Japanese economy sinks deeper into recession

Business closure: People eat at a restaurant in Tokyo. Covid-19 has caused broad economic pain to Japan, with the number of furloughed workers standing at 4.23 million. — AFP

TOKYO: Japan’s industrial output fell for a fourth straight month in May to the lowest level since the global financial crisis and the jobless rate hit a three-year high, underscoring the broad economic pain caused by the coronavirus.

The world’s third-largest economy is bracing for its worst postwar recession, hurt by coronavirus lockdown measures at home and overseas that have upended supply chains, kept businesses shut and depressed consumer spending.