The nation's economy in the April-June quarter suffered its biggest setback in 23 years, hit by a drop in personal spending following the April 1 consumption tax hike, the Economic Planning Agency said Sept. 11.
Gross domestic product shrank at an annualized rate of 11.2 percent in real terms from the previous quarter, the EPA said.
The dismal figure not only surprised many analysts but EPA Vice Minister Shinpei Nukaya, who said "the negative growth rate was far larger than initially anticipated."
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