Shopping lifts Japan growth

 
Tim Wallace
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JAPAN’S economy picked up sharply in the first quarter, growing by 1.5 per cent in the three-month period.

Part of the boost came from a shopping spree as consumers raced to beat the three percentage point hike in VAT in April.

“The worry is this spike will induce a hangover in the second quarter, as consumers hold back to compensate for their additional spending,” said Katie Evans from the Centre for Economics and Business Research.