Japan’s economy contracted in the final three months of 2015, adding to fears of global slowdown.
Between October and December, it shrank by 0.4% compared with the previous quarter. Slower exports and weak domestic demand were largely to blame for the contraction.
Monday’s data comes after Japanese shares suffered their worst weekly drop for more than seven years last week, while a surging yen is eating into exporters’ profits.
However, the government remains optimistic about the country’s economic trajectory.
“Financial profit is good and income conditions are also currently recovering. Both are economic fundamentals and I don’t believe there is a future change in the economic improvement,” Chief cabinet secretary Yoshihide Suga, said.
Currently, Japan- Africa trade sits at a modest $25 billion but Africa is becoming an increasingly strategic continent in terms of energy and raw commodities for the Asian economic giant.
According to data released by the Department of Mineral Resources (DMR) in South Africa,during the recent Mining Indaba conference, Japan is a major trading partner of the country with about 140 companies active in South Africa.