Japan's economy grew by 1.9 percent last year, official data showed, but Germany nevertheless overtook it to become the world's third-largest economy, mainly due to the sharp yen depreciation.
According to government data, Japan's nominal GDP for 2023 was about $4.2 trillion, compared to about $4.5 trillion for Germany, according to figures released last month.
The yen fell more than 18 percent in 2022 and 2023 against the dollar, including about 7 percent just last year, in part because the Bank of Japan, unlike other major central banks, maintained negative interest rates.
Source (Al-Arabiya.net Website, Edited)
