JAPAN
From Times Staff and Wire Reports
Gross Domestic Product Falls: The nation’s GDP contracted 2.6% on an annualized basis in the three months ended Sept. 30, hit by the strong yen, a cold summer and political scandals in the construction industry, the Japan Center for Economic Research reported. A decline in foreign demand for Japanese goods accounted for 1.1% of the drop, while a contraction in domestic demand accounted for the other 1.5%, the report said.
