Japan’s economy shrank at a record 15.2 percent annual pace last quarter as exports collapsed and consumers and businesses cut spending.
The contraction followed a revised fourth-quarter drop of 14.4 percent, the Cabinet Office said today in Tokyo. Gross domestic product fell 3.5 percent in the year ended March 31, the most since records began in 1955, confirming that the recession is Japan’s worst in the postwar era.
At least the US isn’t Japan. FYI, the headline is incorrect, as it would take 4 consecutive quarters of decline at this rate to actually shrink that much. The word “annualized” is rather important.
