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Japanese economy slips into recession

Japan slipped into recession as the economy contracted in the second and the third quarters amid the yen’s rise, falling exports and growing tensions with China, the government said yesterday.

The economy shrank at an annualised pace of 3.5 percent in the third quarter, a figure that was unchanged from an earlier assessment, the Cabinet Office said.

However, the economic growth in the second quarter was revised downwards to a 0.1 percent contraction from 0.3 percent growth estimated last month, it said.

A recession is defined as two consecutive quarters of contraction. – Sapa-dpa

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