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Germany now world's third largest economy as Japan loses its spot
(www.euronews.com)
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this post was submitted on 16 Feb 2024
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This is the best summary I could come up with:
The government reported the economy shrank at an annual rate of 0.4% in October to December, according to Cabinet Office data on real GDP, though it grew 1.9% for all of 2023.
"Japan’s top currency diplomat Masato Kanda communicated his displeasure around rapid yen moves which he says could have an adverse effect on the economy.
Mr Kanda even went as far as to suggest deploying FX intervention as a potential solution to the matter," Richard Snow, a market strategist at DailyFX, said.
"Japanese officials previously intervened in the FX market in September and October 2022 when it sold dollars and bought yen to strengthen the value of the local currency.
Cingari also noted that labour shortages represent a bottleneck to economic activity, while a trade-driven recovery is also unlikely amid stagnating export and import dynamics.
"On a more optimistic note, market financing conditions have eased recently, with expectations of continued relief facilitated by more accessible bank lending," he said.
The original article contains 474 words, the summary contains 159 words. Saved 66%. I'm a bot and I'm open source!