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Author Topic: Japan's economy falls into recession as virus takes its toll  (Read 3 times)


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Japan has fallen into recession as the financial toll of the coronavirus continues to escalate.
The world's third biggest economy shrank 3.4% in the first three months of 2020 compared to a year ago, its biggest slump since 2015.
The coronavirus is wreaking havoc on the global economy with an estimated cost of up to $8.8tn (7.1tn).
Last week, Germany slipped into recession as more major economies face the impact of sustained lockdowns.

Japan didn't go into full national lockdown but issued a state of emergency in April severely affecting supply chains and businesses in the
trade-reliant nation. Coronavirus pushes German economy into recession What shape will the coronavirus recession be?
Coronavirus 'could cost global economy $8.8tn
The 3.4% fall in growth domestic product (GDP) for the first three months of 2020, follows a 6.4% decline during the last quarter of 2019,
pushing Japan into a technical recession. More financial stimulus to come Consumers have been hit by the dual impact of the coronavirus and
a sales tax hike to 10% from 8% in October. While Japan has lifted the state of emergency in 39 out of its 47 prefectures, the economic
outlook for this current quarter is equally gloomy. Analysts polled by Reuters expect the country's economy to shrink 22% during April to
June, which would be its biggest decline on record. The Japanese government has already announced a record $1 trillion stimulus package,
and the Bank of Japan expanded its stimulus measures for the second straight month in April.
Prime minister Shinzo Abe has pledged a second budget later this month to fund fresh spending measures to cushion the economic blow of the
pandemic. How can Japan turn things around Japan faces a unique challenge as its economy has been stagnant for decades, compared to the
more buoyant economies of rivals the US and China. Japan also relies heavily on exporting its goods and has little control over consumer
demand in other countries which have been severely impacted by coronavirus lockdowns. Many of its biggest brands, like car firms Toyota
and Honda, have seen sales slump across the world. Tourism, which has long been a boost to the Japanese economy, has also been hit hard as

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