Japan’s economy grows on recovering exports, capex
Japan maintained its reemergence from the coronavirus drag in the fourth quarter. The country’s economy rendered a better-than-expected expansion as a rebound in overseas demand greatly supported exports and capital spending.
The world’s third-largest economy recorded an annualized 12.7% expansion in the fourth quarter, government data showed on Monday. The figure came larger than the 9.5% growth predicted by markets. Throughout 2020, the economy recorded a 4.8%, decline, the steepest since 2009.
However, the reading was seen slower than the 22.7% record seen in the third quarter, with the government’s implementation of virus-related measures affecting the outlook. More so, this brought in more pressure for policymakers to counter the COVID-19 drag without compromising the country’s recovery.