“Japan’s economy shrinks faster than expected”
February 18, 2020
“Japan’s economy shrank at a faster-than-expected annualized pace of 6.3% in the October-December quarter, the first contraction in more than a year, as a sales-tax increase at the beginning of the quarter cooled consumption.
Japan, the world’s third-largest economy after the U.S. and China, could fall into a technical recession — two straight quarters of contraction — this quarter because of the effects of the novel coronavirus, economists said.
Economists polled by data provider Quick had expected a 3.9% annualized contraction in the October-December quarter. The actual figure, minus 6.3%, reflected weak private consumption, which dropped 2.9% on quarter. Consumers tightened their purse strings after the national sales tax rose to 10% on Oct. 1 from 8%…”
https://www.marketwatch.com/story/japans-economy-shrinks-faster-than-expected-2020-02-16