Japanese economy beats recession

Posted By: Staff
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Tokyo, Aug 17: By posting positive numbers for the second quarter, Japan announced its revival from recession.

Reporting a growth of 3.7 per cent on an annual basis, Japan joined countries like Germany and France which posted positive numbers last week.

The world's second largest economy bounced back on exports Japan's GDP grew under 1 percent during the three-month period and trade went up 1.6 percent.

The economy has seen a bottoming out of global demand, which has pushed out net exports ... especially in high tech industries and basic materials, such as chemical, steel and so on because of Chinese demand," said Hiromichi Shirakawa, chief economist in Japan for Credit Suisse.

This comes after Japan's GDP stood 15.4 percent lower in Jan-Mar quarter from the same time period last year.

The current uptick announced by Japan's Cabinet Office mean the the country has battled the worst of the recession.

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