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Japan's Economy Sputters as Dismal Run Extends to Three Quarters.
In: Bloomberg.com, 2024-05-15, S. N.PAG
Online
serialPeriodical
Zugriff:
Japan's economy contracted by 2% in the first quarter of the year, as consumers and companies reduced spending. This extends a period of poor performance that began last summer and poses challenges for the central bank as it considers when to raise interest rates. Private consumption, capital spending, and net exports all declined. The weak results are partly due to temporary factors such as an earthquake and disruptions to auto production and sales. However, the continuing impact of high inflation and persistent declines in real wages are more enduring problems. The Bank of Japan is closely monitoring the data to determine the timing of its next interest rate hike. Economists expect an economic rebound in the second quarter as auto output recovers and wage hikes lift consumer sentiment. However, concerns remain about the end of subsidies for rising utility costs and the negative impact of the weak yen on consumer sentiment. The weak yen has also diminished the size of Japan's economy in dollar terms, and Japan is projected to fall to fifth place in the world economy rankings by 2025. Prime Minister Fumio Kishida has pledged to prevent deflation and ensure that workers' income gains outpace inflation. However, his approval ratings have been low due to a political scandal and rising costs of living. [Extracted from the article]
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Japan's Economy Sputters as Dismal Run Extends to Three Quarters.
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Autor/in / Beteiligte Person: | Nohara, Yoshiaki ; Yokoyama, Erica |
Zeitschrift: | Bloomberg.com, 2024-05-15, S. N.PAG |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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