Japan suffers worse-than-expected contraction of 0.5%
Gross domestic product in the world's fourth-biggest economy was expected to have shrunk by only 0.3 percent from the previous quarter, according to economist forecasts. Exports shrank 5.0 percent, after growing 2.8 percent the previous quarter, while imports fell 3.4 percent, data from the cabinet office showed. Compared with the first quarter of 2023, GDP fell 2.0 percent compared with a forecasted drop of 1.2 percent, according to Bloomberg News.