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Japan downgrades Q3 GDP on deeper hit to consumer spending

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By Daniel Leussink and Kantaro Komiya TOKYO (Reuters) – Japan’s economy shrank slightly faster than initially reported in the third quarter, as a sharp rise in local COVID-19 cases hit private consumption and a global chip supply shortage hurt corporate sentiment. The deeper contraction is a setback for policymakers hoping easing supply shortages and loosened pandemic curbs would support a recovery in the world’s third-largest economy this quarter. Japan’s economy declined an annualised 3.6% in July-September, revised Cabinet Office data showed Wednesday, worse than the preliminary reading of …

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