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Japan’s economy contracts, but at smaller rate than thought

FILE - People walk along the streets full of bars and restaurants Oct. 1, 2021, in Shibuya, an entertainment district of Tokyo, as Japan fully came out of a coronavirus state of emergency for the first time in more than six months. The Japanese economy contracted in the first quarter, but at a smaller rate than earlier estimated, the government said Wednesday, June 8, 2022. The world’s third-largest economy contracted at an annual rate of 0.5%, according to Cabinet Office data. That was smaller than the 1.0% contraction in the preliminary estimate for Japan’s real gross domestic product, or GDP, released in May. (AP Photo/Kiichiro Sato, File) FILE - People walk across the famed Shibuya scramble crossing as the sun sets behind the skyscraper Monday, Oct. 11, 2021, in Tokyo. The Japanese economy contracted in the first quarter, but at a smaller rate than earlier estimated, the government said Wednesday, June 8, 2022. The world’s third-largest economy contracted at an annual rate of 0.5%, according to Cabinet Office data. That was smaller than the 1.0% contraction in the preliminary estimate for Japan’s real gross domestic product, or GDP, released in May. (AP Photo/Kiichiro Sato, File)
Japan’s economy contracts, but at smaller rate than thought