Japan’s economy expanded at a much faster rate in the second quarter than initially reported, increasing the chances Shinzo Abe, prime minister, will press ahead with a contentious sales tax increase – albeit one that would be offset by more government spending.
The Cabinet Office yesterday revised its estimate of gross domestic product growth to 0.9 per cent, or an annualised 3.8 per cent, from the initial 0.6 per cent it reported in August, after more bullish estimates of companies’ capital spending and public investment.
Evidence that the economy is responding to “Abenomics”, Mr Abe’s fiscal and monetary stimulus, has prompted officials to talk less about postponing the sales tax rise and more about reducing its impact.
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