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Japan is technically facing a recession

in International Business

Japan is technically facing a recession

According to latest figures, Japan is technically in recession, having contract for two quarters in a row.

The economy shrank by 0.9% in the July-September quarter, while the April June quarter was revised from 0.1% growth to show a contraction of 0.03%.

Despite the figures pointing to a recession, the Japanese government, the official arbiter of such matters, has urged caution on interpreting the figures.

Tomo Kinoshita, chief economist at Nomura Securities in Tokyo, said: “We had already said Japan was in a recession. Today’s number strengthened our case.”

During the third quarter, Japan shrank by the equivalent to an annualized drop in gross domestic product (GDP) of 3.5%.

Tags assigned to this article:
japan economyJapan recession

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