Japan Confirms Deeper GDP Decline, Backing Takaichi’s Stimulus

Japan’s economy shrank in the three months through September, the government confirmed in a revised report, giving some justification for Prime Minister Sanae Takaichi’s stimulus package announced last month.

Gross domestic product fell at an annualized pace of 2.3% in the third quarter, as revised figures showed business spending and housing investment came in weaker than preliminary figures. The contraction was deeper than the initial reading of a 1.8% fall, and was the first in six quarters.