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Economy

Japan's GDP slumps 3.7% on October tax hike: JCER

Economy suffers hangover from last-minute shopping

Pedestrians cross a street in Tokyo: Japan's GDP rose in November after an October decline linked to the country's consumption tax increase.   © AP

TOKYO -- Japan's gross domestic product fell 3.7% on the month in October when adjusted for inflation, shrinking for the first time in three months, estimates published Tuesday by the Japan Center for Economic Research show.

The drop followed a rush of consumer spending ahead of the country's consumption tax hike on Oct. 1. The fall was nearly as big as the 4% decline in the month of the April 2014 tax increase.

 

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