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Japan’s economy probably grew in the third quarter faster than estimated last month as the government adds higher corporate investment to its revised calculation.
The world’s second-largest economy expanded at a 2.3 percent annual pace in the three months ending September.
The basic reason for an upward revision in the GDP figures is because of capital spending,'’ said Hitoshi Asaoka, an economist at Mitsubishi Research Institute in Tokyo. (Source: Bloomberg)
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The U.S. dollar surged above the 120-yen mark in Tokyo on Friday morning, hitting its highest level since August 2003 and continuing the trend seen in New York and Europe the previous day. The greenback on Friday morning was nearly 10 yen higher than its level three months ago. At 1 p.m. Friday in Tokyo, the dollar was quoted at 120.58-60 yen, up 0.71 yen from 5 p.m. Thursday. (Source: Asahi Shinbun)
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Japan’s Nikkei share average rose above 15,400 for the first time in five years on Friday, gaining 1.92 percent, as the value of shares traded on the first section of the Tokyo Stock Exchange hit a record high. (Source: Reuters )
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Foreign money, nearly two-thirds of it from North America, has piled into the Japan in recent months, fueling a 27 percent jump in the Tokyo Stock Exchange’s benchmark Nikkei 225 Index since May and feeding record-high trading volumes.
Overseas investors plowed a net 4.753 trillion yen (US$40.6 billion; euro33.8 billion) into Japanese shares from July to September alone — more than half of last year’s total — and now account for 60 percent of daily trading, according to Tokyo Stock Exchange data. A quarter of all shares listed in Tokyo are currently owned by non-Japanese investors. (Source: Mainichi)
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Dramatic demographic changes and big money available for consumption in Japan are shifting consumer markets and demand, and U.S. investors are poised to gain from the growing Japanese desire for luxurious goods and lifestyles.
Long renowned for their industrious savings, Japanese consumers are finally opening their wallets. And the spending habits are a big reason for government officials and economists to be optimistic that Japan’s economic rebound will stick. (Source: Mainichi)
(Filed under: Economy & Politics, Markets )
