Japan raises GDP growth estimate for second quarter

The Japanese economy grew in at an annualized rate of 3.8% in the second quarter from the previous period, the government said Monday, up from the preliminary estimate of 2.6%. The rise in GDP was in line with the 3.8% growth predicted by a poll of economists by the Nikkei business daily. The Cabinet Office expanded at an annualized rate of 5.1%, the first rise in six quarters, revised up from an initial estimate of a 0.4% decline. The revised growth figures encouraged supporters of a planned sales tax increase from April 2014. Opponent of the tax hike said the government should first pull the nation’s economy out of 15 years of deflation.