Japan’s economy slipped into recession for the second time since Prime Minister Shinzo Abe came to power nearly three years ago on a vow to revive growth and end chronic deflation, government figures showed on Monday.
The result marks a fresh blow to the prime minister’s eponymous “Abenomics“ policy blitz of fiscal spending and aggressive monetary policy easing aimed at reviving the world’s third-largest economy.
Japan’s economy, once Asia’s biggest, has been overtaken by giant neighbour China in size, while the smaller country struggles with a challenging demographic outlook that is expected to see its population shrink by the tens of millions in coming decades.
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The result marks a fresh blow to the prime minister’s eponymous “Abenomics“ policy blitz of fiscal spending and aggressive monetary policy easing aimed at reviving the world’s third-largest economy.
Japan’s economy, once Asia’s biggest, has been overtaken by giant neighbour China in size, while the smaller country struggles with a challenging demographic outlook that is expected to see its population shrink by the tens of millions in coming decades.
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