Japan’s second quarter GDP shrinks 27.8 per cent, as virus wipes out ‘Abenomics’ gains

Japan’s economy suffered a record contraction in the second quarter as a coronavirus state of emergency and lockdowns in the country’s major export markets hammered consumer spending, production and exports. A recent uptick in infections threatens to slow the recovery.The third straight quarter of declines knocked the size of real gross domestic product (GDP) to decade-low levels, wiping out the benefits brought by Prime Minister Shinzo Abe’s “Abenomics” stimulus policies deployed in late 2012…

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