Monday, 19th December 2011
In Business In Japan,
Christmas spending helping Japanese economy recover
Japanese shoppers are buying more during the festive season, helping the country's economy recover following the crippling March disasters.
This is the first holiday period since the tragedy struck, and as consumers buy more the economy is receiving a boost.
Shoppers in Sendai, a city in the north-east of Japan which was devastated by the earthquake, have spent 11 per cent more this year than the same period in 2010, Bloomberg reported.
In Osaka, meanwhile, the second biggest metropolitan area of Japan after Tokyo, demand has risen by 0.4 per cent.
Sales at Isetan Mitsukoshi Holdings iconic Tokyo store climbed 6.4 per cent last month, the third consecutive month sales have grown, the news provider said.
Commenting on the figures, Hiroyuki Fujiwara, a senior analyst at Nippon Research Institute in Tokyo told Bloomberg: "I wouldn't say the spending is keeping the recovery intact, but it's definitely providing support for an economy that faces growing downside risks from overseas."
The Japanese GDP grew by 1.5 per cent in the three months from July to September.