Japan's Economy Shrinks April-June On Tax Raise

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Japan's Economy Shrinks April-June On Tax Raise

by Wochit 0:39 mins

Japan's Economy Shrinks April-June On Tax Raise

by Wochit 0:39 mins

According to government data, as spending got slammed by a tax raise that kicked in from April, the Japanese economy shrank during the second quarter, at an annual pace of 6.8 percent. Japan's gross domestic product, or the total output of goods and services, contracted 1.7 percent during the April-June period from the previous quarter. The results released Wednesday had been expected because the consumption-tax raise has weighed on spending. The question now is how long this holding off on spending may last.

Wochit

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