Getting your player ready...
TOKYO — Japan fell into a recession in the third quarter for the first time since 2001, as the impact of the global slowdown took its toll on the world’s No. 2 economy.
Japan’s gross domestic product, or the total value of the nation’s goods and services, dropped at an annual pace of 0.4 percent in the July-September period as companies curtailed spending, the government said today.
The worse-than-expected result indicates that Japan is technically in a recession, defined as two straight quarters of negative growth.
