Japan's economy shrank in annual terms by a record 27.8 percent in April-June, which was the largest decline since statistics began, that is, since 1980, writes Reuters.
Analysts attribute such indicators to a decline in consumption and exports due to the coronavirus pandemic. In the second quarter, the world's third economy fell 7.8 percent from the previous three months. Thus, Japan has experienced three quarterly GDP falls in a row.
Consumption fell by a record 8.2 percent, and foreign shipments fell by 18.5 percent, with car exports particularly hard hit. The size of real GDP fell to its lowest level since 2011, and the yield on most government bonds fell after the figures were published.
Against the background of the coronavirus pandemic, the country's authorities decided to pay benefits to the population in the amount of 100 thousand yen (926 dollars). All residents of Japan can apply for financial support.