Japan’s economy
contracted in the final three months of 2015 as the nation struggles to
break free of a cycle of expansion and contraction despite more than
three years of the Abenomics program.
Gross domestic product
shrank an annualized 1.4 percent in the three months ended Dec. 31,
following a revised 1.3 percent gain in the third quarter, the Cabinet
Office said on Monday in Tokyo. The median estimate of 33 economists
surveyed by Bloomberg News was for a 0.8 percent decline.
Weakness in private
consumption was the biggest contributor to the contraction, undermining
Prime Minister Shinzo Abe’s policies to spur inflation and growth in the
world’s third-largest economy. The yen appreciated 6.6 percent against
the dollar this month even after increased monetary stimulus and
attempts by government officials to quell its volatile rise.
The economy’s
performance has see-sawed over the past three years since Abe returned
as prime minister, even as BOJ Governor Haruhiko Kuroda has ratcheted up
monetary easing in concert with government efforts to spur higher
wages, consumer spending and investment.
Source : Bloomberg
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