Japan Suffers Steepest GDP Decline Of 0.6% In 5 Months

Japan's gross domestic product (GDP) in January shrank by an adjusted 0.6% from the previous month, declining for a second month in a row and marking its steepest descent since August 2022, the Japan Center for Economic Research said, Nikkei Asia reported.

Photo Insert: As falling exports and other factors tug at Japan's gross domestic product, services exports are expected to support it as more foreign tourists return to the country.

The Tokyo-based think tank also estimated that if the trend holds through this month, Asia's second-largest economy for the first quarter of this year will contract by an annualized 3.4% from the final three months of 2022.

As falling exports and other factors tug at Japan's gross domestic product, services exports are expected to support it as more foreign tourists return to the country.

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