Japan’s economy shrinks 5.1% as pandemic dries up spending

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TOKYO (AP) — The Japanese economy has contracted at an annual rate of 5.1% in January-March, slammed by a plunge in spending over the coronavirus pandemic. Seasonally adjusted gross domestic product data show household consumption dropped at an annualized rate of 5.6%, while government spending declined 6.9%. Much of Japan has been under a state of emergency centered around early closures of restaurants and bars to curb the spread of COVID-19. Japan’s GDP drop over the last fiscal year is the worst since the end of World War II, surpassing the global financial crisis.  

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