Japan Falls Back Into Recession

Struggling with weak growth and the aftermath of the earthquake and tsunami earlier this year, the world’s third largest economy has fallen back into recession. Gross domestic product shrank 0.9% in the first three months of the year, the Cabinet office said, giving an annualised rate of contraction of 3.7%.

“Japan’s economy is expected to remain weak for the time being,” said Japanese Economics Minister Kaoru Yosano on Thursday. However, Mr Yosano said that supply constraints were easing and reconstruction demand was likely to spur growth. “The economy has the strength to bounce back,” Mr Yosano said.

Source: BBC News

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