Japan slides into recession, lends IMF $100bn

Japan's economy shrank by 0.4% in the third quarter, surprising analysts who had predicted the country to narrowly avoid a technical recession and grow by 0.1%.

The recession, the first since 2001, comes after it emerged on Friday that the eurozone was in recession.

"It is no longer an issue of if, but how long and deep the recessions in the United States, eurozone and Japan will be in the current global downswing," said Cameron Umetsu, the head of economic research of Nomura, an investment bank

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