Growth has turned "sluggish," the Bank of Japan declared Tuesday, revising downward its assessment of the economy for the second straight month.
It is the first time in more than 10 years that the BOJ has used "sluggish" to describe the economy and underscores the recent downward trend as exports decline and prices of oil and raw materials continue to soar.
Last week's gross domestic product data showed that the economy contracted an annualized 2.4 percent in the April-June quarter. The Cabinet Office has also lowered its economic assessment, effectively declaring a recession.
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