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Japan Emerges from Recession
Japan's gross domestic product grew by an annualized 2.2% in October-December and 0.6% from the third to fourth quarter, according to government data.
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Japan's gross domestic product grew by an annualized 2.2% in October-December and 0.6% from the third to fourth quarter, according to government data.
The expansion ended a recession that began in April, when the country's consumption tax was increased to 8% from 5%. Prime Minister Shinzo Abe has delayed a second increase to 10% that was scheduled to begin in October.
Preliminary data show that household spending, which accounts for 60% of Japan's economy, advanced only 0.3% in the fourth quarter less than half what economists were expecting. Such spending rose 0.2% in the second quarter of 2014.
Analysts were especially disappointed in capital spending and workers' pay, each of which advanced only 0.1%. Results indicate Japan's corporate sector is hoarding rather than spending its cash.
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