Japan's economy contracts annualised 1.0% in Q1

The gross domestic product (GDP) figure translated into a quarterly drop of 0.2%, compared with a median market forecast of a 0.4% contraction, the Cabinet Office data showed.

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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