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Japan Sinks Into Recession as Gloom Deepens for World Economy

  • GDP shrinks annualized 3.4% for second-straight quarterly drop
  • Exports sink 22% with worse expected for economy this quarter
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Watch: Izumi Devalier, head of Japan economics at Bank of America, discusses the prospects for the Japanese economy and policies amid the coronavirus outbreak. (Source: Bloomberg)
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Japan has sunk into a recession that’s likely to deepen further as the full force of the coronavirus pandemic hits economies around the globe.

The world’s third-largest economy shrank an annualized 3.4% in the three months through March from the previous quarter as exports slid and social distancing crimped consumer spending, official figures showed Monday, confirming the second-straight quarterly contraction.