Japan's economy contracted by a record 4.0 per cent quarter-on-quarter in the first three months of this year as domestic demand declined and an export rout continued, official data showed on Wednesday.
The decline in gross domestic product – equivalent to a extraordinary 15.2 per cent fall on an annualised basis – highlighted the woes facing the world's second largest economy, which has now contracted for a record four quarters in a row.
However, with government spending growing, inventories falling and exports expected to stabilise after falling a record 26 per cent between January and March, many analysts believe that the worst is over and the economy could already have returned to growth in the current quarter.
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