Japan's economy marked a seven-quarter growth run through September — the longest in 16 years — but the outlook appears less rosy, as surprisingly strong private consumption before this summer may prove to have been just a blip.
With policymakers hoping consumers were finally loosening their purse strings, there is a sense of disappointment that the goal of achieving improved domestic demand remains elusive.
Gross domestic product grew at an annualized rate of 1.4 percent in July-September amid robust exports of electronic components and cars. But the data released Wednesday showed private consumption, accounting for nearly 60 percent of the GDP, fell for the first time in seven quarters. It slipped 0.5 percent in July-September following a 0.7 percent increase in April-June.