Japan Aso: Weak second quarter GDP due to consumption, exports

Taro Aso, Japan's Deputy Prime Minister, attends a panel for the High-level Tax Symposium held in Chengdu in Southwestern China's Sichuan province, July 23, 2016. REUTERS/Ng Han Guan/Pool

TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Monday that downbeat gross domestic product data for the second quarter was due to weak consumer spending and falling exports.

Aso told reporters after a cabinet meeting that the government had already compiled a stimulus package and it was important to push ahead with structural reforms to spur growth.

He also said the Bank of Japan’s negative interest rate policy is having a positive impact by lowering the yield curve and funding costs for companies.

Reporting by Stanley White; Editing by Chang-Ran Kim