BANGKOK — Japan revised its earlier estimates to show that its economy contracted at a 2.9% annual pace in the first quarter of the year, as meanwhile a survey by the central bank released Monday showed conditions remain sluggish.
“Across all industries and firm sizes, business conditions held steady at 12, which is on past form consistent with GDP growth of around 0%,” Marcel Thieliant of Capital Economics said in assessing the tankan.“A renewed slowdown in GDP growth this quarter would be consistent with the slump in industrial production firms were predicting for June,” he said.
Japan's economy grew at a 0.1% annual pace in the last quarter of the year, just barely avoiding two consecutive quarters of contraction, or a technical recession. It expanded at a 1.8% annual rate in full-year 2023. Nvidia will produce such a massive ‘cash gusher’ that it will have to buy back more stock because all that money has nowhere else to go, analyst says
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