Japan Reports Larger 3rd-Quarter Drop in GDP
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Japan’s economy shrank 0.6% in the July-September quarter, the government said, in a sign the country’s rebound from a lengthy slowdown is stalling. The gross domestic product data were revised from a preliminary announcement in December of 0.2% growth, handing the world’s second-largest economy its first quarter of contraction since the three-month period between October and December 1999. The government’s announcement raises concerns that Japan might not meet its target for 1% growth this fiscal year--which could prove troubling for beleaguered Prime Minister Yoshiro Mori, who has promised to usher in an era of economic growth.
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