Japan’s economy contracted more sharply than expected in the third quarter, underscoring the fragility of its post-pandemic recovery and complicating the Bank of Japan’s efforts to gradually unwind its easing measures.
Gross domestic product declined 2.1 per cent on an annualised basis on weak household consumption and business spending, much deeper than the average 0.4 per cent fall forecast by economists.
The reading translated into a 0.5 per cent contraction on a quarterly basis, according to preliminary figures released by the cabinet office on Wednesday.
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