TOKYO -- Japan's economy shrank an annualized 0.3% in June from the previous month, pushed down by increased imports that offset the impact of strong consumption, according to an estimate released by the Japan Center for Economic Research on Friday.
Private consumption, which accounts for more than half of Japan's gross domestic product, grew 1.0% after a 0.3% decrease in May. "Consumption was strong in June, likely due to the higher bonuses and a significant increase in real disposable income," the think tank said in a monthly report.
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