Japan’s economy grew by 3.1% in the second quarter, which was better than expected. This growth was because people spent more money. The Bank of Japan thinks the economy will keep getting better and wants to raise interest rates again. In the first quarter, the economy shrank by 2.3%, but now it’s growing again.
People in Japan are spending more money on things like clothes and food. This is good for the economy. The government thinks tourism will also help the economy grow. Tourists are expected to spend a lot of money in Japan this year. Companies in Japan are also investing more money in their businesses, which is also good for the economy.
The Bank of Japan raised interest rates last month, which is not common. Other big countries are lowering their interest rates. The Bank of Japan might raise rates again later this year because the economy is doing better now.
Vocabulary List:
- Economy /ɪˈkɑː.nə.mi/ (noun): The system of production distribution and consumption of goods and services in a country or area.
- Tourism /ˈtʊə.rɪ.zəm/ (noun): The business of providing services to tourists.
- Investment /ɪnˈvɛst.mənt/ (noun): The action or process of investing money for profit or material result.
- Interest /ˈɪn.tə.rest/ (noun): The cost of borrowing money or the return on investment.
- Shrank /ʃræŋk/ (verb): Past tense of shrink; to reduce in size or amount.
- Tourist /ˈtʊər.ɪst/ (noun): A person who is traveling or visiting a place for pleasure.
How much do you know?
