Japanese GDP contracts the most since 2011

Source: Bloomberg
© Scanpix/AFP
Japan's economy shrunk by the largest amount since the 2011 earthquake as spending dropped after the sales-tax increase in April. The country's GDP lost an annualized 6.8% in this year's second quarter as household consumption plunged at an annual rate of 19.2% and private investment at 9.7%. Furthermore, the Japanese government plans to raise the tax even further if the GDP recovers.
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