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Surprise Recession for Japan
This article was posted on Nov 18, 2014 and is filed under Market News
The economy of the Japan unexpectedly came down into the recession in the third quarter. Prime Minister Shinzo Abe has to delay an unpopular sales tax hike due to this recession & it called for a snap election two years before.
Prime Minister Shinzo Abe increased sales tax from 5% to 8% in the month of April due to which the cost of living increased it became difficult for the consumer to spend.
The hike in the sales tax had led to the deepest contraction in over five years in the June quarter, when the economy shrank by 7.3%.
The health of global economy is into concerns with Japan in recession and the Eurozone stagnating again.
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