Japan’s economy shrunk at a 6.3 per cent annual rate in the fourth quarter after last autumn’s rise in consumption tax, raising fears of a deeper slowdown and putting pressure on Shinzo Abe and the Bank of Japan to mount a policy response.
The contraction was far worse than the 3.7 per cent forecast by analysts, and similar to the slump after a previous consumption tax rise in 2014.
The dismal figures suggest that stimulus measures to cushion the effects of the tax rise were ineffective. With demand in Japan now suffering a fresh hit from the coronavirus outbreak, it points to a rocky economic outlook for the rest of the year.
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