(Rishitha Jaladi, Intern Journalist)Japan: The Japanese economy was hit by its biggest economic contraction on record in the second quarter due to the ongoing COVID-19 pandemic, according to AP citing government data released on Monday. Economy Minister Yasutoshi Nishimura said the government will take “flexible, timely” action to recover from the impact.
Japan’s economy shrank last quarter by 27.8% v expectations of 26.9%, the most since data began in 1955 as shoppers stayed home & factory production lines were idled, amid the virus-triggered state of emergency and lockdowns in the country’s major export markets.
Japan reported 1,021 new coronavirus cases Sunday, surpassing the 1,000 marks for the fourth day. Japan has topped 1K new COVID-19 infections for several consecutive days. Japan suffered its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed business and consumer spending, keeping policymakers under pressure for bolder action to prevent a deeper recession.
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