Japan's economy is shrinking, although slightly less than previously thought

The Japanese economy shrank at an annual rate of 1.8% in the first quarter of this year.

FILE - Cars for export are loaded onto a cargo ship at a port in Yokohama, near Tokyo on Nov. 2, 2021. The Japanese economy shrank at an annual rate of 1.8% in the first quarter of this year, according to government data Monday, June 10, 2024, revised to be slightly better than the initial estimate at a 2.0% contraction. – The Japanese economy shrank at an annual rate of 1.

Another negative is the ongoing scandal involving improper vehicle model tests at several major automakers, including Toyota Motor Corp., which form the pillars of Japan’s brand power. Production was halted on some models.

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