Japan’s economy is shrinking, although slightly less than previously thought

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — The Japanese economy shrank at an annual rate of 1.8% in the first quarter of this year. That’s according to revised government data and was slightly better than the initial estimate of a 2.0% contraction. The revision reported Monday was due to private sector investments, at minus 0.4%, up from the previous minus 0.5%. Seasonally adjusted real gross domestic product, or GDP, a measure of the value of a nation’s products and services, remained in negative territory. Quarter-to-quarter, the economy slipped 0.5% in January-March. The annual rate measures what would have happened if the quarterly rate lasted a year.