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Japan’s Q3 GDP unexpectedly shrinks as soaring inflation, global slowdown take toll

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Reuters UK

By Tetsushi Kajimoto TOKYO (Reuters) -Japan’s economy unexpectedly shrank in the third quarter, the first contraction in a year as cooling global growth and higher import costs took a toll on household consumption and business activity. Soaring global inflation and recession risks as well as a weak Japanese yen and sweeping interest rate increases worldwide have undermined the post-COVID recovery in the world’s third-biggest economy. Gross domestic product fell an annualised 1.2% in July-September, official data showed, compared with economists’ median estimate for a 1.1% expansion and a revis…

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