Japan's Economy Fell Into Recession in First Quarter of 2020

The Nihombashi Takashimaya Shopping Center in Tokyo partially reopened to customers on Monday

Japan's economy has fallen into a recession in the first quarter of 2020 and is expected to worsen in the current quarter. Japan has the world's third-largest economy after the U.S and China. They shrank 3.4% in the January-March period as they pushed down the initial coronavirus pandemic effects. The Economy Minister Yasutoshi Nishimura said "the situation has become even more severe in April and May after a state of emergency was issued."

He added, "the economy is expected to shrink substantially for the time being." Prime Minister Shinzo Abe declared a national state of emergency in April to contain the spread of the virus but last week he lifted it in 39 of 47 prefectures. 

The reality of the third largest economy being in a recession and not expecting the United States not to follow closely is something many Americans are now starting to realize, with the unemployment rate so high and the pandemic still taking toll of the lives of everyone across the globe. 

Source: https://www.wsj.com/articles/japans-economy-falls-into-recession-in-first-quarter-of-2020-11589760760?mod=hp_lead_pos6