Japan stands on the brink of its first recession in over six years after the country's economy contracted an annualised 2.4% in the second quarter.
The world’s second largest economy’s GDP unexpectedly plunged in the three months to 30 June after growing 3.2% in the first quarter.
Japan’s contraction was the largest since its 2001-02 recession, when the economy declined for three straight quarters.
Exports shrank by 8.9% in Q2, a massive drop on the previous three quarters of over 11% growth. Japanese exporters have struggled in recent times, with many large manufacturers hit by higher oil and material prices as well as declining US imports.
The Nikkei 225 closed at a one month low on Wednesday, down 280.55 (2.11%) to 13,023.05. The broad Topix index fell 24.94 (1.96%) to 1,246.48.IFAonline
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