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Economy

Japan's Q4 GDP downgraded to annualized 7.1% contraction

Consumption tax increase takes blame for first negative growth in 5 quarters

The shrinkage in Japan's real gross domestic product corresponds to a 1.8 percent decrease on a seasonally adjusted quarterly basis, according to the Cabinet Office.

TOKYO (Kyodo) -- Japan's economy in the October-December period of last year shrank an annualized real 7.1 percent from the previous quarter, revised down from the 6.3 percent contraction initially reported, government data showed Monday.

The shrinkage in real gross domestic product, or the total value of goods and services produced in the country adjusted for inflation, corresponds to a 1.8 percent decrease on a seasonally adjusted quarterly basis, according to the Cabinet Office.

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