The Cabinet Office said Thursday that the economy shrank an annualized 0.7 percent in the fourth quarter compared with its initial estimate of a 2.3 percent contraction. Domestic spending was stronger than first estimated, in part due to reconstruction from the March 2011 earthquake, tsunami and nuclear disasters in northeastern Japan. The world's third-biggest economy has shrunk in four of the five past quarters.
Japanese economy shrank by 0.7 pct in 4Q
March 08, 2012, Thursday/ 15:06:00
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