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Japan’s Economy Shrank Last Quarter, Top Forecaster Says

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The Japanese economy likely contracted last quarter, dragged down by weak consumer spending and a slump in exports, according to a top forecaster.

The world’s third-biggest economy may have shrank as much as an annualized 2.5 percent, said Yoshiki Shinke, at Dai-ichi Life Research Institute. The median estimate of 25 economists surveyed July 9-22 by Bloomberg is for 0.8 percent growth after the 3.9 percent expansion in the first quarter.