2024-02-15 02:43:19 ET
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Japan’s economy unexpectedly contracted by 0.1% Q/Q in the fourth quarter of last year, missing forecasts for a 0.3% growth and following a revised 0.8% fall in Q3, flash data showed.
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On an annual basis, the economy shrank 0.4%, the second consecutive quarter of contraction , missing market estimates of a 1.4% expansion and after a 3.3% fall in the prior period, a preliminary reading showed.
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It was the first recession in five years, amid sticky inflation and an uncertain global economic outlook.
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Currency: ( USD:JPY )
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More on Japan economy:
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Japan's manufacturing PMI shrinks for 8th month amid weak production and new order inflows
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Japan's industrial output rises 1.8%; retail sales miss forecast in December
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Japan's manufacturing shrinks for an eighth consecutive month amid weak demand
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Bank of Japan keeps negative interest rate unchanged, trims 2024 inflation forecasts
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Japan's inflation rate continues to ease in December amid lower electricity and gas bills
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Japan's GDP unexpectedly enters recession in Q4