Japan's economy may increase by 3% in last fiscal year

Japan’s economy may increase by 3% in last fiscal year

According to statement made by Economy Ministry, Japan's economy may grow by 3% for the fiscal year ended last month. The government has revised its forecast of GDP (Gross Domestic Product) as 2% for the 2003-04 fiscal. However, the strong growth in the third quarter shows that figure will be surpassed. The economic recovery is attributed to the structural reforms materialized by the government. Data published in February indicates Japan's economy grew more than expected due to strong demand coming from China. Consequently, the government may reach its target in the current fiscal year. In addition, the economic recovery is also in relation with the rally of Tokyo Stock Exchange.