Japan economy contracts 0.5% in Q1

By Agence France-Presse

May 17, 2024 12:13 am

TOKYO – Japan's economy suffered a worse-than-expected contraction in the first quarter, official data showed on Thursday, in further bad news for its unpopular government.

Gross domestic product (GDP) in the world's No. 4 economy shrank by 0.5 percent against market expectations of a drop of only 0.3 percent.

CONTRACTED A monitor shows US dollar/Japanese yen exchange rate in Tokyo on April 29, 2024. The Japanese economy shrank at an annual rate of 2 percent in the first quarter of this year, as consumption and exports declined, the government said on May 16, 2024. AP PHOTO

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