A woman walks by an electronic stock board of a securities firm in Tokyo. Asian shares were lower on Friday as investors continued to watch the brewing trade conflict between China and the US. Associated Press
Japan’s government slashed its economic growth forecast for this year largely due to weaker exports, in a sign the protracted US-China trade war is taking a bigger toll on the world’s third-largest economy.
Tokyo and Shanghai stocks closed higher on Friday but trade lacked direction with several major markets closed for Easter holidays. In Japan, the benchmark Nikkei 225 index added 0.50 per cent, or 110.44 points, to 22,200.56, while the broader Topix index climbed 0.12 per cent, or 1.96 points, to 1,616.93.
Japan’s economic growth unexpectedly accelerated in January-March, driven by net contributions from exports and defying forecasts for a contraction in the world’s third-largest economy. However, the surprise expansion was mostly caused by imports declining faster than exports, likely reflecting weak domestic demand,
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