The growth of the third largest economy in the world picked up after the relaxation of the corona measures in March. As a result, consumer spending rose. Analysts had expected greater GDP growth (+2.6 percent). The entire Japanese economy was worth 542.100 billion yen (4.100 billion dollars), which is more than at the end of 2019. The figure for the first quarter was also revised. From now on there will be growth instead of contraction.
This caused optimism in the stock market. The Nikkei star index parked at its highest level in more than seven months after a 1.4 percent gain. Only in the first two trading days of 2022 was the closing price higher this year.
In China, the central bank surprised with an interest rate cut to stimulate economic growth. The decision followed disappointing economic data on industrial production and retail sales. The Shanghai stock market ended with a small loss of 0.2 percent. The Hong Kong stock market lost nearly 0.7 percent.