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Japan posts worst contraction on records in Q2

Japan GDP: Pandemic lockdown wipes out all growth since 2011

The Gross Domestic Product (GDP) in Japan saw a sharp contraction in the second quarter on the back of the pandemic lockdown measures, which wiped out all the growth registered since 2011.

The world’s third-largest economy shrank 7.8 percent in the quarter ended June, the worst on record and the third consecutive quarterly decline, which is equivalent to 27.8 percent annualized.

Private consumption slumped 8.2 percent on the quarterly basis, capital expenditure dipped 1.5 percent and next exports fell 3.0 percent.

Industrial output eased to 1.9 percent gain in June -- below the 2.7 percent rise predicted, after plummeting by 8.9 percent in May.

As of 07:40 GMT, the dollar dropped versus the yen for a second straight session, amid weakness in the green currency after the postponement of trade talks between Washington and Beijing. 

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