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Japan's economy contracts again

Worsening domestic sentiment, external environment cause Japanese to embrace austerity

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Japan's personal consumption fell by a sharper than expected 0.8 per cent in inflation-adjusted terms in the final three months of last year compared with the third quarter. Some analysts believe that private consumption is at a standstill, as wary consumers cut back on buying in droves.

Tokyo

JAPAN'S economy contracted at a sharper than feared 1.4 per cent real annual rate in the final quarter of last year, highlighting just how fragile recovery remains in the world's third largest economy depite strong fiscal and monetary stimulus applied under Prime Minister Shinzo Abe