
Tokyo shares skid as Japan slips into recession
Reuters | 2014/11/17
Japanese stocks skidded on Monday, helping the yen rebound from a fresh seven-year low against the dollar touched after news Japan unexpectedly fell into recession in the third quarter...
...Japanese GDP contracted an annualized 1.6 percent in the July-September quarter, compared with a 2.1 percent increase forecast by economists in a Reuters poll. That followed a revised 7.3 percent contraction in the second quarter, which was the biggest slump since the March 2011 earthquake and tsunami...
..."Dollar/yen has been moving recently in close relationship with (Japanese) equities so the Nikkei's fall knocked the pair from its highs," said Masafumi Yamamoto, a market strategist at Praevidential Strategy in Tokyo. "The GDP data was so unexpectedly weak and clouded many prospects taken for a given," he said.
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