Japan’s economy contracts in latest setback for Abe policies

February 15, 2016 2:37 AM

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TOKYO — Japan’s economy contracted at a worse than expected 1.4 percent annual pace last quarter as Prime Minister Shinzo Abe’s lavish stimulus policies failed to counter anemic consumer demand and sluggish exports.

The preliminary data released Friday, which may be revised, shows the world’s third-largest economy stumbling again after a 1.3 percent expansion in the July-September quarter. The economy shrank 0.4 percent in the October-December quarter from the previous quarter.

Also read: Fed Beige Book Shows ‘Mostly Positive’ Outlook for U.S. Economy

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