Japan's Economy Beats Expectations with 1.1% Annual Growth

Japan's economy managed to grow at an annual rate of 1.1% in the April-June quarter, despite facing headwinds from a weak yen and rising energy costs due to the war in Iran.

The country's real GDP grew at a seasonally adjusted rate of 0.3% from the first quarter to the second quarter of this year, according to Cabinet Office data.

Private consumption stayed flat, while exports declined by 1.2%, but were driven by strong demand for Japanese autos and semiconductors, particularly computer chips being used in AI applications.