Japan’s economy contracted as expected in the first quarter

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Japan’s economy contracted at an annualized rate of 0.6 percent in January-March, unchanged from a preliminary estimate issued last month, revised gross domestic product data from the Cabinet Office showed on Friday.

The result compared with the median estimate of a 0.4 percent annualized contraction in a Reuters poll of economists.

On a quarter-on-quarter basis, GDP fell 0.2 percent in real, price-adjusted terms, also unchanged from the initial reading.The median estimate among economists was for a 0.1 percent
decline.

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