Japan's economy grew 1% as compared to previous quarter. This is its fastest pace for more than two years, as capital and consumption expenditure increased.
Government data showed that Japan's GDP grew at an annualised rate of 4% in the April-to-June period, beating a 2.5% growth expectation.
Increased spending and investment has allowed Japan to enjoy its longest economic expansion in a decade. This is further helped by rising exports, including smart phones and memory chips. Not only that, recent investments tied to Tokyo Olympic 2020 have also helped tremendously to Japan's economy.
These latest growth figures could potentially help increase confidence in Japan's Prime Minister Shinzo Abe. Abe has promised to reignite growth and spending through his Abenomics reforms.
Shinke Yoshiki, chief economist at Dai-ichi Life Research Institute said the latest growth figures were a "good result and tailwind for Abenomics."
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