Japan’s economy surges in Q2 with unexpectedly strong growth

Posted on August 26, 2024   |  

Japan's economy grew by 0.8% in the second quarter, recovering from a 0.6% contraction in the first quarter.

The growth rate surpassed the expected 0.6% increase, supported by higher production and investment.

Auto production resumed in Q2 after being halted due to industry scandals.

Despite significant stimulus measures, including tax cuts, the yen fell sharply and the economy struggled to gain momentum.

The Japanese government, led by Prime Minister Kishida, introduced tax cuts to boost the economy.