Japan economy shrank more than expected
Japan’s first-quarter GDP contracted by 2 percent on an annual basis, above economists’ expectations of 1.5 percent.
According to official data, the Japanese economy contracted by 2 percent on an annual basis in the first quarter of 2024.
GDP data showed a deeper-than-expected contraction in the first quarter, compared to the 1.5 percent contraction economists expected.
The latest data could also possibly jeopardize the Bank of Japan‘s (BOJ) interest rate hike plans.
At its last monetary policy meeting on April 26, the BOJ kept the benchmark policy rate unchanged at 0 percent-0.1 percent and said that monetary policy would depend on future economic conditions.