Government data has revealed that Japan's economy contracted by 1.2% in Q3 2018 following a downgrading of GDP figures. The announcement, which represents the sharpest decline in the country's economy in over four years, was attributed to the impact of a combination of natural disasters and a more general decline in export growth after data initially revealed a contraction of 2.5%. Japan has been devastated in recent months by Typhoon Jebi, which caused the temporary closure of Kansai International Airport, and a magnitude 6.7 earthquake in Hokkaido that resulted in an island-wide power outage.
Government data has revealed that Japan's economy contracted by 2.5% in Q3 2018 following a downgrading of GDP figures. The announcement, which represents the sharpest decline in the country's economy in over four years, was attributed to the impact of a combination of natural disasters and a more general decline in export growth after data initially revealed a contraction of 1.2%. Japan has been devastated in recent months by Typhoon Jebi, which caused the temporary closure of Kansai International Airport, and a magnitude 6.7 earthquake in Hokkaido that resulted in an island-wide power outage.