Japan's July-Sept. GDP contracts for first time in 3 quarters

Japan's latest gross domestic product figures show the country's economy shrank in the July-to-September period, the first contraction in three quarters amid weak spending by consumers and businesses.

The Cabinet Office says GDP fell by an annualized 2.1 percent in the three months to September from the previous quarter.

Personal consumption accounts for more than half of Japan's GDP.

Private spending was little changed as continued price hikes prompted many households to budget more carefully. Spending by businesses on buildings and equipment declined by 0.6 percent.
Exports grew 0.5 percent, helped by automobile shipments, but that was outweighed by a one-percent increase in imports.