Japan's economy in recession

Source: Reuters
© Scanpix/RS
The Japanese economy faced an unexpected 0.4% contraction in the third quarter, the second negative quarterly growth in a row, as exports and consumer spending failed to pick up following the sales tax increase. These results cast doubts over the effectiveness of the 'Abenomics' to prompt business activity in the country and lower the chance of yet another widely discussed levy hike in the nearest future.
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