Japan’s economy contracted in the last quarter of 2010 amid slowing exports and weak domestic demand, according to preliminary data released on Monday.
However, the 0.3 per cent quarter-on-quarter decline in real gross domestic product is unlikely to undermine growing confidence that Japan’s recovery will resume in the current quarter.
The contraction, equivalent to a 1.1 per cent decline on an annualised basis, was Japan’s first in more than a year and came after the expiry of a raft of government subsidies on consumer goods that had helped to inflate demand in the previous quarter.
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