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Japan's economy exceeded expectations in Q4 2024, with GDP rising 0.7% quarter-on-quarter, surpassing the forecasted 0.3% and improving from Q3's revised 0.4%. Year-on-year, GDP surged 2.8%, up from a revised 1.7% in the previous quarter.
The robust growth was driven by strong capital expenditure and external demand as businesses increased investments and exports surged. Japanese exporters accelerated shipments in anticipation of higher U.S. trade tariffs under President Donald Trump, who imposed steep duties on steel, aluminum, and Chinese imports.
Despite the export rebound, private consumption growth slowed to 0.1% in Q4 from 0.7% in Q3, signaling a potential cooling in consumer spending after a strong 2024. This comes after the Bank of Japan (BOJ) raised interest rates by 25 basis points, citing confidence in the economy fueled by resilient consumer demand and wage growth.
While consumption slowed, wage growth has been a key economic driver, and the BOJ anticipates further wage hikes in 2025 from spring labor negotiations. The Q4 data highlights Japan's economic resilience amid global uncertainties, with exports and capital spending offsetting weaker consumer demand.
As Japan navigates U.S. trade policies and domestic consumption trends, its economic outlook remains positive, supported by ongoing wage growth and strong export performance. The BOJ's monetary policy adjustments reflect growing optimism, positioning Japan for steady growth in 2025.
