Japan's economy averted recession but rebounded much less than expected in the fourth quarter as business investment slumped, a sign of the challenge the central bank faces in phasing out its massive stimulus programme.
"We can expect consumption to pick up as service spending stabilises. But it's difficult to project a strong recovery partly due to pressure from rising inflation," he said., the government's nominee to become next Bank of Japan governor, as he plots a path to normalising the bank's ultra-easy policy without derailing a fragile economic recovery.
"It might be hard for the BOJ to normalise ultra-easy policy this year as overseas economies are slowing," said Takeshi Minami, chief economist at Norinchukin Research Institute.While private consumption rose 0.5% and external demand added 0.3 percentage point to growth, capital expenditure was a drag on the economy, falling a bigger-than-expected 0.5%, the data showed.
Economy minister Shigeyuki Goto told reporters the economy was on course for a recovery as the pandemic's impact fades.
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