Japan Finance Minister blames private consumption for causing GDP contraction

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Private consumption was the biggest factor for Japan's economic contraction in the January-March quarter, Finance Minister Taro Aso said on Tuesday.

FILE PHOTO: Japan's Deputy Prime Minister and Finance Minister Taro Aso, wearing a protective face mask, delivers his policy speech at the opening of an ordinary session of the parliament in Tokyo, Japan January 18, 2021.

Issei KatoAso told reporters after a cabinet meeting that the economy would resume a recovery ahead on the back of the government's stimulus measures and a pick-up in the global economy.Aso made the comment shortly after government data showed Japan's economy shrank an annualised 5.1per cent, posting the first contraction in three quarters.

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