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Japan's Shopping Blitz Likely Drove GDP by Less Than in 2014
The boost to Japan’s economy from shoppers splurging before last month’s sales tax hike was likely smaller than in 2014, when a previous increase triggered a boom and bust in consumption. Economists say third-quarter growth figures due Thursday will show pre-tax-hike consumer spending and robust business investment kept the economy expanding as it struggled to maintain momentum amid the global slowdown. Analysts surveyed by Bloomberg estimate that gross domestic product grew at an annualized pace of 0.9% from the previous quarter, slowing from a 1.3% gain in the three months to June. While private consumption is ... (full story)