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Fears of global downturn grow over banking turmoil, higher rates

Uncertainties loom despite improvements in supply chains

The collapse of Silicon Valley Bank has stoked concern of a wider banking crisis.   © Reuters

TOKYO -- Turmoil in the financial system, from the collapse of Silicon Valley Bank in the U.S. to heavy debts in China's property sector, is fueling concerns of a global downturn later this year even as some economic conditions improve.

Japan's real gross domestic product grew 1.6% on the year in the January-March quarter, outpacing market forecasts, preliminary data published Wednesday shows. But exports shrank 4.2%, partly due to sluggish growth in the U.S. and Europe.

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