Japan's economy sank into its first recession in seven years in the July-September quarter as the global financial crisis took a heavy toll on the world's second largest economy and curbed demand for its exports, said Economic and Fiscal Policy Minister Kaoru Yosano on Monday.
Japan's gross domestic product (GDP), or the total value of the nation's goods and services, shrank for a second consecutive quarter in the third quarter of 2008, down by an annualized 0.4 percent in real terms, according to a preliminary report released by the cabinet office earlier in the day.
The GDP figures show that "the economy is in a recessionary phase," said Yosano at a press conference.
"The downtrend in the Japan's economy will continue" as the global economy is expected to slow down for the time being, he added.
Admitting that hard times have come, Yosano urged the government and the private sector alike to "exert efforts to enable Japan to achieve positive growth."
Source:Xinhua
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