Japan GDP contracted -0.9% qoq in Q1, better than expectation of -1.2% qoq. Following the -1.8% qoq contraction in Q4, the country was already in a technical recession for the first time in more than 4 years. In annualized rate, GDP contracted -3.4% in Q1, better than expectation of -4.6%.
Economy Yasutoshi Nishimura warned “both domestic and external demand show Japan’s economy is in a severe state.” The economy is expected to slump significantly.
