Japan moves closer to recession

JAPAN - Steep falls in industrial production and retail sales in July have pushed Japan closer to official recession, figures showed on 30 August.

Industrial production fell 2.8% in July, its fifth consecutive monthly fall and bigger than analysts expectations, because of the slump in global demand for semiconductors and electronics goods, the government said.

Meanwhile retail sales fell 2.7% in July, the fourth monthly decline, as fears of more sweeping job cuts held back consumer spending.


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