2020.08.1700:13:00UTC+00Japan GDP Plunges 27.8% On Year In Q2

Japan's gross domestic product plummeted an annualized 27.8 percent on year in the second quarter of 2020, the Cabinet Office said on Monday's preliminary report.

That missed expectations for a decline of 27.2 percent following the 2.2 percent drop in the previous three months.

On a seasonally adjusted quarterly basis, GDP sank 7.8 percent - again missing forecasts for a fall of 7.6 percent following the 0.6 percent slide in the three months prior.

Capital expenditure was down 1.5 percent on quarter, which beat expectations for a fall of 4.2 percent following the 1.7 percent increase in Q1.