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Cabinet Post Meeting Summary 28 May 2024

Cayman Cabinet Post Meeting Summary No 17.24 - 2024-05-14

Japan's GDP contracts, complicating BOJ's rate hike plans

Japan s economy contracted in the first quarter, squeezed by weaker private consumption and external demand and throwing a fresh challenge to policymakers as the central bank looks to lift interest.

Japan's GDP Contracts, Complicating BOJ's Rate Hike Plans

Japan's economy skids, complicating BOJ's rate hike plans

TOKYO (Reuters) -Japan's economy fell faster than expected in the first quarter as the weak yen continued to batter consumers, throwing a fresh challenge to the central bank's push to get interest rates further away from near zero. Preliminary gross domestic product (GDP) data from the Cabinet Office on Thursday showed Japan's economy shrank 2.0% annualised in January-March from the prior quarter, faster than the 1.5% drop seen in a Reuters poll of economists. Downwardly revised data showed GDP barely grew in the fourth quarter of 2023, due to downgrades to capital expenditure estimates.