"Even without the virus, Japan's economy was very weak due to the hit from last year's sales tax hike. The pandemic has completely destroyed any chance of a recovery," said Taro Saito, executive research fellow at NLI Research Institute. JOB OUTLOOK DARKENSThe data will likely drag on preliminary first-quarter gross domestic product (GDP) data due on May 18. Analysts polled by Reuters expect Japan's economy to contract an annualised 4.6% in the January-March period. "Corporate profits are no doubt falling fast so total pay will be dragged down further by a slump in bonus payments."

Source: bd News24 May 08, 2020 05:37 UTC