Japan’s Economy Shrinks

The Japanese economy contracted at an annual rate of 5.1 per cent in the January-March quarter, slammed to a halt by the steep cut in spending in the wake of the Coronavirus. The Cabinet Office said household spending dropped 5.6 per cent while government spending declined 6.9 per cent. Despite closures and lockdowns, the virus continues to grow and spread. Only 4 per cent of the population has been vaccinated so far and it is widely accepted that the inoculation rate is among the slowest in the world.