Japan in recession after 2Q growth revised down
Associated Press
An international freighter (R) approaches a container terminal at the Tokyo port on December 10, 2012. Japan confirmed that the world’s third-largest economy shrank in the three months to September, stoking fears the country is slipping into a recession. Financial turmoil in Europe, a strong yen that has dented exports and a painful diplomatic row with major trade partner China have dented Japan’s economy. AFP / YOSHIKAZU TSUNO
TOKYO – Japan’s economy is technically in recession after authorities said revised figures for the April-June quarter showed the economy shrank for two straight quarters.
The Cabinet Office said Monday that gross domestic product for the July-September quarter shrank 0.9 percent from the previous quarter, unchanged from the preliminary release.
Going back to the April-June quarter, however, GDP was revised to a 0.03 percent decline from the previous quarter, or a 0.1 percent contraction at an annualized pace.
Previously, the Cabinet had said second quarter GDP grew 0.1 percent from the previous quarter.
A widely accepted definition of a recession is two consecutive quarters of economic contraction.
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