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vegassports-odds.com May 23, 2018


Japan's economy shrinks for first time in two years

16 May 2018, 09:50 | Melvin Schneider

Watch video 01:22 Japan's economic upswing comes at a cost

Watch video 01:22  Japan's economic upswing comes at a cost

Analysts had expected a contraction, the first quarter pullback in two years.

Tokyo stocks opened lower Wednesday following Wall Street's overnight decline and on reports just before the opening bell that Japan's economy shrunk at an annualized rate of 0.6 percent in the January-March quarter. However, there are concerns that trade friction with the U.S. could affect demand for exports. To get back on track, Japan needs to increase its exports.

"But we need to be mindful of the impact of overseas economic uncertainty and market volatility", he added.

According to the Japanese government, real GDP fell by 0.2% in the three months to March, undershooting expectations for an unchanged reading for the quarter.

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"Globally, IT-related items have been in an adjustment phase, which weighed down Japan's exports and factory output", said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. It ended the longest straight period of uninterrupted growth since the late 1980s.

The economists polled by Reuters were expecting a 0.2 percent contraction following a downwardly revised 0.6 percent annualized rate of expansion in the fourth quarter.

Under Prime Minister Shinzo Abe, the world's third-largest economy has picked up steam through a deflation-fighting stimulus program driven mainly by asset purchases by the central bank that are injecting billions of dollars into the economy each year.



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