Abenomics

Japan's economy has unexpectedly contracted, leading the country to slip from its position as the world's third-largest economy to the fourth spot, now behind Germany.

Japan has slipped to the world's fourth-largest economy, as government data released Thursday showed it fell behind Germany's in 2023.

The numbers highlight how the Japanese economy has gradually lost its competitiveness and productivity while the population shrinks as Japanese people age and have fewer children, analysts say.

Türkiye's economy grew by a more-than-expected 3.8 percent in the second quarter of 2023 from a year ago, the data from the Turkish Statistical Institute (TÜİK) have shown.

Japan's consumer prices rose 3.2 percent year-on-year in May, slowing from 3.4 percent in April, government data showed on June 23.

The figure, which excludes volatile fresh food prices, beat market expectations and was higher than the 3.1 percent recorded in March.

The consumer confidence index declined by 6.5 percent month-on-month to 85.1 in June, after improving in the two previous months, data have shown.

Any index figure above the 100-mark indicates optimism among consumers.

All main sub-indices in the consumer tendency survey, carried out jointly by the Central Bank and the Turkish Statistical Institute (TÜİK), fell in June.

The Federal Reserve will make only modest progress in its fight against inflation for the rest of this year, even while keeping its benchmark interest rate at a 16-year high, a group of business economists predict in a survey released Monday.

Japan's consumer prices rose 3.4 percent on-year in April, in line with market expectations, government data showed on May 19.    

The figure, which excludes volatile fresh food prices, followed a 3.1 percent rise recorded in both March and February.    

The Bank of Japan announced a review of its longstanding monetary easing measures on April 28 but said it would maintain them for the time being in the first policy decision under new governor Kazuo Ueda.

Japan's consumer prices rose 3.1 percent in March, matching last month's figure and roughly in line with expectations, as inflation slows from four-decade highs, government data showed on April 21.

The figure, which excludes volatile fresh food prices, was marginally higher than market expectations of a 3.0 percent rise and even with February numbers.

Japan's consumer prices rose 3.1 percent in February from a year earlier, slowing from the four-decade highs seen in previous months, government data showed on March 24.

The figure, which excludes volatile fresh food, met market expectations and comes after the government introduced relief measures for soaring energy bills.