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The economy of Japan expanded at its quickest pace in over two years in the three months ended June, hitting a sixth consecutive quarter of growth as domestic demand increased while exports shrank.

Gross domestic product expanded by an annualised four percent in the three months ended June, according to a preliminary estimate from Japan’s Cabinet Office. It was higher from a revised growth of 1.5 percent in the first quarter.

Quarter-on-quarter GDP climbed one percent in the second quarter, higher from a revised 0.4 percent increase in the quarter earlier (previously 0.3 percent).

Domestic demand was up by 1.3 percent compared to the March quarter, a significant rise from the earlier quarter’s increase of 0.2 percent. Private consumption climbed 0.9 percent last quarter, which adds half a percentage point to headline GDP.

Exports of goods and services dropped 0.5 percent on a quarterly basis. A drop in net exports pushed the headline growth figure down 0.3 percentage points.

Japan’s producer prices increased for a sixth consecutive month in July at an annualised pace of 2.6 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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