Japan's economy recovers strongly thanks to consumption boost

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Japan's economy grew by 3.1 percent on an annual basis in the second quarter, which was much faster than expected. Thanks to a strong increase in consumption, it has recovered from a slump at the beginning of the year and is thus prepared for another short-term interest rate hike.

The Bank of Japan had forecast that a solid economic recovery would help inflation reach its 2.0 percent target on a sustained basis, justifying further interest rate hikes after it raised them last month as part of its ongoing effort to end years of massive monetary stimulus.

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