Japan’s Suga: GDP shows strong fundamentals are supporting demand

Japan’s Chief Cabinet Secretary Suga is out on the wires stating that the gross domestic product (GDP) released earlier today showed strong fundamentals are supporting economy. 

Japan’s economy grew at an annualized rate of 2.1% in the first quarter, accelerating slightly from the previous quarter’s growth, backed by net exports growth, according to Reuters. 

The details, however, revealed that imports declined faster than exports — a sign of weak domestic demand. Also, exports suffered the biggest fall since 2015 and both private consumption and capital expenditure fell in the first quarter. 

Suga, however, believes that GDP has absolutely no impact on consumption tax hike, die later this year.