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Business Briefing / ASIA

Economy shrinks 3% in Japan

September 13, 2008|From Times Wire Services

Japan's economy shrank 3% last quarter, the biggest contraction since 2001, as companies and households cut spending and exports fell.

Gross domestic product for the three months that ended June 30 shrank more than the annualized 2.4% initially estimated, government officials said. Economists expect the contraction to continue into next year as the U.S. slowdown spreads to Asia, where Japan ships half its exports.

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