TOKYO: Japan’s economy shrank a record 7.8 percent in the April-June quarter, the worst contraction in the nation’s modern history, data showed on Monday, as the coronavirus deepens the country’s economic woes. Still, it is the worst economic contraction for Japan since comparable data became available in 1980, eclipsing the brutal impact of the 2008 global financial crisis. “The fall of the Japanese economy in April and May under the state of emergency went beyond expectations. Japan was already struggling with a stagnating economy and the impact of a consumption tax hike implemented last year before the pandemic hit. Despite the figures, analysts said the economy could now expect a rebound, with Oshikubo projecting 2.6 growth for the July-September quarter.

Source: Manila Times August 17, 2020 03:11 UTC