Japan’s Q1 GDP likely shrank less than initially expected

Milder contraction: A worker cycles at a port in Tokyo. The economy probably shrank an annualised 0.4 in the first quarter, less than a preliminary reading of a 0.6 contraction. — Reuters

TOKYO: Japan’s economy likely shrank less than initially estimated in the first quarter, reinforcing views that it will quickly regain traction in the coming months, a Reuters poll found.

Weighed down by weak domestic demand and a slowdown in exports, the world’s third largest economy probably shrank an annualised 0.4% in the first quarter, less than a preliminary reading of a 0.6% contraction, the poll of 16 economists showed.