Japan Raises Growth Estimate For Jan-Mar Quarter

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Japan Raises Growth Estimate For Jan-Mar Quarter

by Wochit 0:37 mins

Japan Raises Growth Estimate For Jan-Mar Quarter

by Wochit 0:37 mins

Japan raised its estimate for economic growth in the January-March quarter as investment by companies was stronger than first thought. The government said Monday that the economy grew an annualized 6.7 percent in the quarter. From the previous quarter, the economy expanded 1.6 percent. Preliminary data show demand slowing in April. Retail sales and corporate spending both surged ahead of the 3 percentage point tax hike as families and businesses stepped up purchases to avoid paying the higher rate.

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