TOKYO (REUTERS) - Japan's April factory output fell at a much faster-than-expected pace and retail sales tumbled the most in more than two decades as a coronavirus-triggered state of emergency dealt a heavy blow to the economy.. Read more at straitstimes.com.
TOKYO - Japan's April factory output fell at a much faster-than-expected pace and retail sales tumbled the most in more than two decades as a coronavirus-triggered state of emergency dealt a heavy blow to the economy.
Official data on Friday showed factory output slipped 9.1 per cent in April from the previous month, the biggest drop since comparable data became available in 2013 as automakers and iron and steel manufacturers suffered sharp output declines due to weak global demand.Separate data showed retail sales tumbled at their fastest pace since March 1998 as the nationwide state of emergency led service-sector businesses such as restaurants to close and encouraged consumers to stay home.
The gloomy data comes after Japan's export-reliant economy fell into recession for the first time in 4½ years in the first quarter. Japan was already trying to shake off weak demand before the outbreak after the government raised the nationwide sales tax to repair its public debt burden, which is more than twice the size of GDP.
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