Japan's economy grew last quarter on healthy consumer spending and business investment

Japan’s economy grew at an annual rate of 3.1% last quarter, rebounding from the contraction in the previous quarter. Government data released Thursday showed the world’s fourth largest economy grew 0.8% in the fiscal first quarter. Seasonally adjusted gross domestic product, or GDP, measures the value of a nation’s products and services. The annual rate shows how much the economy would have grown or contracted if the quarterly rate had continued for a year. Domestic demand in the April-June quarter grew a robust 3.5% on the back of healthy household consumption and private sector investments, as well as government investments.