Japan's economy shrinks annualized 3.4 pct in January-March period

Source: Xinhua | 2020-05-18

Japan's economy shrank for a second straight quarter in the January-March period, as a result of the adverse effects of the coronavirus pandemic, the government said in a report on Monday.

According to the Cabinet Office, the economy shrank by an annualized real 3.4 percent in the January-March period from the previous quarter.

The decrease in the quarter corresponds to a 0.9 percent decline on a seasonally adjusted quarterly basis, the Cabinet Office said.

The preliminary reading of inflation-adjusted gross domestic product comes on the heels of a contraction logged in the previous October-December quarter.