Japan’s economy rebounds on healthy consumption as COVID restrictions ease, tourists arrive

TOKYO (AP) — Japan’s economy has grown at an annual pace of 1.6% in the quarter through March. Data released Wednesday showed private demand rebounded after COVID-19-related restrictions were eased. Japan’s Cabinet Office says real gross domestic product, which measures the sum value of a nation’s products and services, grew 0.4% in January-March on-quarter in the world’s third-largest economy. That was the strongest GDP growth pace since April-June 2022 marked a 1.1% growth. It was also better than the market consensus forecast at 0.2%. The biggest contributor to quarterly growth was private demand.