TOKYO, Aug. 13 (UPI) -- Japan’s economy expanded during the second quarter, the 10th straight quarterly growth, but it was weaker than expected, the government said Monday.
A Cabinet Office preliminary report said the second quarter GDP grew 0.1 percent over the first quarter, representing a weaker-than-expected annualized expansion in real terms. The market expectation for the second quarter was for a 0.3 percent increase over the first quarter.
The latest quarter was affected by a slowdown of growth in exports to the United States and in private domestic consumption, Kyodo news service reported. However, the quarterly numbers showed the country continues on a sustained recovery track.
Economic and Fiscal Policy Minister Hiroko Ota said the government has not changed its view that the economic recovery continues in a sustainable manner, Kyodo reported.
Ota said private consumption is expected to pick up gradually. He said his government will closely monitor U.S. economic trends and crude oil prices.
Kyodo reported private-sector economists don’t expect the latest data to make an impact at the meeting next week of the Bank of Japan's policymakers.
