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Japan’s Economy Contracts Slightly in the Third Quarter
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TOKYO—Japan’s economy contracted for the first time in a year in the third quarter, reflecting increases in services imports and a sluggish recovery in private spending due to lingering fears over Covid-19 and rising prices.
The world’s third-largest economy after the U.S. and China shrank 0.3% in the three months to September from the previous quarter and contracted 1.2% on an annualized basis, which reflects what would happen if the third-quarter pace continued for a full year.
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