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Politics : Formerly About Applied Materials

AMAT 322.51

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Feb 6 9:30 AM EST

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To: StanX Long who wrote (64242)	6/7/2002 1:40:49 AM
From: StanX Long	Read Replies (1) of 70976

Japan's Economy Grew 1.4% in 1st Qtr as Exports Rose (Update5) By Ann Saphir with reporting by Yoshiko Matsushita and Michael Tsang quote.bloomberg.com Tokyo, June 7 (Bloomberg) -- Japan's economy grew last quarter for the first time in a year as exports rose. Stocks and the yen fell, while bonds rose as a drop in business investment reinforced expectations that the rebound won't last. Gross domestic product rose 1.4 percent, compared with economists' expectations of 1.1 percent growth and a decline of 1.2 percent in the fourth quarter. Exports rose at the fastest pace in 21 years as companies such as Hitachi Ltd. shipped more chips and flat-panel computer monitors abroad. Business investment fell and consumer spending slowed, prompting economists to repeat forecasts that the economy would shrink again in the second quarter. ``Right now it's difficult to see how the Japanese economy can support itself,'' said Hajime Yagi, who helps manage $1 billion in Japanese equities at Meiji Dresdner Asset Management Co. ``Our recovery depends solely on a recovery in the U.S. since exports are driving growth.'' The Nikkei 225 stock average fell 1.7 percent after Intel Corp. reduced its sales forecast, suggesting that demand for personal computer makers has yet to recover. Bond futures rose to a six-month high, and the yen weakened as much as 0.3 percent.

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