ECONOMICS COMMENTARY
Jun 04, 2014
Sales tax hike causes Japan's economy to contract for second month running
Business activity in Japan contracted for a second month running in May, according to Markit PMI survey data. However, the drop in activity was only marginal and significantly less marked than seen in April. In a sign that the downturn may be only temporary, the decline was again attributed by many firms to the downturn in demand following April's sales tax rise. Firms also continued to take on more staff in the expectation of business rebounding in coming months after the initial impact of the tax hike passes.
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