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Yen's slide powers Japan's GDP to a stellar 6% annual growth, boosting exports

Yen's slide powers Japan's GDP to a stellar 6% annual growth, boosting exports

Posted on August 18, 2023   |  

Japan's economy outpaced projections, witnessing an annualized 6% GDP surge in Q2, propelled by a weakened currency.

Export gains resulted from the yen's depreciation, rendering Japanese products more accessible on the global market.

The impressive growth rate exceeded economists' predictions and represents the most substantial increase in nearly three years.

Depreciating currency bolstered car manufacturers like Toyota, Honda, and Nissan, fueling heightened export demand.

Import values fell by 4.3% from the preceding quarter, influencing overall GDP expansion.

Tourism resurgence contributes to an economic revival, with foreign visitor numbers exceeding 70% of pre-pandemic levels and an upswing in spending anticipated, buoyed by China's lifted travel restrictions.



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