Japan’s economy expands at record pace in Q3
Japan surprised the international economic community. It has fully benefited from the opportunities occurred after the lifting of restrictive measures.
Thus, from July to September, Japan’s GDP soared by a record 21.4% on a yearly basis. It is the highest reading in the last 40 years. Such a surge in the economy was caused by the easing of containment measures imposed to combat the virus spread. The country’s authorities launched a huge campaign aimed at the revival of the local tourism and catering business. Competent policy led to significant results. In the third quarter of the year, Japan’s GDP skyrocketed by 21.4% compared to the same period in the previous year. This jump has partially offset a slump of 28.1% that took place in the second quarter. As a result, the nation's GDP totaled an annualized 508 trillion yen, equivalent to $4.85 trillion.
Moreover, consumer and government spending as well as exports showed a rise for the first time in the last three quarters. This positive data boosted the Japanese stock indices. Thus, on the Tokyo Stock Exchange, the Nikkei established several records during one trading session.