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Japan economy shrinks, recesssion looms - Yahoo! Finance

TOKYO (Reuters) - Japan's economy shrank in the September quarter for the first time since last year, adding to signs that slowing global growth and tensions with China are nudging the world's third-largest economy into recession.

The 0.9 percent fall in GDP was in line with expectations, although a decline in capital expenditure was much steeper than forecast. Sony Corp and Panasonic Corp have slashed spending plans to cope with massive losses as they struggle with competitive markets and a strong yen.

The fall in GDP translated into an annualized rate of decline of 3.5 percent, government data showed on Monday. While U.S. growth showed a modest pick up in the third quarter, Japan and the euro zone economies are shrinking.

"The GDP data confirms that the economy has fallen into a recession," said Tatsushi Shikano, senior economist at Mitsubishi UFJ Morgan Stanley Securities in Tokyo. "It is set for a second straight quarter of contraction in the current quarter."

A recession is commonly defined as two consecutive quarters of contraction.


Ref http://finance.yahoo.com/news/japan-economy-shrinks-0-9-032756882.html

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