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| Japan's economy shows recovery signs in boost for Abe | Japan's economy shows recovery signs in boost for Abe |
| (35 minutes later) | |
| Japan's economy, the third largest in the world, expanded at its quickest pace in a year showing signs of an economic recovery. | Japan's economy, the third largest in the world, expanded at its quickest pace in a year showing signs of an economic recovery. |
| Gross domestic product grew 0.9% in the three months to March compared to the previous quarter. | Gross domestic product grew 0.9% in the three months to March compared to the previous quarter. |
| That indicates an annualised rate of 3.5%, a vast improvement on the 1% growth rate at the end of last year. | That indicates an annualised rate of 3.5%, a vast improvement on the 1% growth rate at the end of last year. |
| Analysts said it was a good report card for Prime Minister Shinzo Abe's aggressive stimulus measures. | Analysts said it was a good report card for Prime Minister Shinzo Abe's aggressive stimulus measures. |
| "The Japanese economy is on the right track to recovery," said Hideki Matsumura, from the Japan Research Institute. | |
| "The economy is expected to grow further for now thanks to the impact of Abenomics," he added, referring to the name given to Mr Abe's attempt to stimulate Japan's stagnant economy with big government spending and aggressive central bank monetary easing. | |
| The policy shift is aimed at beating deflation which Japan's economy has been suffering for almost two decades. Falling prices deter business and consumers from spending as they tend to hold out for a better deal. | |
| The central bank has therefore pumped trillions of yen into the money supply, pushing down the currency's value. | |
| That has helped exporters, making Japanese firm more competitive in overseas markets and increasing the value of their repatriated profits. | |
| The yen has lost about one quarter of its value since November last year, and that has also lead to a huge rally in Japanese stocks as investors rush to take advantage of bigger earnings potential for companies. |