Japan: 3 reasons for unexpected recession The country will lose its position as the third largest economy in the world

Japan: 3 reasons for unexpected recession The country will lose its position as the third largest economy in the world
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If the yen recovers, Japan could return to the global economic platform

Japan entered an unexpected recession after its economy contracted for the second quarter in a row, losing its position as the third richest country in the world in terms of GDP to Germany.

In the last three months of 2023, Japan's GDP fell by 0.4% compared to the same period in 2022. In the previous three months, the economy had already contracted by 3.3%.

The data was released on Thursday by the Japanese government. These numbers surprised even economists, who expected growth exceeding 1% in the last quarter of the year.

Two consecutive quarters of economic contraction are the typical definition of a technical recession.

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