Japan's Economy Contracts 2.1% in Q3 as Consumption and Investments Shrink

Central Bank Unlikely to Raise Interest Rates; Government Launches $113 Billion Stimulus Package

Japan's economy contracted in the third quarter, decreasing at an annual pace of 2.1% as consumption and investments shrank.
The downturn came after the economy grew a revised 3.7% in the first quarter and a revised 4.5% in the second quarter on an annualized basis.
Private consumption shrank an annualized 0.2% during the quarter, while corporate investment decreased 2.5%.
Japan’s central bank isn't likely to consider any move toward higher interest rates.
Prime Minister Fumio Kishida has pushed a 17 trillion yen ($113 billion) stimulus package, including tax cuts and household subsidies.