Japan says economy contracted 7.1 percent in 2Q
Source: AP-Excite
TOKYO (AP) — Japan's economy contracted at a larger than earlier estimated annual rate of 7.1 percent in April-June, the government said Monday.
Revised data showed business investment fell more than twice as much as estimated before, or 5.1 percent, while private residential spending sank 10.4 percent. The earlier estimate showed the economy contracting 6.8 percent.
The recovery of the world's third-largest economy has slowed following an increase in the sales tax to 8 percent from 5 percent on April 1.
The economy grew at a seasonally adjusted annual rate of 6 percent in January-March. In quarterly terms, the economy contracted 1.8 percent in April-June from the previous quarter.
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FILE - In this March 1, 2014 photo, a worker adjusts the net at a construction site in Tokyo. Japan says revised data show its economy contracted at an annual rate of 7.1 percent in April-June. The data released Monday, Sept. 8, 2014, showed business investment fell more than estimated earlier. (AP Photo/Shuji Kajiyama, File)
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The government imposes a regressive tax on everyone that takes away 3% more of their disposable income in some cockamamie scheme to increase inflation, and this is what happens. It's also what happened when the national sales tax was first introduced in 1989 (3%) and several years later when it was increased to 5%. And they want to increase it to 10% next year, thus essentially taking away 5% more of people's disposable income within a year. As they say in Japan, BAAAA-KA 
