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Japan's January GDP drops for first time 4 months by 1.4%: JCER

Surge in COVID cases and supply chain disruption hit consumption hard

TOKYO -- Japan's inflation-adjusted gross domestic product shrank 1.4% in January month on month as the spread of the omicron COVID-19 variant affected private consumption, the Japan Center for Economic Research said in a report released on Monday.

It is the first contraction for the world's third-largest economy after expanding steadily for the final quarter of 2021, JCER said. Japan recorded annualized growth of 5.4% in the October-December quarter.

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