Japan's economy rebounded in the second quarter as the epidemic eased and consumer spending picked up, but the outlook remains uncertain. On Monday, August 15, the Japanese Cabinet Office released GDP data for the second quarter of 2022. The initial quarter-on-quarter real GDP gr

2024/11/0421:14:32 finance 1035

As the epidemic eased and consumer spending rebounded, Japan’s economy rebounded in the second quarter, but the outlook remains uncertain.

html On Monday, August 15, the Japanese Cabinet Office released GDP data for the second quarter of 2022. The initial value of real GDP growth rate in the second quarter was 0.5%, rebounding from the previous quarter. The first quarter value was revised from -0.1% to 0%;

The preliminary annualized quarter-on-quarter real GDP value in the second quarter was 2.2%, lower than the 2.5% expected by economists. The first-quarter value was revised from -0.5% to 0.1%.

Japan's economy rebounded in the second quarter as the epidemic eased and consumer spending picked up, but the outlook remains uncertain. On Monday, August 15, the Japanese Cabinet Office released GDP data for the second quarter of 2022. The initial quarter-on-quarter real GDP gr - DayDayNews

The rebound in data in the second quarter was mainly due to the rebound in private consumption.

data shows that Japan’s private consumption quarterly rate in the second quarter increased by an initial value of 1.10%, market expectations were 1.30%, and the previous value was 0.10%.

But the country’s economic outlook remains uncertain as a resurgence of the coronavirus pandemic, slowing global growth, supply bottlenecks and rising raw material prices push up households’ living costs.

Japan’s consumption recovery after the epidemic has lagged behind other economies. This has led the Bank of Japan to continue to implement ultra-low interest rate policies, becoming a special case in the global wave of monetary tightening. Currently, many economies around the world are facing soaring inflation.

Inflation in Japan is currently relatively tame, but with prices rising faster than wages, consumption is likely to cool. Taking inflation into account, as of June, wages in Japan have fallen for three consecutive months. After the release of

data, the Japanese yen rose slightly against the US dollar, currently trading at 133.01 yen per US dollar.

The yen rose about 1% against the dollar last week, recording its third weekly gain in four weeks, on expectations that the Federal Reserve will take a less aggressive path of raising interest rates after an easing outlook for U.S. inflation.

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