We shouldn't.
The government says Japan's economy contracted in the first quarter though at a slower rate than expected.
apnews.com
Japan has for years been fending off deflation, or a spiraling down of prices. Low wage growth and an aging and shrinking population have slowed economic activity and discouraged corporate investment.
Bank of Japan Gov. Haruhiko Kuroda apologized Tuesday for recently referring to a “tolerance for higher prices” among Japanese people, a comment interpreted as welcoming higher prices. Kuroda was grilled in parliament, where he told legislators his comment was inappropriate.
Kuroda has championed a policy aimed at boosting near-zero inflation to around 2%, but progress was slow until global prices for oil and other commodities surged in recent months.
Some analysts say Japan has gradually lost its competitive edge because it hasn’t done enough to nurture innovation and free up new sources of growth bridled by old-time bureaucracies.