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Japan Halves Estimate of Second-Quarter Growth
Japan's economy expanded at a 0.7% annual rate in the April-June period, down from the previous estimate of 1.4%, according to the country's Cabinet Office.
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Japan's economy expanded at a 0.7% annual rate in the April-June period, down from the previous estimate of 1.4%, according to the country's Cabinet Office.
Domestic demand and capital spending were weaker than originally estimated, the government says. Analysts say businesses are worried by the slackening demand for Japanese goods in the eurozone, China and other emerging markets.
Economists were alarmed by the sharp downward revision to growth in the world's third-largest national economy. Some believe Japan's gross domestic product is contracting in the current quarter. Analysts say gridlock in the country's national government could impede any stimulus efforts.
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