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Japan seen exiting slump
STAFF WRITER
Thursday, May 23, 2002, Page 21
Japan's economy probably expanded for the first time in a year last quarter, led by rising car exports and factory production, a government report showed. The yen rose to a 5 1/2-month high after the all-industry index, a gauge of gross domestic product, rose 0.6 percent in the first quarter. That prompted the government to sell yen for the first time in eight months to reverse the rally, which threatened profit at Toyota Motor Corp and other exporters. The intervention highlights how important exports are for Japan's recovery. The central bank yesterday raised its assessment of the economy for a third month, citing improved overseas demand.
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