Key Japan indicator drops at fastest pace in 9 years and signals steep recession

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TOKYO: A key economic indicator in Japan fell at the fastest pace since 2011 in March and the government warned of a deep recession as the Covid-19 (coronavirus) crisis takes a heavy toll on business activity and consumer spending.

In Tuesday's coincident indicator index report, the government maintained its view that the economy was"worsening" in March, backing other data during that month and in April which paint a bleak outlook.

It was the fastest pace of decline since March 2011 when a devastating earthquake, tsunami and nuclear disaster hit Japan.

 

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