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Japan – Economy starts picking up

23 May 2013

Japan's central bank says the world's third-largest economy is starting to pick up due to demand recovering abroad and remaining resilient at home. But it warned of a high level of uncertainty due to the Eurozone debt crisis and the rate of growth in the US and emerging economies.

“With regard to the outlook, Japan's economy is expected to return to a moderate recovery path,”, the bank said, “mainly against the background that domestic demand remains resilient due to the effects of monetary easing as well as various economic measures, and that growth rates of overseas economies gradually pick up.”

The bank said that overseas economies have been moving out of the deceleration phase that had continued since last year and are gradually heading toward a pick-up. Exports have stopped decreasing. “Reflecting these developments in demand both at home and abroad, industrial production has stopped decreasing and signs of picking up have become increasingly evident,” it said.

Japan's economy grew +3.5% in the last quarter, the second consecutive quarter of growth. Analysts have credited Prime Minister Shinzo Abe for the growth as his policies have accelerated the recovery.

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