Business
Japan’s economy shrinks at record pace – Sydney Morning Herald
Japan suffered its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed business and consumer spending.
Private consumption, which accounts for more than half of Japan’s economy, fell 8.2 per cent for the quarter, bigger than analysts’ forecast of a 7.1 per cent drop.
Capital expenditure declined 1.5 per cent in the second quarter, less than a median market forecast for a 4.2 per cent fall.
External demand, or exports minus imports, shaved 3.0 percentage point off GDP, as the pandemic dampened global demand, the data showed.
Japan has deployed massive fiscal and monetary stimulus to cushion the…
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