Quantcast
logo

Japanese economy contracts

  • Japan's economy contracted in the July to September quarter on the back of a global economic slowdown and anti-Japan protests in China hitting its exports.

    Gross domestic product contracted 3.5 percent from a year earlier, according to official figures released on Monday.

    Compared with the previous quarter, the economy contracted 0.9 percent.

    The weak figures are likely to spur the government to boost stimulus measures to push growth.

    Japan's economy, the world's third-largest, has been on the path to recovery following last year's devastating earthquake and tsunami.

    However, its progress has been hindered by a slowdown in key markets such as the U.S. and the euro zone, which has affected demand for its exports, one of the biggest drivers of economic growth.