Japan GDP slump appears to hit bottom but consumption still weak

Worst also likely over for Taiwan and South Korea boosted by tech diversity

Japan's economy shrank 7.8% in April-June from the preceding quarter, as consumption and exports bore the brunt of COVID-19, the government said. A woman wearing a protective face mask walks past a sign of sale in Tokyo. © Reuters

MITSURU OBE, Nikkei staff writer

August 17, 2020 15:57 JST

TOKYO -- Japan became the latest Asian economy to report a big economic contraction in the second quarter as they try to put the worst behind them and chart a course of recovery.

Besides Asia's second-biggest economy, Taiwan and South Korea also suffered setbacks in the three months from April to June as demand from the U.S. and Europe plummeted amid the coronavirus-sparked lockdowns in April and May.