June 16, 2024

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Japan’s Economy Fell Into Recession in First Quarter of 2020

TOKYO—Japan’s financial state fell into a economic downturn by 1 typical definition in the initial quarter of 2020, with even worse envisioned in the current quarter.

The world’s 3rd-most significant financial state immediately after the U.S. and China shrank an annualized three.4{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627} in the January-March time period, pushed down by the first results of the coronavirus pandemic. That adopted a revised seven.three{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627} contraction in the former quarter that was brought on by an boost in the nationwide revenue tax. Two straight quarters of contraction is 1 definition of a economic downturn.