Shinzo Abe's measures giving resultsStaff writer ▼ | June 11, 2013
The government's recovery policy is obviously gaining traction: the January-March GDP growth from the previous was revised from the previous 0.9 percent, or an annualized rate of 3.5 percent. Japan's Cabinet Office also revised upward Q1 corporate capital spending to negative 0.3 percent from the negative 0.7 percent.
In its May report, the Cabinet Office had credited results to healthy consumer spending and higher exports. New data did not revise quarterly export growth of 3.8 percent and import growth of 1 percent.
Analysts credited Prime Minister Shinzo Abe's economic policies that include monetary easing by the central bank and massive public spending. The policies have already helped stem the rising yen, which helps boost exports.
The Japanese government has made it a priority to pull the country out of deflation and wake the economy through various stimulus measures. Japan's central bank has doubled its inflation target to 2 percent. ■