly growth tempers any longer-term optimism.<\/p>\n

“Japan’s economy expanded at an extremely rapid pace last quarter, but we expect a renewed slowdown across the second half of the year,” Marcel Thieliant, head of Asia-Pacific at Capital Economics, wrote in a note.<\/p>\n

“However, the details of the report weren’t as impressive as the headline,” he added. “Instead, nearly all of the increase in output was driven by a 1.8%-pts boost from net trade. That marked the second-largest contribution from net trade in the 28-year history of the current GDP series, with only the bounce back in exports from the first lockdown at the beginning of the pandemic providing a larger boost.”<\/p>\n

Exports rebounded 3.2% from the previous quarter \u2014 largely driven by the spike in car shipments \u2014 while imports plunged 4.3% over the time period.<\/p>\n

Other details beyond the rosy headline GDP growth figure suggest the Bank of Japan is likely to revert from its ultra-easy monetary posture.<\/p>\n

A surprise 0.5% annualized drop in private consumption expenditure, along with muted capital expenditure pointing to muted domestic demand despite the first employee compensation sequential increase in seven quarters.<\/p>\n

This comes as inflation has exceeded the BOJ’s 2% target for 15 consecutive months. in July, the Japanese central bank loosened its yield curve control over the 10-year Japanese government bond in a modification it says was intended to make its ultra-easy monetary position more sustainable.<\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Japan’s economy posted its third straight quarterly expansion, provisional government data showed Tuesday, as robust export growth contributed to an annualized 6% expansion in the second quarter, handily beating market expectations. Economist surveyed by Reuters had expected the world’s third-largest economy to post 3.1% growth in the April-June quarter. The impressive gross domestic product print<\/p>\n","protected":false},"author":1,"featured_media":11782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-11781","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nJapan GDP grew 6%, handily beating expectations on robust exports | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Japan's economy posted its third straight quarterly expansion, provisional government data showed Tuesday, as robust export growth contributed to an\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=11781\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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