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Japan is looking for ways to stimulate growth
The entry of Japan's economy into recession calls into question the success of the Abenomics policy. The Shinzo Abe administration is trying to find ways to boost economic growth, according to the Russia-24 channel.
Minister of Economy Akira Amari said yesterday that there is a high probability of adopting new incentive measures. Etsuro Honda, Abe's advisor, said that the program with the volume of 3 trillion yen ($ 26 billion) would positively affect the economy and could support households.
According to official data, Japan's GDP in the third quarter fell by 1,6% in annual terms.
According to the revised data in the second quarter of the fall of the Japanese economy reached 7,3%, and not 7,1%, as previously reported. The decline in GDP in April-June was the maximum in five years.
"The April increase in the consumption tax has completely destroyed the Japanese economy, the situation in any of its areas does not look encouraging," - said chief economist at Dai-ichi Life Research Institute Yoshiki Shinke.
Recall that the consumption tax in Japan was increased from April 2014 to 8% with 5%.
The sudden decline in Japan's economy in the third quarter of this year increases the likelihood of a delay in the new increase in the consumption tax, planned for October 2015, experts say.