Japan climbs out of recession

<p>The recession is over in Japan.</p>

The Japanese recession is over after official data released today (March 8th) showed that the economy grew in the last three months of 2012.

Although growth was recorded at just 0.2 per cent, this was enough to bring the Asian nation out of recession and exceeded forecasts that there would be a contraction of 0.4 per cent.

Mizuho Research Institute's Yasuo Yamamoto explained he believes the bottom of the latest recession to strike Japan was in November.

"Looking at the latest trade data, I would say recovery in exports will still be slow in the January-March quarter, so GDP growth in the same quarter would be also modest," he said, adding effects from public spending in the government's stimulus package will become clearer in the second quarter of 2013.

On the back of the news Japan's economy is out of recession, the Nikkei climbed by more than two per cent and was at 12,283 at 16:00 GMT.

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