Japan's economy grew by 6% in the second quarter, surpassing market expectations of 3.1% growth. The impressive GDP data translated to a quarterly expansion of 1.5%, higher than the expected 0.8% growth. The growth was mainly driven by robust export growth, particularly in car shipments, while imports fell. However, there are concerns about a potential slowdown in the second half of the year. The Bank of Japan may also reconsider its ultra-easy monetary policy as private consumption expenditure dropped and domestic demand remained muted despite increased employee compensation.

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