UPDATE 4-Japan on brink of recession as economy contracts, virus heightens risk [Reuters]
ITOCHU CORP UNSP/ADR (ITOCY)
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Source: Reuters
Japan on brink of recession as economy contracts, virus heightens risk TOKYO (Reuters) - Japan’s economy shrank at the fastest pace in almost six years in the December quarter as a sales tax hike hit consumer and business spending, raising the risk of a recession as China’s coronavirus outbreak chills global activity. Analysts say the widening fallout from the epidemic, which is damaging output and tourism, could have a significant impact on Japan if it’s not contained in coming months. “There’s a pretty good chance the economy will suffer another contraction in January-March. The virus will mainly hit inbound tourism and exports, but could also weigh on domestic consumption quite a lot,” said Taro Saito, executive research fellow at NLI Research Institute. “If this epidemic is not contained by the time of the Tokyo Olympic Games, the damage to the economy will be huge,” he said. Japan’s gross domestic product (GDP) shrank an annualized 6.3% in the October-December period, government
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