TOKYO: Japan's
economy grew by 0.3 percent in the three months to June from the
previous quarter, the government said Monday, the country's fourth
consecutive rising quarter but at a slower pace than before.
The
data from the Cabinet Office came in significantly weaker than market
expectations for a 0.7 percent increase, as exports slowed due to weaker
global growth amid the eurozone crisis.
It also marked a sharp contrast from a brisk 1.3 percent increase in the January-March period.
The
government has taken a series of steps to spur growth, including
offering incentives for fuel-efficient vehicle purchases and measures to
rebuild the northern region hit by last year's deadly earthquake and
tsunami.
But Japan's economy has faced headwinds caused by
Europe's debt crisis, which has slowed growth worldwide, while a high
yen has made Japanese exports less competitive in overseas markets.
Last
week, the government downgraded its views on consumer sentiment and
machinery orders, while the Bank of Japan effectively cut its
assessments on exports and factory production.
TOKYO: Japan on
Friday said its economy grew by 1.2 per cent in the January to March
quarter from the previous three months, revising upward a preliminary
figure of 1.0% growth.
The latest data underscore a recovery
driven largely by government spending and recovering domestic demand
after Japan was battered by last year's quake-tsunami disaster.
On
an annualised basis, the economy grew a revised 4.7 per cent in the
quarter, higher than a preliminary 4.1 per cent rise, according to
figures from the Cabinet Office.
Japan's economy was also hit by
severe flooding in Thailand in late 2011, disrupting global supply
chains and the production capability of Japanese manufacturers,
particularly electronics and automakers.
Exports took a hit after
the yen hit record highs against the dollar late last year -- and the
unit remains strong -- hurting manufacturers whose products become more
expensive overseas on a strong currency.
The March quake-tsunami
disasters smashed complex supply chains and shuttered factories as well
as leaving around 19,000 people dead or missing along the northern
Pacific coast.
