01

0:00/1:34

Japan’s economy contracted at a 2.1% annual pace in July-September as consumption and investment weakened, the government said Wednesday.

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contract
줄어들다, 수축하다; 줄이다, 수축시키다

Weak wage growth in the world’s third-largest economy also sapped its vitality, the Cabinet Office said. In quarterly terms, the economy contracted by 0.5%.

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sap
약화시키다, 차츰 무너뜨리다
vitality
활력

02

0:00/1:34

The numbers were unexpectedly weak. Private consumption shrank an annualized 0.2%. Corporate investment decreased 2.5%. With investment and demand weakening in other major economies, “we expect GDP growth to slow from 1.7% this year to 0.5% in 2024,” said Marcel Thieliant of Capital Economics.

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The economy grew at a revised annual pace of 4.5% in April-June and 3.7% in the January-March, the latest figures showed. The earlier estimate for the April-June quarter was of a 6% annual expansion.

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revised
수정된

03

0:00/1:34

The last quarter’s performance was far worse than what had been expected, according to the financial services company ING, which had forecast an annual contraction of 0.5%.

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forecast
예측[예보]하다

“Most of the miss in the consensus forecast came from weaker-than-expected domestic demand items, such as consumer spending, business investment and inventory accumulation,” Robert Carnell, ING’s head of research for the Asia-Pacific area, said in a report.

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consensus
의견 일치, 합의
inventory accumulation
재고 축적

04

0:00/1:34

Prime Minister Fumio Kishida recently announced a stimulus package of more than 17 trillion yen ($113 billion) that includes tax breaks and benefits for low-income households that have struggled as prices for many necessities have surged due to global inflation and the weak yen.

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stimulus
자극, 자극제
tax break
세금 우대[감세] 조치

Economic activity in previous quarters was helped by recoveries in inbound tourism and exports. Social restrictions related to the COVID-19 pandemic have been lifted, allowing for more travel and fewer disruptions to trade and supply chains.

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inbound tourism
입국관광

05

0:00/1:34

Exports managed to eke out 0.5% growth in the latest quarter, in contrast to a 3.2% rise in the second quarter. Auto exports recovered after stalling partly due to shortages of computer chips and other parts.

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eke out
보충하다, 메우다; 겨우 (생계를) 이어나가다.
stall
교착 상태에 빠지다, 지연되다

Given the numbers, Japan’s central bank isn’t likely to consider any move toward higher interest rates.

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interest rates
금리