Japan is in a technical recession, and vulnerable to repercussions from the coronavirus pandemic given its dependence on trade with China — where the pandemic began — and the U.S., which has been hit hardest.
FILE - In this March 1, 2020, file photo, a department store employee with a mask dresses a mannequin in Tokyo. Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing worse times may lie ahead, according to a report on Monday, May 18, 2020.
Exports dived 21.8%. Private residential investments slipped nearly 17%, and household consumption fell 3.1%. Japan is extremely vulnerable to repercussions from the pandemic given its dependence on trade with both China and the U.S., the country where the pandemic began and the country where it has been hit hardest.
The government has come up with a rescue package of nearly 108 trillion yen , and plans more, including aid to small businesses and cash handouts.
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