TOKYO: Japan's economy fell for the first time in two quarters in the first three months of the year as COVID-19 curbs hit the service sector and the Ukraine war and surging commodity prices created new headaches for consumers and businesses.
The decline presents a challenge to Prime Minister Fumio Kishida's drive to achieve growth and wealth distribution under his "new capitalism" agenda, stoking fears of stagflation - a mix of tepid growth and rising inflation.
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