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Japan’s Economy Slips Into Reverse Amid Weak Yen, Inflation
Japan’s economy slipped back into reverse over the summer, pointing to the fragility of the country’s recovery and backing the case for continued Bank of Japan easing and the government’s recent economic package. Gross domestic product shrank at an annualized pace of 2.1% in the third quarter, largely on the back of falling business spending and higher imports that dragged on the economy, the Cabinet Office reported Wednesday. An expected increase in consumer spending also failed to materialize. The contraction was much deeper than economists’ estimate of a 0.4% shrinkage. The yen weakened a tad against the ... (full story)