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>> Consumer spending in Japan rising at its fastest pace in more than three years in the second quarter and helping the economy growth its fastest rate in more than two years. GDP expanded an annualized 4% beating in estimate of 2.5%. Compared to the previous quarter, the economy expanded 1%.
It's been a long road for Prime Minister Shinzo Abe's reform program after years of stagnant inflation. The news offered the Bank of Japan hope that the tight labor market is finally giving the economy the boost it needs.>> I think what's going on right now is that finally the policies are serious easing are working.
So yes, I think Abe would be helped by this. What we're seeing is much faster growth that anyone had anticipated and lot's of it comes because of the types of policies. We see that in the area of household spending, so domestic demand is certainly picking up.>> Private consumption, which accounts for about two-thirds of GDP, rose 0.9% from the previous quarter, as shoppers splashed out on durable goods.
But Japan's Economy Minister remained cautious.>> If you ask me whether private consumption has fully recovered, I would say it still lacks strength in some areas, which will need to be followed up with policy.>> Since launching QE four years ago, the BOJ has pushed back the timing for reaching its 2% inflation target six times.
This latest spending spree though might go some way towards generating sustained inflation.