Top 5 Financial Market News Today | 8 June 2020 Market News
Japan’s GDP Shrinks Less Than Estimated. Japan’s economy contracted less than initial estimation made last quarter, after revisions showed stronger capital investment, even as the coronavirus pandemic pushed the country into a recession. The Cabinet Office’s revised report on Monday showed gross domestic product shrank an annualized 2.2% compared with the last quarter of 2019, better than an initial estimate of a 3.4% contraction. Economists had an expected revision to minus 2.1%. The result still means Japan’s economy has shrunk for a two straight quarters with an even sharper drop expected in the April-June period. Even before the revision was released, economists were casting doubt on its accuracy. Japan revises its preliminary GDP data to incorporate investment figures from a business survey that’s published later. This time, a low response rate amid the pandemic may have skewed the results, the finance ministry said this month after the survey showed an unexpected gain in
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