-
Japan’s Economy Contracts as Consumers, Firms Cut Spending
Japan’s economy shrank in the first quarter as consumers and companies cut spending, underscoring the fragile nature of the recovery and extending a dismal performance stretching back to last summer. Gross domestic product contracted at an annualized pace of 2% in the three months through March, the Cabinet Office said Thursday. Economists had forecast a contraction of 1.2%. Private consumption and capital spending both retreated, while net exports also dragged. Figures for the last quarter of 2023 were revised to show the economy flatlining, versus a previous reading of 0.4% growth. The result reflects the ... (full story)