Japanese economy shrank by 0.7 pct in 4Q

March 08, 2012, Thursday/ 15:06:00

Japan's economy shrank less than first estimated in the final quarter of last year amid an increase in business investment as reconstruction from the March 2011 disasters picked up.

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. 

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