{"id":245168,"date":"2020-02-17T00:16:25","date_gmt":"2020-02-17T05:16:25","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=245168"},"modified":"2020-02-20T17:21:56","modified_gmt":"2020-02-20T22:21:56","slug":"japanese-economy-sinks-amid-fears-about-virus-impact","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/02\/17\/japanese-economy-sinks-amid-fears-about-virus-impact\/","title":{"rendered":"Japanese economy sinks amid fears about virus impact"},"content":{"rendered":"
\"\"<\/a>
Japan’s gross domestic product, or GDP, the sum of the value of a nation’s products and services, slipped 1.6% in the last three months of 2019 quarter-on-quarter. (File Photo: @colt_jones\/Unsplash)<\/figcaption><\/figure>\n

TOKYO — The Japanese economy shrank at an annual pace of 6.3% last quarter as growth was battered by typhoons and crimped consumer spending.<\/p>\n

The seasonally adjusted economic data released Monday by the Cabinet Office comes amid looming fears about the economic damage expected from the new viral illness COVID-19 that began in China late last year.<\/p>\n

Japan’s gross domestic product, or GDP, the sum of the value of a nation’s products and services, slipped 1.6% in the last three months of 2019 quarter-on-quarter.<\/p>\n

The annualized rate shows what the drop would have been if that same pace had continued for a year.<\/p>\n

The contraction for the October-December period was the first Japan had in more than a year. The amount of decline was the worst in about five years.<\/p>\n

The news sent the Nikkei 225 benchmark stock index falling in trading Monday.<\/p>\n

Domestic demand fell in the quarter at an annual pace of 8.0%.<\/p>\n

Hurting people’s spending was the rise in the consumption tax from 8% to 10% in October.<\/p>\n

Both exports and imports fell during the quarter.<\/p>\n

The new viral illness is likely to affect various aspects of the economy.<\/p>\n

Japan had been counting on Chinese tourists in recent years to sustain growth, but visits have dwindled to a trickle.<\/p>\n

Japanese companies have halted or adjusted production, because of supply chain disruptions or work suspensions at their own factories in China.<\/p>\n

Overall consumption is likely to drop as people avoid crowds.<\/p>\n

\u201cThe concerns for the export focused economy is continued pressure amid the coronavirus,\u201d said Jingyi Pan, market strategist at IG in Singapore of Japan’s GDP.<\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO — The Japanese economy shrank at an annual pace of 6.3% last quarter as growth was battered by typhoons …<\/p>\n","protected":false},"author":33,"featured_media":245169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,54365,16,17],"tags":[],"class_list":["post-245168","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-instagram","category-news","category-news-w","mauthors-yuri-kageyama","mauthors-the-associated-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/245168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=245168"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/245168\/revisions"}],"predecessor-version":[{"id":245170,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/245168\/revisions\/245170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/245169"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=245168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=245168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=245168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}