Economy shows further signs of life
The positive economic data from Japan continue to trickle in and confound the naysayers. In addition to a first-quarter GDP growth figure of 4.9%, albeit revised downwards from a provisional 5.3%, two significant events occurred that suggest the Japanese are finally abandoning the conservative ways that have been important reasons for the country’s economic inertia.
In June, the Bank of Japan announced that for the first time in nine years Japanese companies raised more capital than they spent on repaying debt, a sign that managements are starting to invest again after years of restructuring and financial dithering.
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