16 May '18, 8am

Japan economy shrinks after two years of growth

TOKYO: Japan's economy slid into reverse for the first time in two years at the beginning of the year, hit by sluggish consumption and a winter cold snap, but analysts predicted the world's third-largest economy would quickly rebound. The economy contracted by 0.2 per cent quarter-on-quarter in the January-March period, compared with growth of 0.1 per cent at the end of 2017, the Cabinet Office said Wednesday. Advertisement This brought to an end a series of eight consecutive quarters of growth, a winning streak not seen since the heady days of the "miracle" boom of the 1980s when the Japanese economy ruled the world. The data will come as a blow for the vaunted "Abenomics" policies of Prime Minister Shinzo Abe, who is already under pressure over a series of scandals. But experts said they expected a pause in the growth trend rather than a prolonged downswing. "There were ...

Full article: https://www.channelnewsasia.com/news/business/japan-econo...

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