Japan's economy shrinks, raising fears of recession
- Published: 12 Nov 2012 at 09.47
- Online news: Asia
Japan's economy shrank in the latest quarter, data showed Monday, raising fears it could slip into recession due to financial turmoil in Europe, a strong yen and a painful diplomatic row with China.
File photo of workers checking paints and bodies of Toyota Motor's best selling car "Corolla" at a plant of the company's subsidiary Central Motor at Ohira village in Miyagi prefecture, northern Japan. Demand for Japanese cars has plunged in China, the world's biggest vehicle market, amid a consumer boycott that followed a territorial dispute over islands in the East China Sea
The world's third-largest economy contracted 0.9 percent between July and September from the previous three months, equivalent to an annualised 3.5 percent drop which Prime Minister Yoshihiko Noda described as "severe".
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