Arab Today, arab today japan economy contracts amid strong yen and thai floods
Last Updated : GMT 21:50:13
Arab Today, arab today
Arab Today, arab today

Japan economy contracts amid strong yen and Thai floods

Arab Today, arab today

Arab Today, arab today Japan economy contracts amid strong yen and Thai floods

Beijing - Arabstoday

Japan\'s economy contracted in the October to December quarter as a rising yen and floods in Thailand hurt businesses. Gross domestic product shrunk by 2.3% during the period from an year earlier, much worse than 1.4% contraction that analysts had forecast. Compared with the previous three months, the economy contracted by 0.6%. The numbers are a big blow to Japan\'s efforts to recover from the earthquake and tsunami last year. \"The economy is slowing down more than what was expected before,\" Martin Schulz of Fujitsu Research Institute told the BBC. \"The slowdown of exports is taking a heavy toll on the industry,\" he added.

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