“Demand for business investment is expected to fall due to worsening corporate profits and risk of the coronavirus spreading,” said Saisuke Sakai, senior economist at Mizuho Research institute. The yen (Japanese: 円, Hepburn: en, symbol: ¥; code: JPY; also abbreviated as JP¥) is the official currency of Japan.It is the third most traded currency in the foreign exchange market after the United States dollar and the Euro. Preliminary GDP dropped 7.8%, worse than the estimate of 7.5%. On an annualized basis compared to Q1, GDP plunged by 27.8%. Methodology. (Click here for an interactive graphic of real and nominal GDP since 2011: For a graphic on Japan’s economy posted a record drop in second quarter: Underlying Japan’s dismal reading was private consumption, which plunged a record 8.2% as lock-down measures to prevent the spread of the virus kept consumers at home. Japan suffers its worst GDP decline in 40 years. It is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP). The yen was weakened after Japan’s second-quarter GDP showed the economy shrank by an annualized 1.6 percent, down sharply from the 4.5 percent expansion of the first quarter. Quarterly Estimates of GDP Annual Report on National Accounts Other statistics. Economy Minister Yasutoshi Nishimura conceded the GDP readings were “pretty severe,” but pointed to some bright spots such as a recent pickup in consumption. The size of Japan’s real GDP shrank to 485 trillion yen, the lowest since April-June 2011, when Japan was still suffering from two decades of deflation and economic stagnation. Falling global vehicle sales have hurt automakers like Mazda Motor Corp (Capital expenditure declined 1.5% in the second quarter, less than a forecast 4.2% fall, as solid software investment made up for weak spending in other sectors. The article lists the GDP of Japanese prefectures in main fiscal years, where all figures are obtained from the Statistics Bureau of Japan (日本統計局).Calculating GDP of Japanese prefectures is based on Japanese yen (JP¥), for easy comparison, all the GDP figures are converted into United States dollar (US$) or Renminbi (CN¥) according to current annual average exchange rates. About 90% of economists surveyed by Reuters expect the conflict to affect Japan’s economy. With major economies across the globe posting sharp declines in the second quarter, investors are showing a thicker skin, as the Q2 readings failed to shake up the financial markets or the USD/JPY exchange rate.At the same time, the global economy has been severely hampered by the Covid-19 pandemic, and this has had a significant impact on Japan’s economy, which is heavily dependent on its export sector. Investors had expected weak numbers for GDP, and the actual releases were only slightly worse than the forecasts. The third straight quarter of declines knocked the size of real gross domestic product (GDP) to decade-low levels, wiping out the benefits brought by Prime Minister Shinzo Abe’s “Abenomics” stimulus policies deployed in late 2012. But globally, the rebound is sluggish everywhere except for China.” The world’s third-largest economy shrank an annualised 27.8% in April-June, government data showed on Monday, marking the biggest decline since comparable data became available in 1980 and slightly off a 27.2% fall forecast in a Reuters poll of analysts. Reporting by Leika Kihara and Tetsushi Kajimoto, additional reporting by Kaori Kaneko and Daniel Leussink; Editing by Sam HolmesInstant View: Japan's economy shrinks at record pace as pandemic hits spendingA man wearing a protective mask sits inside a store at a shopping district, amid the coronavirus disease (COVID-19) pandemic in Tokyo, Japan August 17, 2020. The week started on a sour note for Japanese fundamentals, with the release of Japan’s GDP on Monday morning. GDP, billion currency units in Japan, June, 2020: For that indicator, we provide data for Japan from Q1 1960 to Q2 2020.The average value for Japan during that period was 84809.09 billion Japanese Yen with a minimum of 3361 billion Japanese Yen in Q1 1960 and a maximum of 142955.9 billion Japanese Yen … As expected the second quarter was abysmal. However, some analysts warn that companies could cut jobs and spending if a resurgence in infections and soft global demand continue to hurt their bottom line. “The big decline can be explained by the decrease in consumption and exports,” said Takeshi Minami, chief economist at Norinchukin Research Institute. External demand - or exports minus imports - shaved a record 3.0 percentage point off GDP, as overseas shipments tumbled 18.5%, with auto exports hit particularly hard. It is also widely used as a reserve currency after the U.S. dollar, the Euro, and the U.K. pound sterling.. While the economy is emerging from the doldrums after lockdowns were lifted in late May, many analysts expect any rebound in the current quarter to be modest as a renewed rise in infections keep consumers’ purse-strings tight.
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