Not only is Japan not in recession, it was growing strongly in the third quarter of 2015, as the country’s gross domestic product data cemented its reputation for unreliability.
Growth for the third quarter was revised on Tuesday from an annualised fall of 0.8 per cent to an annualised rise of 1 per cent, erasing the technical “recession” declared just three weeks ago.
The revision was far greater than analysts’ forecasts of a 0.1 per cent rise. It changes the whole picture of the Japanese economy towards healthy growth — assuming the revised figure is accurate.
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