Pedestrians cross an intersection in Shibuya Ward, Tokyo, Japan, Tuesday, April 25, 2023.
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Japan’s second quarter gross domestic product On Thursday, quarter-on-quarter and annualized results beat analysts’ expectations.
GDP grew by 0.8% month-on-month, while the Reuters survey forecast a growth of 0.5%. This was also a reversal from a revised 0.6% decline in the first quarter.
The annualized growth rate was 3.1%, which also exceeded the 2.1% growth expectation.
However, compared with the same period last year, the country’s GDP fell for the second consecutive quarter, falling by 0.8%, after falling by 0.9% in the first quarter.
After the GDP data was released, the benchmark Nikkei 225 index rose 0.16% and the composite index rose 0.44%.
The yen strengthened slightly against the U.S. dollar, at 147.18.
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