The Japanese economy unexpectedly contracted in the fourth quarter of 2023

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The Japanese economy unexpectedly contracted again in the October-December period, Temporary government data Data showed on Thursday, as rising inflation reduced domestic demand and private consumption in the world's third-largest economy.

Provisional GDP contracted by 0.4% in the fourth quarter compared to a year ago, after shrinking by 2.9% in the July-September period. This was well below the average estimate for 1.4% growth in a Reuters poll among economists. The GDP deflator in the fourth quarter was 3.8% on an annual basis.

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