Japan growth boosted by pre-tax hike spending rush

By Elaine Kurtenbach

Published May 15, 2014 5:41am ET

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Japan growth boosted by pre-tax hike spending rush — In this Wednesday, May 14, 2014 photo, people walk along a pedestrian crossing in Tokyo. Preliminary data show Japan's economy grew at a 5.9 percent annualized rate in the January-March quarter as companies and consumers stepped up buying ahead of an increase in the sales tax. The growth figures for the world's third-largest economy released Thursday, May 15 were in line with expectations a pre-tax hike rush. (AP Photo/Shizuo Kambayashi) | Shizuo Kambayashi

TOKYO (AP) — Japan’s economy grew at a 5.9 percent annualized rate in the first quarter, the fastest in nearly three years, as companies and consumers brought forward spending to beat a sales tax increase that is expected to cause a contraction in the current quarter.

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Asia Japan