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Japan's economy signals stagnation and weakness
World | business | 11:10, 29 August 2014 | 370

AKIPRESS.COM - e5d3c87fc4beb2d64c47087eaf50566d Japan's economy has shown signs of stagnation and some weakness as households spent less and factory output stayed flat in July.

Official data released on Friday also showed consumer inflation stayed unmoved at 3.3% from the month before, BBC reports.

Japan raised its sales tax from 5% to 8% in April so analysts said "real" inflation for July was actually 1.3%.

Japan's economy, which is the world's third-largest, suffered from deflation for almost two decades.

The central bank's current target for the inflation rate is 2%.

Since coming to power in 2012, Japan's Prime Minister Shinzo Abe has seen his various reforms aimed at reviving the economy provide some relief to the country's deflation concerns.

Mr Abe's reforms, dubbed 'Abenomics', have been aimed at boosting inflation, among other targets, in the hope that consumers would spend instead of save.

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