日本经济一年来首现萎缩 净贸易拖累叠加消费疲软

Core Viewpoint - Japan's economy has contracted for the first time in a year, with a preliminary annualized GDP decline of 0.7% in the first quarter, highlighting its vulnerability even before the impact of tariffs from the Trump administration [1] Economic Performance - The decline in exports and a surge in imports have negatively impacted net trade, contributing to the economic contraction in the first three months of the year [1] - Consumer spending, which accounts for about half of the economy, remained flat, and inflation has weakened purchasing power, keeping consumption below pre-pandemic levels [1] Political Implications - The economic shrinkage may spark ongoing political debates regarding the need for tax cuts or cash subsidies before the upcoming summer Senate elections [1]