Japanese policymakers on Friday braced for a sharp contraction in October-Decemb...
TOKYO - Japanese policymakers on Friday braced for a sharp contraction in October-December growth and warned of the hit to output and consumption from the coronavirus outbreak, signaling alarm over a darkening outlook for the world’s third-largest economy.
“Japan’s economy is expected to continue expanding moderately as a trend,” thanks to robust capital expenditure and government spending, Maeda told parliament. Analysts polled by Reuters expect Japan’s economy to have shrunk an annualized 3.7% in the October-December quarter, which would be the fastest pace of decline since 2014. The GDP data is due 8:50 a.m. Monday .
A separate Reuters poll showed on Friday the coronavirus epidemic is expected to shave up to 0.2 percentage points off Japan’s economic growth this year. BOJ’s Maeda said the central bank will support the economy by maintaining its massive stimulus program but stopped short of signaling additional monetary support.
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