The Japanese economy shrank at an annual rate of 1.8% in the first quarter of this year
The Japanese economy shrank at an annual rate of 1.8% in the first quarter of this year, slightly better than the initial estimate at a 2.0% contraction, according to revised government data Monday.
The revision was due to private sector investments, at minus 0.4%, up from the previous minus 0.5%.
Seasonally adjusted real gross domestic product, or GDP, a measure of the value of a nation’s products and services, remained in negative territory, as exports and consumption declined from the previous quarter.
Quarter-to-quarter, the economy slipped 0.5% in the January-March period, according to the Cabinet Office, unchanged from last month’s results.
The annual rate measures what would have happened if the quarterly rate lasted a year.
Wage growth has been slow, and prices on imports have risen amid a decline in the Japanese yen against the U.S. dollar. The dollar is trading at nearly 157 yen lately, up from about 140 yen a year ago.
The weak yen has tourism booming.
