日本经济时隔一年再现负增长

Economic Performance - Japan's GDP for Q1 2025 showed a seasonally adjusted decline of 0.2% quarter-on-quarter and an annualized decrease of 0.7%, marking the first negative growth in a year [1] - The weak economic performance is attributed to sluggish consumer spending and poor export performance [2] Consumer Spending - Personal consumption, which accounts for over half of Japan's economy, experienced nearly zero growth in Q1, primarily due to rising prices [2] - The continuous increase in prices of rice and vegetables since late last year has negatively impacted consumer purchasing power and willingness, leading to a decline in the consumption of meat and fish [2] Export and Import Dynamics - Exports of goods and services fell by 0.6% quarter-on-quarter, while imports rose by 2.9%, further diminishing the contribution of trade to economic growth [2] - The decline in exports is influenced by reduced intellectual property fees and the conclusion of large R&D service orders from the previous quarter, alongside potential threats from U.S. tariff policies affecting market confidence [2] Tariff Negotiations - Ongoing negotiations between Japan and the U.S. regarding tariffs, particularly on automobiles, present an uncertain outlook for Japan's economy [3] - The automotive industry, a pillar of Japan's economy, accounts for 50% of manufacturing output and employs 5.58 million people, with the U.S. being the largest overseas market for Japanese cars [3] - A potential 25% tariff on Japanese cars and parts could lead to a profit reduction of nearly $30 billion for Japanese automakers, significantly impacting major companies like Toyota and Nissan, as well as the extensive supply chain [3]