Japan economy shrinks for first time since 2009 but tops forecast

TOKYO: Japan’s economy shrank in 2020 for the first time in more than a decade as it was battered by the coronavirus but the contraction was less than expected and it ended the year on a strong note thanks to a pick-up in exports and huge government support.

Still, analysts warned the near-term outlook could be bumpy as fresh virus restrictions dampen domestic consumption and with borders still closed to tourists six months before the postponed Olympics are due to begin.

The world’s third-largest economy shrank 4.8% last year, its first annual contraction since 2009 at the height of the global financial crisis.

However, the figure was better than forecast in a…