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


14:15, November 12, 2012

TOKYO, Nov. 12 (Xinhua) -- Japan's economy shrank an annualized 3.5 percent from the previous quarter, according to government data released Monday, signaling the world's third-largest economy is slipping back into recession.

While in-line with median economists' forecasts, Japan's economy shrank the most since the earthquake and tsunami struck in March last year, battering exports and stifling consumer spending, and the government said that it is anticipating the nation will fall into its third recession since 2008.

The Cabinet Office said Monday that it predicts gross domestic product will also fall in the October to December quarter which, following two straight quarters of contraction, will mean that Japan has entered a technical recession.

With the government also announcing Monday that private consumption, which accounts for 60 percent of Japan's GDP, fell 0. 5 percent in the previous quarter ending September and corporate capital spending retreated 3.2 percent, pressure is mounting on Prime Minister Yoshihiko Noda to step down.

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