Japanese Economy Rebounds

Japan's economy rebounded during the third quarter, offsetting fears of recession, the government said on Tuesday.

London, Wednesday, -- ARANCA NEWSTRACK -- (www.aranca.com)

Japan's economy rebounded during the third quarter, offsetting fears of recession, the government said on Tuesday.

Figures for the period show that Japan's gross domestic product (GDP) was up 0.6 per cent taking the annualised figure to 2.6 per cent.

This was ahead of market expectations of a quarter-on-quarter rise of 0.4 per cent and an annualised rate of 1.8 per cent.

Recently, the world's second-largest economy has been slowly recovering from its 1990s difficulties.

However, this seemed to have stalled during the second quarter when GDP was down 0.4 per cent from the previous quarter.

The third quarter performance was fed by solid exports, particularly of cars, to Asia, the EU and the US, combined with strong demand in the domestic market, according to Hiroki Owaki, senior economist at the Cabinet Office.

He said: "Although there had been worries that the sub-prime crisis might weaken the US economy and slow down exports there, the latest data showed that the crisis did not have any material impact on growth."

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