Japan's GDP likely shrank in Q3 as China slowdown hits exports: Reuters poll
TOKYO - Japan's economy likely shrank in the July-September period, the first contraction in four quarters, according to a Reuters poll, heightening challenges for the central bank's exit from ultra-loose monetary policy.
"Consumption is recovering as a trend as economic activity normalises from the COVID-19 pandemic era," analysts at Dai-ichi Life Research Institute said. Consumption probably rose just 0.2% in July-September from the previous quarter after slumping 0.6% in the April-June period, the poll showed. External demand shaved 0.1 percentage point off GDP in July-September after contributing 1.8 percentage points in April-June, the poll showed.With inflation exceeding its 2% target for more than a year due largely to rising raw material costs, many analysts expect the Bank of Japan to phase out its massive stimulus next year.
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