OSAKA (Kyodo) The chief economist at the Asian Development Bank has painted a rosy picture of Japan's economy, stating that it is posting sustained growth and is moving toward a potential growth rate of 2 percent a year.
Japan is enjoying growth in personal consumption and business investment, as well as improving employment conditions, according to Ifzal Ali. In this regard, he cited a five-year high in Japan's core machinery orders for June, as well as a seven-year low in the unemployment rate for the same month.
"All of these together indicate that the Japanese economy is on a recovery track," Ali said on a visit to Osaka earlier this month. "Our view is that Japan's potential rate of growth is about 2 percent per annum. And it is approaching that rate now."