Japan’s economy grew slightly more slowly in the second quarter than the government had initially estimated, but still enough to keep the Bank of Japan (BOJ) on track to raise interest rates later this year.
Japan’s gross domestic product (GDP) grew at an annual pace of 2.9% in the three months through June compared with the previous quarter, the Cabinet Office said on Monday. The result was similar to a preliminary estimate of 3.1%. Private consumption and capital investment were both revised down slightly.
In non-inflation-adjusted terms, the economy grew 1.8% from the previous quarter and the data confirmed that the total value of the economy exceeded ¥600 trillion ($4.2 trillion) for the first time, a target set by policymakers in Japan a decade ago.
