https://www.cnbc.com/2023/11/15/japan-q3-economy-shrinks-far-more-than-expected.html
- Japan’s economy shrank way more than expected in the July-September period, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation.
- Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, after expanding 4.8% in April-June. This was a bigger contraction than the expected 0.6% decline in a Reuters poll.
- It underscores the complex challenges for the Bank of Japan as Governor Kazuo Ueda contemplates an eventual exit from its ultra-easy monetary policy, while bolstering the case for the Japanese government’s 13.2 trillion yen ($87 billion) economic package that will feature subsidies and payouts to low-income households to mitigate soaring energy and utility bills and aimed at curbing rising living costs.