Japan has lost its title as the world’s third-biggest economy to Germany after unexpectedly slipping into recession at the end of last year. According to Reuters, Japan's gross domestic product (GDP) fell an annualised 0.4% in the October-December period after a 3.3% slump in the previous quarter, government data showed on Thursday, confounding market forecasts for a 1.4% increase. Two consecutive quarters of contraction are typically considered the definition of a technical recession.
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