Japanese economy hit by biggest contraction on record

The Japanese economy has suffered its third consecutive quarter of economic contraction, bringing real GDP to a decade-low ¥485trn and wiping out the benefits of ‘Abenomics' stimulus policies deployed since late 2012 by Prime Minister Shinzo Abe. April to June 2020 saw the economy shrink an annualised 27.8%, the biggest market decline since comparable data began in 1980, and above the median market forecast of 27.2%. The figure is ten percentage points higher than the knock the Japanese economy suffered in the first quarter of 2009 as the world reeled from the collapse of Lehman Broth...