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Japan's economy contracts for first time in six quarters on tariff hit
- On Monday, Japan’s Cabinet Office reported GDP slipped 0.4% quarter-on-quarter, and the economy sank at an annualized 1.8% in the July-September quarter as tariffs hit exports.
- Businesses responded by accelerating exports to beat earlier tariff policy, inflating July-September data while political uncertainty persisted until Sanae Takaichi became prime minister recently.
- Exports showed sharp declines in the quarter as exports fell 1.2% from the previous quarter and dropped 4.5% annualized for the three-month period through September, while imports slipped 0.1% and private consumption edged up 0.1%.
- The tariff measures hit Japan’s export sectors hard, dealing a major blow to Toyota Motor Corp. and Japanese manufacturers who have shifted production abroad over the years.
- After earlier higher levies, U.S. trade policy now hits imports at 15%, shifting from the earlier tariff level of 25%, Yuri Kageyama reports.
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57 Articles
57 Articles
Japanese gross domestic product declined 0.4% quarterly due to the decline in US tariff exports and the fall in residential investment, according to official government data released on Monday
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Coverage Details
Total News Sources57
Leaning Left11Leaning Right10Center14Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 31%
C 40%
R 29%
Factuality
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