Japon Croissance Du Pib

Japan’s GDP contracted 0.6% qoq in Q3 2025, deeper than the flash estimate of a 0.4% decline and market forecasts for a 0.5% drop. The latest figure followed a downwardly revised 0.5% growth in Q2 and marked the first quarterly contraction since Q1 2024, with business spending slipping for the first time in three quarters (-0.2%, compared with the flash estimate of a 1.0% gain and missing forecasts for a 0.4% growth, after a 1.3% rise in Q2). The weaker reading highlighted ongoing pressure from higher borrowing costs. Private consumption remained soft, edging up 0.2%, slightly above both the preliminary estimate and consensus of 0.1%, but slower than a 0.3% rise in Q2. Government spending also eased (0.2%, compared with the flash reading of 0.5% and after a 0.3% rise previously). Net trade added further drag (-0.2ppts), with exports (-1.2% vs 2.3% in Q2) falling faster than imports (-0.1% vs 1.3%) after Washington imposed a 15% baseline tariff on most Japanese goods in September.