Japan’s economy, the third largest worldwide, expanded at its fastest pace in a year, showing signs of recovery.
Gross domestic product increased by 0.9% in the first quarter compared to the previous quarter, showing an annualized rate of 3.5%.
Japan jumped at a rate of 1% at the end of 2012 as it recovered from a recession.
Some analysts said it was good for Prime Minister Shinzo Abe’s aggressive stimulus actions.
Hideki Matsumura, from the Japan Research Institute said the “Japanese economy is on the right track to recovery.”
He cited an increase on individual spending on the back of a rally in Japanese sales, as well as recovering exports, as the major reasons.
“The economy is expected to grow further for now thanks to the impact of Abenomics,” Mr. Matsumura added.
Abenomics is a name given to Mr. Abe’s attempt to stimulate Japan’s stagnant economy with big government spending and aggressive central bank monetary easing.
That has increased exporters, making the Japanese economy competitive in international markets and increasing the value of their repatriated profits.