The Japanese economy contracted unexpectedly for the first time in a year in the third quarter, leading to greater uncertainty on the economic outlook as household and business consumption weighed on the risks of a global recession, a weak yen and higher import costs.
The third largest economy in the world has faced difficulties despite the recent lifting of anti-Covid-19 restrictions.
Global inflation overheating, massive interest rate hikes in all over the world and war in Ukraine add to the pressure.
Official data showed that gross domestic product fell 1.2% year-on-year in the July-September period, compared to the estimate media of economists of a growth of 1.1% and a revised increase of 4.6% in the second quarter.
This means a quarterly decline of 0.3%, against growth expectations of 0.3%.
Read More About: Business News