Japan's economy grew for the third straight quarter, as businesses increased investment and net exports also improved.
Japan's gross domestic product (GDP) grew 2.8% quarter-on-quarter in the three months to December, the Cabinet Office said on Monday. That beat consensus expectations of 1.1%. The previous quarter's data was revised to 1.7%.
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Monday's data showed Japan's economy continued to grow steadily, broadly in line with the central bank's forecasts. The fourth-quarter expansion is likely to keep the Bank of Japan on the path of unwinding its ultra-loose policy and gradually raising interest rates.
The GDP data will be revised in March, about a week before the central bank's next policy meeting. Economists expect the Bank of Japan to wait until the summer before raising rates again.
Private consumption and net exports were better than market expectations, while business investment lagged slightly.
