Japan’s economy shrank less in July-Sept, revised data show

Dec 7, 2022, 7:12 AM | Updated: 9:13 pm
FILE - A crane prepares to unload a container from a semi-trailer truck at the Aomi wharf in Tokyo ...

FILE - A crane prepares to unload a container from a semi-trailer truck at the Aomi wharf in Tokyo on Sept. 17, 2021. Japan’s economy contracted less than previously thought in the last quarter, according to revised data released Thursday, Dec. 8, 2022. (AP Photo/Hiro Komae, File)

(AP Photo/Hiro Komae, File)

TOKYO (AP) — Japan’s economy contracted less than previously thought in the last quarter, weathering the country’s latest big COVID wave with less damage than had been thought.

The Cabinet Office reported Thursday that the economy shrank at a 0.8% annual rate in July-September. That was better than minus 1.2% annual growth reported earlier.

In quarterly terms, the world’s third-largest economy contracted 0.2% instead of 0.3%.

Pandemic precautions eased in the late summer, allowing normal business activity and travel to resume after many months of on-again, off-again limits. Exports also were stronger than earlier thought, expanding 2.1% in annual terms, up from the earlier estimate of 1.9%.

Growth in the last fiscal year, which ended in March, also was revised upward to an annual 2.5% pace from 2.3%. The new data also showed corporate investment rose more than reported earlier.

The economy has picked up steam in the current quarter, as border controls were eased to allow foreign tourists to enter the country. But subdued demand from China and slowing growth in other major markets as central banks raise interest rates to counter inflation are expected to limit the pace of recovery.

Decades-high inflation poses another threat, undermining purchasing power and raising costs for both businesses and consumers in a country that depends heavily on imports. With the economy still in the doldrums, the Bank of Japan has shied away from the interest rate hikes being used to slow growth and relieve price pressures in the U.S. and elsewhere. That has weakened the Japanese yen versus the U.S. dollars, compounding the impact of higher costs for oil, gas and other commodities.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - Bryan Kohberger, who is accused of killing four University of Idaho students in Nov. 2022, a...
Associated Press

News groups ask Idaho Supreme Court to reject University slayer gag order

Thirty news organizations have asked the Idaho Supreme Court to overturn a gag order in a case against a man accused of stabbing four students to death.
12 hours ago
Nathan Chasing Horse stands in court. Monday, Feb. 6, 2023, in North Las Vegas, Nev. Nathan Chasing...
Associated Press

‘Dances With Wolves’ actor charged in 2018 rape in PNW

Canadian police confirmed Tuesday they are pursuing a criminal case against a former "Dances With Wolves" actor who was arrested last week and charged in Nevada with sexually abusing and trafficking Indigenous women and girls.
12 hours ago
Associated Press

California proposal would reinstate prisoners’ voting rights

LOS ANGELES (AP) — California voters could decide whether to reinstate voting rights to people in prison on felony convictions under a newly proposed constitutional amendment. It would be a major expansion of suffrage for incarcerated people if passed. California would join Maine and Vermont, as well as the District of Columbia, as the only […]
1 day ago
Associated Press

Officials: Jamaica policeman charged with abduction, rape

SAN JUAN, Puerto Rico (AP) — A police officer in Jamaica was charged with abducting and raping a woman following a traffic stop, authorities said Wednesday. It happened late last month. A Jamaica Constabulary Force statement said the officer allegedly demanded money in exchange for not charging the woman with an unidentified traffic violation. It […]
1 day ago
Associated Press

More than 200 discarded shotguns found in Oklahoma dumpster

MIDWEST CITY, Okla. (AP) — An Oklahoma firearms dealer is under investigation after more than 200 shotguns were found in a dumpster outside a store he owns in suburban Oklahoma City, according to a search warrant by the federal Bureau of Alcohol, Tobacco and Firearms. “A Midwest City sanitation worker found a large, but unknown […]
1 day ago
Associated Press

Haitian journalist snatched as kidnapping scourge continues

SAN JUAN, Puerto Rico (AP) — Suspected gangs have kidnapped another Haitian journalist as colleagues demanded his release, a government office announced Wednesday. The journalist was identified by the Office of Citizen Protection as Jean Thony Lorthé, who works for Radio Vision 2000. Local media reported that Lorthé was headed to a funeral with two […]
1 day ago

Sponsored Articles

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.
Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.
SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Japan’s economy shrank less in July-Sept, revised data show