Japan's economy unexpectedly shrinks 1.2% in July-Sept. amid inflation

Japan's economy unexpectedly shrank at an annualized real rate of 1.2 percent in the July-September period, the first contraction in four quarters, government data showed Tuesday after imports surged and private consumption was sluggish as accelerating inflation dampened sentiment.The growth figure came against the average market forecast of a 1.2 percent expansion in a Kyodo News survey, boding ill for the government of Prime Minister Fumio Kishida, which recently drew up an economic package to ease the pain on households from soaring inflation.Real gross domestic product, adjusted for inf…READ FULL ARTICLE