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| Japan hit by weaker economic growth | Japan hit by weaker economic growth |
| (about 1 hour later) | |
| Japan's economy shrank in the second quarter of the year, marking a setback for the governments's reform policy. | Japan's economy shrank in the second quarter of the year, marking a setback for the governments's reform policy. |
| Between April and June, economic growth contracted by 0.4% compared to the first three months of the year. | Between April and June, economic growth contracted by 0.4% compared to the first three months of the year. |
| Lagging exports and sluggish consumer spending were the biggest contributors to the drop in growth. | Lagging exports and sluggish consumer spending were the biggest contributors to the drop in growth. |
| It is likely to put pressure on Prime Minister Shinzo Abe to revamp his reform programme of monetary and fiscal stimulus to boost growth. | It is likely to put pressure on Prime Minister Shinzo Abe to revamp his reform programme of monetary and fiscal stimulus to boost growth. |
| Annualised, the country's economy shrank at a pace of 1.6% for the quarter. | Annualised, the country's economy shrank at a pace of 1.6% for the quarter. |
| Japanese Economics Minister Akira Amari said the GDP contraction was due to weak exports to China and the US as well as poor consumer spending due to bad weather. | |
| The disappointing economic growth follows a recent run of weak data including exports and factory output, raising doubts about the outlook for the rest of the year. | |
| In July, the International Monetary Fund had warned Tokyo, not to rely too much on the weak yen for long term recovery. | In July, the International Monetary Fund had warned Tokyo, not to rely too much on the weak yen for long term recovery. |
| Tokyo's reform efforts, dubbed Abenomics, were kicked off in 2012 and were aimed at getting Japan's economy out of deflation, and back in to growth. | Tokyo's reform efforts, dubbed Abenomics, were kicked off in 2012 and were aimed at getting Japan's economy out of deflation, and back in to growth. |
| While the programme is credited with having achieved short-term growth, the government has struggled to deregulate the job market and open up some of the country's very protected industry sectors. | While the programme is credited with having achieved short-term growth, the government has struggled to deregulate the job market and open up some of the country's very protected industry sectors. |