Key Points
Japan's economy slipped into a recession as it unexpectedly shrank for a second straight quarter on weak domestic demand, data showed on Thursday, raising uncertainty about the central bank's plans to exit its ultra-easy policy sometime this year...
The surprisingly weak performance saw Japan lose its title as the world's third-largest economy, replaced by Germany. . Gross domestic product (GDP) fell an annualised 0.4% in the October-December period after a 3.3% slump in the previous quarter, government data showed..
It compared with a median market forecast of a 1.4% increase.. Two consecutive quarters of contraction are typically considered the definition of a technical recession...
"There's a risk the economy could shrink yet again in the January-March quarter due to slowing global growth, weak domestic demand and the impact of the New Year quake in western Japan," said Takuji Aida, chief economist at Credit Agricole...
"The (BOJ) has been arguing that private consumption has 'continued to increase moderately' and we suspect that it will continue to strike an optimistic tone at its upcoming meeting in March," Thieliant said, sticking to his projection the bank will end its negative interest rate policy in April...
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