The Daily Update: Japan GDP / Homeward Bound

Japan's economy in the first quarter of this year contracted an annualised 5.1% from the Q4 of last year, the first shrinkage in three quarters, due to a second state of emergency over the coronavirus pandemic as the country struggles with infection rates and the speed of its vaccine rollout. Economists had been going for a 4.5% contraction. Data showed that household consumption fell at an annualized rate of 5.6%, while government spending sank by 6.9%.

Shortly after the figures were released, Taro Aso, the Finance Minister told reporters after a meeting of the cabinet that the world's third-largest economy would resume a recovery ahead on the back of the government's stimulus measures and a pick-up in the global economy.

Also, it's been reported that for the first time since WWII, more Australians are returning home than leaving as they reconsider life and work. Sydney's bars and restaurants are mostly operating as they were in 2019, with the musical Hamilton playing to its only live audience in the world. The news comes as the UK is facing a shortage of chefs, waiters, and bartenders for everything from fast-food restaurants to fine-dining establishments, with industry executives and recruiters saying many of their most experienced people have left for other jobs or indeed other countries after 3 lockdowns and the uncertainty over Brexit.