The economy of Japan struggled last month according to a wave of data released by the Bank of Japan. The industrial production was down 1.4% over the prior month.
Household spending
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It seems like Japanese retailers are saying not to believe in official statistics on consumer spending as stores cut earnings forecasts and expects a lackluster consumer spending, which is an important factor in the growth of Japan during a time of declining exports and factory output.
Japan’s gross domestic product shrank by 1.6 percent in an annualized basis in the quarter ending in September, according to the preliminary report released by Cabinet Office.
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