Japanese growth fuels rate hike hopes
The Japanese economy achieved stronger-than-expected growth in the second quarter of the year, with the gross domestic product increasing by 1.4% on an annual basis. Wages rose at their fastest pace since 1997, with a 4.7% increase in July. Data also showed that economic activity is primarily supported by government spending and improved foreign trade, along with continued growth in bank lending and record profits for companies despite rising oil prices. Although consumer spending has slowed down, the data indicate positive signs of sustained recovery and suggest the possibility of an interest rate hike by the Bank of Japan at its upcoming meeting.
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