Japan economy shrinks in second-quarter in setback for 'Abenomics'

August 17, 2015 12:03 AM

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Japan economy shrinks in second-quarter in setback for 'Abenomics'

TOKYO Japan's economy shrank at an annualized pace of 1.6 percent in April-June as exports slumped and consumers cut back on spending, a bad omen for Prime Minister Shinzo Abe's policy drive to lift the economy out of decades of deflation.

China's economic slowdown and its impact on its Asian neighbors have also heightened the chance that any rebound in growth in July-September will be modest, analysts say.

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