Japan's exports likely slumped the most in over 3-1/2 years in March as the coronavirus pandemic crushed demand in the United States and Europe, a Reuters poll showed, heightening the chance of recession for the world's third-largest economy.
TOKYO - Japan’s exports likely slumped the most in over 3-1/2 years in March as the coronavirus pandemic crushed demand in the United States and Europe, a Reuters poll showed, heightening the chance of recession for the world’s third-largest economy.
The poll also showed annual core consumer inflation likely slowed to 0.4% in March, in a sign that plunging oil prices and soft domestic demand will keep price growth distant from the Bank of Japan’s 2% target. The widening fallout from the pandemic has added pressure to an economy already on the cusp of recession, with service-sector confidence slumping to a historic low.
“The spread of the virus will weigh on global output by disrupting supply chains worldwide, causing sharp declines in both Japanese exports and imports,” said Kenta Maruyama, an economist at Mitsubishi UFJ Research and Consulting.
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