April 16, 2024

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Japan’s Economy Fell Into Recession in First Quarter of 2020

TOKYO—Japan’s economic system fell into a economic downturn by one particular prevalent definition in the initially quarter of 2020, with worse expected in the latest quarter.

The world’s third-greatest economic system right after the U.S. and China shrank an annualized 3.four{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} in the January-March interval, pushed down by the initial consequences of the coronavirus pandemic. That adopted a revised seven.3{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} contraction in the preceding quarter that was activated by an increase in the countrywide product sales tax. Two straight quarters of contraction is one particular definition of a economic downturn.