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Japan’s Economy Contracts Again
Japan’s economy shrank by an annualized 1.4% in the final quarter of 2015, according to the government.
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Japan’s economy shrank by an annualized 1.4% in the final quarter of 2015, according to the government.
Economists point to two trends. One is the country’s aging and shrinking population, which erodes domestic spending. The second is the strengthening yen, which hurts exports by making them most expensive in overseas markets. Exports account for roughly half of Japan’s gross domestic product.
The country’s economy also contracted last April-June. The government initially reported further shrinkage in July-September. But it revised its figures in December to indicate 1% annualized growth for the period, thereby avoiding a technical recession.
Japan has drifted into and out of recession—defined as two consecutive quarters of negative growth—four times between 2008 and 2014.
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