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Japan's shrinking GDP points to recession, PM under pressure (2)


14:16, November 12, 2012

Having vowed to tackle deflation and reign in Japan's public debt, which has ballooned to twice the size of the nation's economy, the beleaguered prime minister will be facing ever- vociferous calls from the opposition bloc to dissolve the lower house of parliament and call a snap election.

According to sources close to the prime minister, the head of the ruling Democratic Party of Japan is considering dissolving the lower house of parliament for a snap-election, which pundits believe will see the main opposition Liberal Democratic Party regain power, with former prime minister Shinzo Abe at the helm.

While conceding the GDP data released Monday painted an extremely bad picture for Japan's economy, Noda said he would do his utmost to ensure that forthcoming economic policy reflected the current and future critical predicament Japan's economy is in.

"The GDP figures were dire," Japan's leader said in a parliamentary session Monday. He added that he would impress upon his Cabinet and relevant ministers a "sense of urgency" in fiscal policies henceforth.

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