Japan’s “recession” will soon be exposed as an illusion according to the country’s economy minister, Akira Amari, who on Sunday predicted data revisions this week will turn contraction into growth.
Initial figures just three weeks ago showed the economy shrank at an annualised 0.8 per cent in the third quarter, meeting the technical definition of a recession, and prompting gloom about the outlook. But Mr Amari said he expected a revision from 0.8 per cent to zero this week.
That would confirm Japan’s economy is not in a downward spiral, despite sluggish consumption and exports, but it would raise fresh questions about the unreliable early growth data.
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