Japan is again officially in a recession, its fourth in the last decade. The latest government figures show the country’s economy shrank by 0.1% in the final three months of last year. And the previous GDP figures were revised downwards, which means Japan’s economy has now contracted for the last three quarters.Top government spokesman Hiroyuki Hosoda said: “I think Japan’s recovery is intact, thought the deflation phase is not over yet.: He added: “There are positive signs in the economy, as company profits improve, capital spending increases and worker compensation picks up.” The latest figures indicate a mild recession, but it was enough to cause Tokyo’s stock market to fall and a drop in the value of the yen. Despite a steadily improving jobs market, wages in Japan have declined in the last four years leading to weaker consumer spending, however many economists expect the economy to rebound this year.
Japan slips into mild recession