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Japan GDP On Tap For Wednesday
16 May 2018, 09:52 | Joann Bryant
GDP marks first contraction in 9 quarters
Japan's economy contracted more than expected at the start of this year, suggesting growth has peaked after the best run of expansion in decades, unwelcome news for a government struggling to get traction for its reflationary policies.
Japan's economy shrank in the first quarter of 2018 for the first time in two years, ending the longest stretch of economic growth since the 1980s.
Export demand added 0.1% to first quarter GDP but the rate of growth is slowing.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 2.24 points, or 0.12 percent, to 1,802.91.
Economists don't expect the period of contraction to last long.
That works out to an annualized contraction of 0.6 percent.
Capital investment was down 0.1 percent.
Under Prime Minister Shinzo Abe, the world's third-largest economy has picked up steam through a deflation-fighting stimulus program driven mainly by asset purchases by the central bank that are injecting billions of dollars into the economy each year. Heavy snows in February also restricted household spending by keeping consumers inside and driving up vegetable prices.
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