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Japan’s Economy Spurts
Japan's economy, which grew only 0.1% in the fourth quarter of 2013, expanded 1.5% in January-March, according to the government.
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Japan's economy, which grew only 0.1% in the fourth quarter of 2013, expanded 1.5% in January-March, according to the government. It was the strongest increase in nearly three years.
The spurt was driven by a 4.9% hike in capital spending by businesses and a 2.1% jump in consumer spending. The latter accounts for about 60% of Japan's economy.
But analysts expect a new slump in the current quarter as consumers cut back. Purchases surged in the first quarter ahead of an April 1 increase in the national sales tax to 8% from 5%.
Carmakers, which boosted first-quarter production to meet pre-tax-hike demand, saw new-car sales fall 6% in April. The Japan Automobile Manufacturers Assn. predicts a 16% drop for domestic car sales in the full fiscal year that began April 1.
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