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Japan’s economy outpaces forecasts, hits 2-year high

Aug 14, 2017, 7:32 AM EDT
The statistics come as a reprieve for Prime Minister Shinzo Abe, who introduced a string of reforms under “Abenomics,”
(Source: Foreign and Commonwealth Office/flickr)

Bolstered by a robust domestic demand and capital spending, Japan’s economy continued its expansion for sixth straight quarter hitting its fastest pace for more than two years in the second quarter of the current year.

A surge in exports and influx of investment tied to the Tokyo 2020 Olympics have also had an impact in beefing up Japan’s economy, which swelled by 1 percent in the last quarter, writes the BBC.

The statistics come as a reprieve for Prime Minister Shinzo Abe, who introduced a string of reforms under “Abenomics” plan that seeks to steam up Japan’s economy, hit by years of deflation and slow growth, notes The Guardian.

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