Japan: Real income gains drive a consumption‐led recovery.

The article discusses Japan's economic outlook, forecasting a 0.2% GDP growth for 2024 and a 1.1% growth for 2025. Real income gains are expected to drive consumption-led recovery, while exports may remain stagnant due to weak demand from the EU. The Bank of Japan is anticipated to deliver an additional rate hike in December, influenced by political and currency factors. Former defense minister Shigeru Ishiba's election as the Liberal Democratic Party leader is expected to focus on economic growth in the near term, with plans for a national election in late October. [Extracted from the article]