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Japan Q4 economic growth revised downwards

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by Kay Mitchell

The Cabinet Office has today revealed the Japanese economy contracted by 1.3% in the October to December period – slightly worse than the first estimate of 1.1%.

Today’s estimate is the second reading, a third and final estimate will be available next month.

The downward revision was attributed to an expired Government incentive for low-emission cars which dented car sales, a new tobacco tax as well as a strong yen, which continues to weaken demand for exports.

Meanwhile, the Cabinet Office also reported that the economy, which is now the world’s third largest, expanded by 3.9% in 2010.

The Japanese Government is forecasting that the economy will pick up later this year – boosted by a pick up in foreign sales.

However, the economy does face headwinds. It continues to battle with deflation, while its debt currently stands at almost twice the country’s annual economic output and is the highest of any industrialised nation.

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News posted: March 10, 2011

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