Japan’s economy contracted 1.9% in annual terms in the July-September period, according to revised data released Monday that confirmed a recession in the world’s third-largest economy ahead of an election next weekend.
Data for both business and public spending were worse than anticipated. Most economists had forecast an upward revision of earlier figures showing a 1.6% contraction. On a quarterly basis, the economy shrank 0.5%. The earlier estimate was that it had fallen 0.4%. In the April-June quarter, the economy contracted 7.3%. Read more here.