Japan's economy slid into a recession for the first time since 2001, the government said today, as companies sharply cut back on spending in the third quarter amid the unfolding global financial crisis.
The world's second-largest economy contracted at an annual pace of 0.4% in the July-September period after declining an annualized 3.7% in the second quarter. That means Japan, along with the 15-nation euro zone, is now technically in a recession, defined as two straight quarters of contraction.
