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Japan’s Economy Contracts Less Than Expected as Recovery Begins
Japan’s economy contracted less than initially estimated at the beginning of this year, as its recovery from the pandemic started to regain traction at the end of the first quarter. Gross domestic product shrank an annualized 0.5% in the three months through March, revised figures from the Cabinet Office showed Wednesday. An upward revision in inventories was a key factor behind the better numbers. Economists had expected a 1.1% decrease, compared with an initial reading of -1%. An upward revision in private inventories was one of the main factors helping narrow the contraction. Business spending was revised down ... (full story)
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