You can’t see Japan’s crises by looking at it. Life in the island state always seems to go on as usual. That was also the case on Thursday, which was a day of bitter truth for the country. Because the right-wing conservative government in Tokyo had to announce two pieces of bad news. First: Japan has lost its place as the world’s third largest economy to Germany. Second: Contrary to what was expected, Japan’s economy shrank for the second time in a row in the fourth quarter of 2023 and is therefore in a so-called technical recession. Toru Suehiro, chief economist at financial services provider Daiwa Securities Co., spoke to the news agency Kyodo of a “negative surprise”.
Why Japan’s economy is declining – Economics
