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Japan Falls into Recession Again
Japan's gross domestic product, which shrank by a revised 7.3% in April-June, contracted 1.6% in July-September, according to preliminary data from the Cabinet Office.
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Japan's gross domestic product, which shrank by a revised 7.3% in April-June, contracted 1.6% in July-September, according to preliminary data from the Cabinet Office. Economists had expected the country's economy to expand 2%.
Analysts predict Prime Minister Shinzo Abe will dissolve Japan's Parliament this week and call for new elections. He is expected to push for a delay in a scheduled hike in the country's general sales tax to 10% in 2015.
The increase would follow a boost from 5% to 8% that took effect in April. Both adjustments were mandated by the previous government to help reduce Japan's national debt.
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