News Snapshot:
The Japanese economy contracted at an annual rate of 5.1% in January-March, slammed by a plunge in spending over the coronavirus pandemic, according to government data released Tuesday. The Cabinet Office’s preliminary seasonally adjusted GDP or gross domestic product, showed household consumption dropped at an annualized rate of 5.6%, while government spending declined 6.9%. Gross domestic product is the sum value of a nation’s products and services. The annualized rate shows what the rise or drop would have been if that same pace had continued for a year. Much of Japan has been under a state of emergency, centered around...
