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April records showed that Japan’s exports dropped the sharpest since the 2009 financial crisis. Exports declined as the coronavirus pandemic ravaged worldwide demand for cars, industrial materials, and other products, pushing the world’s third-biggest economy further into recession.
Year-on-year records from the Ministry of Finance showed that the country’s exports declined 21.9% in April. The downturn followed as U.S.-bound exports fell 37.8% while car parts demand dropped by 65.8%.
Though the weak figures came out sharper than the historic drop back in 2009, it still placed lower than the 22.7% outlook forecasted by economists.
The frail reading followed as authorities weighed options between the urgent need to contain the virus and salvage the struggling parts of the economy, with the threat of a second wave of infections only adding to the economic challenge that the country currently faces.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
KYC Policy