08 Dec 2023, 09:18

Japan revises down third-quarter output

TOKYO, Dec 8, 2023 (BSS/AFP) - Japan's economy contracted by 0.7 percent in the third quarter, government figures showed Friday, revising a preliminary estimate that it shrank 0.5 percent.
   The drop, which followed two straight quarters of growth, came on the back of low consumer spending in the world's number three economy as well as lacklustre exports.
   Prime Minister Fumio Kishida, whose poll ratings are low and who has been hit by several scandals, last month announced a stimulus package worth 17 trillion yen ($118.5 billion).
   The yen has strengthened in recent days against the dollar on expectations that the Bank of Japan may tighten its ultra-loose monetary policy soon.