Japan's economy expands 0.7% in fourth quarter as exports rise sharply; full-year growth slows

Japan’s economic expansion in the fourth quarter surpassed analysts’ expectations with GDP growing 0.7% quarter on quarter, mainly driven by a jump in exports. On an annualized basis, GDP increased by 2.8%, exceeding estimates. Despite the strong fourth-quarter performance, full-year GDP growth slowed to 0.1%, prompting the central bank to raise rates to 0.5% as Japan’s household spending in December also supported the case for monetary tightening.

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