Japan's economy grew last quarter on healthy consumer spending and business investment

FILE - Commuters walk in a passageway during a rush hour at Shinagawa Station Wednesday, Feb. 14, 2024, in Tokyo. TOKYO — Japan’s economy grew at an annual rate of 3.1% in the April-June period, rebounding from the contraction in the previous quarter, government data showed Thursday.

Seasonally adjusted gross domestic product, or GDP, measures the value of a nation’s products and services. The annual rate shows how much the economy would have grown or contracted, if the quarterly rate had continued for a year. Japan’s GDP shrank 0.6% in January-March on quarter, after eking out 0.1% growth in October-December last year. Economic growth went back and forth between such periods of contraction and weak expansion for the past year.

The Liberal Democrats have governed Japan almost the entire postwar period and are credited with guiding the nation’s rise as an economic power. But voters are increasingly worried about Japan’s declining clout.

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Japan stocks rebound 8% after Japan's historic losses; other Asia markets also open higherThe rebound follows a sharp sell-off in the U.S. with the Dow and the S&P 500 notching their worst sessions since September 2022.
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