TOKYO: Japanese Economy Minister Akira Amari said on Thursday that the economy is making steady progress towards beating deflation and that it will continue to recover in the current fiscal year led by firm domestic demand.
Private consumption is showing weakness after the April 1 sales tax hike but the move is within expectation, Amari said, adding that he hopes consumption will recover gradually ahead alongside an improvement in job conditions.
Amari was speaking to reporters after data showed the economy posted its fastest growth in 2-1/2 years as consumer spending jumped ahead of the sales tax increase to 8 percent from 5 percent in April.- Reuters
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