Japan Says Economy Contracted in 2Q

Japan's economy contracted in the April-June quarter, the government said Monday in a revision of its preliminary estimate that it had expended.

The latest data suggest that the world's second largest economy - which has been recovering in recent years - may be suffering a slowdown in its pace of growth, making it harder for the Bank of Japan to raise interest rates anytime soon.

The economic revision along with Friday's decline on Wall Street and disappointing U.S. jobs data combined to send Tokyo shares sharply lower on Monday.

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- Posted: 2007-09-10 09:53:32

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