Japanese Economy Minister Yoshitaka Shindo said on Thursday that the Japanese economy is expected to continue its "moderate recovery." His remarks follow the latest GDP report for the first quarter of 2024, which indicated the economy shrunk by 0.5% from the previous quarter.
Shindo said the government needs to "pay close attention" to foreign exchange fluctuations that could result in higher domestic inflation, as well as to the global economic downturn risks, including the weakening of the Chinese economy and the rise in oil prices. He added that the Japanese government will also keep up "comprehensive efforts" to ensure "solid" wage increases in small- and mid-sized businesses.
