Society

Japan makes 1st upgrade on economy since December

Jun 22 (marketwatch.com) - The Japanese government on Thursday upgraded its assessment of the economy in its monthly report for the first time since December.

The Cabinet Office said in its June report that the economy is on a path of "moderate recovery." That is the same language used previously, but the Cabinet Office upgraded its assessment by omitting a cautionary clause that had appeared in May. The cautionary clause had said some parts of the economy were suffering from "delayed improvement."

It was the first upgrade since December 2016, when a reference to "weakness" in the economy was removed.

The latest report said the economy continued to grow thanks in part to increased consumer spending and capital investment.

Japan recorded annualized growth of 1.0% in the January-March quarter. It was the fifth straight quarter of growth, the longest stretch in 11 years.

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