Coronavirus effect: Japan enters ‘full-blown’ recession, worst yet to come

Japan’s economy slipped into recession for the first time in 4.5 years, putting the nation on course for its deepest postwar slump as the effects of coronavirus outbreak hit the Japanese economy badly. The country's GDP contracted an annualised 3.4 per cent in the first quarter as private consumption, capital expenditure and exports fell, following a revised 7.3 per cent decline in the October-December period.