Japan: Strong GDP data – TD Securities

Analysts at TD Securities note that Japan’s GDP rose 0.4% q/q, beating market estimates of a 0.1% rise.

Key Quotes

“On an annualized basis, GDP grew by 1.8% in the second quarter (vs 0.5% estimate). Growth was driven by a solid rise in consumer spending. This was supported by a 10-day public holiday and by shoppers making purchases ahead of a planned sales-tax hike in October. This pace is unlikely to be sustained, however, especially if the tax hike is implemented as planned.”