HONG KONG — Japan confirmed on Wednesday what many had long suspected: that the world’s second-largest economy contracted at a record pace during the quarter that ended March 31, as exports collapsed and companies cut back production.
Japan’s gross domestic product shrank 15.2 percent from the same period a year earlier, marking a fourth straight quarter of contraction and the biggest decline since Japan began keeping records in 1955.
It was also a deeper fall than during the previous three months, when the economy shrank a revised 14.4 percent from the year-earlier period.NYT
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