GDP marks first contraction in 9 quarters

Sumitomo Mitsui's Kichikawa Sees Japan Economy Growing in Q2

TOKYO, May 16 (Reuters) - Japan's economy contracted more than expected at the start of this year, breaking the longest run of growth seen for decades, in a blow to Prime Minister Shinzo Abe's reflationary "Abenomics" polices.

Compared to the previous quarter, gross domestic product (GDP) fell 0.2 percent, more than the median estimate for GDP to be flat, and following a downwardly revised 0.1 percent quarter-on-quarter expansion in October-December, Cabinet Office data showed on Wednesday.

Japan's longest straight period of expansion in almost three decades ended in the first quarter of this year as the economy shrank at an annualized rate of 0.6 percent.

Private consumption was flat on a quarterly basis, in line with expectations after adding 0.2% in the three months prior. "Real private-sector final consumption was down slightly (-0.0% q-q) and real exports slowed from +2.2% q-q in 2017 Q4 to +0.6% in 2018 Q1".

"If you look at the Bank of Japan's "Tankan" survey released in April, business confidence was unshaken, with corporate investment plans remaining solid", he said.

Is Wayne Rooney moving to MLS?
Allardyce's situation is also uncertain amid supporter unrest over recent performances, but the 63-year-old is intent on staying. Rooney has reportedly come to an agreement to join the MLS club in the summer after this season back at boyhood club Everton .

The limp first-quarter performance was spread across different areas of the economy, according to Marcel Thieliant, senior Japan economist at research firm Capital Economics.

Katsunori Kitakura, lead strategist at Sumitomo Mitsui Trust Group, also believed the disappointing first quarter figure was "a one-off event, as weak personal consumption coincided with other special factors".

Economists don't expect the period of contraction to last long.

Stock market traders appeared to be disappointed by the data, however, with the main Nikkei stock index closing down 0.44 per cent.

Related News:

  • Millions of Muslims prepare for start of fasting in Ramzan

    Millions of Muslims prepare for start of fasting in Ramzan

    What are the different traditions observed during Ramadan? Muslims interact in elevated prayer and charity throughout Ramadan . As mentioned in the holy book, Quran, Muslims, during this month, are supposed to donate alms to the poor and feed the hungry.
    Britain's Lewis Hamilton wins Spanish Grand Prix

    Britain's Lewis Hamilton wins Spanish Grand Prix

    Ferrari have had the best auto so far this year, but Spain marked a turning point with Mercedes dominating throughout the weekend. Verstappen then hit back of Sirotkin, but despite sustaining damage to his front wing, held off Vettel with relative ease.
    Robinson Cano suspended 80 games by Major League Baseball

    Robinson Cano suspended 80 games by Major League Baseball

    Cano landed on the disabled list Monday, a day after a bone in his right hand was broken when hit by a pitch in Detroit. In parts of five seasons with the Mariners, Canó is slashing.294/.353/.471 with 147 doubles and 101 home runs.
  • BSF foils infiltration bid in J&K's Mangu Chak area

    BSF foils infiltration bid in J&K's Mangu Chak area

    The DG BSF noted there is large number of terrorists waiting on the launching pads across to sneak into J&K. The BSF chief said the militants had sneaked in using a tunnel.
    Vodafone falls 3% on CEO resignation

    Vodafone falls 3% on CEO resignation

    Analysts said the timing of the departure should come as no surprise and that investors should be reassured by Read's appointment. The company added over 1 crore pre-paid customers but lost 5.76 lakh contract or post-paid customers in the January-March period.
    Palestinian envoy recalled from Washington over Israeli embassy move

    Palestinian envoy recalled from Washington over Israeli embassy move

    Both these resolutions affirm that Jerusalem would be the capital of the future Palestinian State and the State of Israel . Israel's army said that "it appears that at least 24" of those killed were militants, mainly from Hamas and Islamic Jihad.
  • Cameron Smith retires from representative rugby league

    Cameron Smith retires from representative rugby league

    His departure follows Johnathan Thurston and Cooper Cronk's retirements past year from the representative level. Maroons coach Kevin Walters joked he would have liked Smith to play on in "30-minute spells".
    Tech and health care drop stocks lower; bond yields rise

    Tech and health care drop stocks lower; bond yields rise

    Markets focused early on economic reports with sales at USA retailers rising for a second straight month in April. Germany's DAX fell 0.1 percent after new data showed the country's economy slowed in the first quarter.
    Everton to sack Sam Allardyce this week!

    Everton to sack Sam Allardyce this week!

    The Toffees face a summer of uncertainty with Wayne Rooney's future at the club also in doubt amid a mooted move to D.C. I said yesterday it's not in my hands now. "We will wait and see when we meet up this week'".
  • Facebook has disabled 583 million fake accounts in the past three months

    Facebook has disabled 583 million fake accounts in the past three months

    Overall, Facebook estimates that around 3% to 4% of the active Facebook accounts on the site during this time period were still fake .
    Mohamed Salah reveals chat with Man Utd boss Jose Mourinho

    Mohamed Salah reveals chat with Man Utd boss Jose Mourinho

    Pep Guardiola reacted to the team's 106th league goal of the season by leaping out of his seat in the dugout and punching the air. Serie A: Benevento 1 (Diabate 87) bt Genoa 0; Inter Milan 1 (Rafinha 80) lost to Sassuolo 2 (Politano 25, Berardi 72).
    Lenovo Teases An All-Screen Smartphone

    Lenovo Teases An All-Screen Smartphone

    These views and opinions do not necessarily represent those of The Asian Age and/or other staff and contributors to this website. Lenovo' VP Chang Cheng confirms the upcoming Z5 smartphone to feature a no bezel display with 95 per cent screen-to-body ratio.


Most liked

Honor Launches the Exquisite Honor 10 on Flipkart
The phone has a 16MP RGB camera with a f/1.8 aperture, PDAF and LED flash and a 24MP monochrome camera with f/1.8 aperture. The smartphone is powered by a 2.4 GHz HiSilicon Kirin 970 octa-core processor coupled with Mali-G72 MP12 GPU.

'Religious bigot' wrong man to give Jerusalem embassy prayer - Romney
Trump has been criticized for announcing plans to relocate the embassy and for formally recognizing Jerusalem as Israel's capital. Hagee caused John McCain headaches during his 2008 presidential campaign when Hagee's anti-LGBTQ rhetoric became widely known.

J&K: CRPF jawan killed, 3 fleeing terrorists steal his rifle
Two houses were damaged during the gunfight and owner of one of the houses Bashir Ahmad suffered an injury in his shoulder. Locals were seen pelting stones at the security forces.

Pennsylvania races for governor, US Senate, key House seats
He also has a huge cash advantage, with about $10 million in the bank at the end of April, compared with Barletta's $1.3 million. Wealthy philanthropist Scott Wallace and military veteran Rachel Reddick are the leading candidates in the Democratic primary.

The Home Depot (HD) Gains Outperform Rating from Analysts at Wells Fargo
After this sale, 56,155 common shares of HD are directly owned by the insider, with total stake valued at $10,730,097. In the transaction dated February 23, 2018, the great number of shares disposed came courtesy the EVP - U.S.

Allegri planning to stay at Juventus
He added: "I can't say if Juventus are the best team and deserve the title, because I haven't watched them often enough". Roma mustered nine shots but just two on goal, and that's really all Juventus was looking for.

Brooklyn Nine-Nine: Season Six; FOX & NBC Talk Cancellation & Revival
However, he added , "We love when fans yell and scream on Twitter , but we hope that transfers and they watch the show". This strategy would work best with a non-serialized show that doesn't have much of a barrier to entry for new viewers.

Boeing: WTO Ruling Could Lead To Biggest Retaliatory Tariffs Ever
It shatters Boeing's claim it perpetuated for years that their WTO case undermines European industrial-government partnership". Boeing has estimated that it suffered commercial damages worth between US$7 billion and US$10 billion as a result.

Ex-Pakistani PM Zeroes in on Pakistan's Civil-Military Divide in Interview
Operation Zarb-e-Azb was a joint military offensive conducted by the Pakistan armed forces against various militant group in 2014. Call them non-state actors, should we allow them to cross the border and kill 150 people in Mumbai? Explain it to me.

Australia probes claim Google harvests data as consumers pay
With more than ten million Australians using Android phones, they could be paying $580 million in unnecessary fees every year. They made the disclosures to the ACCC as part of the digital platforms inquiry being conducted by the organisation.

Cauvery water row: Centre submits Cauvery Draft Scheme to Supreme Court
The authority, which will be headquartered in Bengaluru, is very similar to the Cauvery Management Board the Tribunal recommended. Karnataka said it will challenge the draft for being inconsistent with Sec 6A of Inter-State River Water Dispute, Act, 1956.

Fortnite: Burst Assault Rifle arrives today but weekly patch delayed
Epic made the announcement stating the Infinity Gauntlet Limited Time Mashup will end on May 15th. It fits in with the superhero theme of Fortnite season 4 , which was launched a few weeks ago.

MoD confirms clashes continue in the outskirts of Farah city
The Afghan Defense Ministry said in a statement Tuesday that Afghan security forces were able to repel their attacks. Interior Ministry spokesman Najib Danish said both Afghan and foreign air forces were participating in the battle.

Australians warned about Bali travel after Indonesian terror attacks
Although considered Indonesia's largest pro-IS coalition, JAD's structure and links to the global terror network are murky. ISIS first mounted attacks in Indonesia in 2016, claiming the lives of four civilians in explosions and shootings.

Video shows iPhone exploding, catching fire in Las Vegas fix shop
The unit in the video was in the shop to replace a bloated battery and a cracked screen that broke when the battery expanded. Scary surveillance video from a Las Vegas phone fix shop shows an iPhone exploding just feet away from a worker.