<\/p>\n
Japan\u2019s economy expanded by a much faster-than-expected annualised 3.1% in the second quarter, rebounding from a slump at the start of the year thanks to a strong rise in consumption and backing the case for another near-term interest rate hike.<\/p>\n
The Bank of Japan (BoJ) had forecast that a solid economic recovery will help inflation sustainably hit its 2% target, and justify raising interest rates further after it hiked them last month in its continued quest to exit years of massive monetary stimulus.<\/p>\n
The increase in gross domestic product compared with a median market forecast for a 2.1% gain, and followed an upwardly revised 2.3% contraction in the first quarter, government data showed yesterday.<\/p>\n
The reading translates into a quarterly rise of 0.8%, beating a 0.5% increase expected by economists in the Reuters\u2019 poll.<\/p>\n
\u201cThe results are simply positive overall, with signs for a pick-up in private consumption backed by real wage growth,\u201d said Kazutaka Maeda, an economist at Meiji Yasuda Research Institute.<\/p>\n
\u201cIt supports the BoJ\u2019s view and bodes well for further rate hikes, although the central bank would remain cautious as the last rate increase had caused a sharp spike in the yen.\u201d<\/p>\n
Private consumption, which accounts for more than half of the economic output, rose 1.0%, compared with forecast for a 0.5% increase and the first gain in five quarters.<\/p>\n
Private consumption has been a soft spot in the economy, which has stuttered over the past year as households struggle with rising living costs.<\/p>\n
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