According to a report by China** TV, early statistics released by the Japanese Cabinet Office on the 15th local time revealed that Japan's real gross domestic product (GDP) in 2023 will increase by 1 on a year-on-year basis9 per cent, while nominal GDP growth, which reflects price changes, was 57%。Japan's global GDP ranking slipped from third to fourth, and was successfully overtaken by Germany.
In addition, Japan** noted in a new financial report released on Thursday (February 15) that its GDP in the fourth quarter showed an annualized rate of 0.A contraction of 4%, compared to a revised contraction of 3 in the previous quarter3%。
The report revealed that Japan's gross domestic product (GDP) unexpectedly contracted for the second consecutive quarter in the fourth quarter of last year, suggesting that the country's economy has entered a recession phase, forcing the Bank of Japan to pause its plans to end its negative interest rate policy.
This weaker-than-expected economic data could make the BOJ's decision to reverse its negative interest rate policy more difficult.
The latest survey of economists showed that a majority of respondents expected the Bank of Japan to raise interest rates for the first time since 2007 in April.
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