Pedestrians cross an intersection in the Shibuya district of Tokyo, Japan, on Tuesday, April 25, 2023. Photographer: Kentaro Takahashi/Bloomberg via Getty Images
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Japan’s second-quarter gross domestic product beat analysts’ expectations on Thursday, both on a quarter-on-quarter as well as an annualized basis.
GDP rose 0.8% quarter on quarter compared to Reuters poll estimates of a 0.5% rise. This was also a reversal from the revised 0.6% fall seen in the first quarter.
It expanded 3.1% on an annualized basis, also beating estimates of a 2.1% growth.
On a year-on-year basis, however, the country’s GDP fell for a second straight quarter, down 0.8% after have declined 0.9% in the first quarter.
Following the GDP data release, the benchmark Nikkei 225 rose 0.16%, while the broad-based Topix climbed 0.44%.
The Japanese yen strengthened marginally against the U.S. dollar, trading at 147.18.
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