Japan’s GNP declined 0.5% in the first quarter.
- Share via
It was Japan’s worst economic performance in 11 years and a sign that the rising yen has slowed the Japanese economic powerhouse, the Economic Planning Agency said. Finance officials declined to characterize the lapse as a recession and said the economy was expected to pick up later this year. The poor showing was keyed on a 4.9% drop in exports from the previous quarter, led by slumping automobile exports.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
