Japans economy experienced a significant downturn, contracting at an annualized rate of 1.8% between July and September, marking the first decline in six quarters. This contraction is primarily due to new US tariffs, which have severely impacted Japans export-driven industries. Despite a smaller-than-expected quarterly drop of 0.4%, the annualized rate paints a stark picture of a potential full-year decline. Exports fell by 1.2% on a quarter-by-quarter basis, with a significant annualized drop of 4.5%. The tariffs pose a substantial challenge for Japan, an economy heavily reliant on exports, particularly from major automakers like Toyota.
The Daily News Now! - Every city. Every story. Powered by AI.
Hosted on Acast. See acast.com/privacy for more information.
