Japan enters a technical recession this quarter

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Asia Pacific

Japan enters a technical recession this quarter

Asia-Pacific markets rebounded on Thursday, after mostly falling on Wednesday, despite Japan entering a technical recession as its GDP contracted for a second straight quarter. The Japanese economy fell 0.4% in the fourth quarter on an annualized basis, a sharp miss from the 1.4% growth expected by economists. This comes from a 3.3% contraction in the third quarter. After the contraction, Japan lost its spot as the world's third-largest economy to Germany. And, Singapore also missed its fourth-quarter GDP growth 2.2% year on year lower than 2.5% which was expected. The city-state also revised its third-quarter GDP growth rate from 2.8% to a sharply lower figure of 1%. NIkkei though is up more than 1%.