Skip to Content

Japan’s quarterly economy contracts as energy prices soar

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japan’s economy shrank at an annual rate of 1% in the first quarter, as rising prices and COVID-19 restrictions deadened spending and investment. The Cabinet Office says Japan’s real gross domestic product, or GDP, the sum of the value of a nation’s products and services, contracted 0.2% in January-March compared to the previous quarter, as household consumption and government investments fell. Russia’s war in Ukraine has sent energy prices soaring, a big minus for resource-poor Japan. The Japanese yen has nose-dived, trading at about 130 yen to the dollar. In trade, higher energy prices inflated the price of imports. 

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

ABC 17 News is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content