Japan's economy has contracted much faster than expected in its third quarter amid global supply disruptions and a surge in Covid-19 cases
A surge in Covid-19 cases hit business and consumer spending in Japan, raising challenges for the new government's growth plans.
The contraction was driven in part by a 1.2-percent dip in household consumption that tracked the imposition of a virus state of emergency over the summer, when Japan saw its worst-ever Covid-19 surge. Virus cases surged in Japan over the summer after a slow start to the country's vaccination campaign and the government imposed a virus state of emergency that limited restaurant and bar opening hours and alcohol sales.
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