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Japanese Economy in Recession, But Pulling Out of State of Emergency

Note that Japan saw its second quarter of economic contraction, shrinking at an annualized rate of 3.4% for the January to March quarter. This is the second quarter running that it saw contraction, which technically means that Japan is in recession. Stocks in Asia traded mixed as this news was digested by market participants and comments from Fed Chairman Jerome Powell stated, in a presentation, that the US might just need a vaccine to ensure that there is a full recovery of the economy. “Assuming there is not a second wave of coronavirus, I assume you will see an economic recovery in the second half,” according to the Fed Chief. Japanese stocks are now up slightly by 0.17% in the Nikkei 225, while Kospi (Korean market) is down just slightly. Note that today, May 18th markets a period in which Japan is slowly, step-by-step, moving out of its State of Emergency or a semi-lockdown if you will.

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