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Japan economy shrinks during Q4 in body blow for 'Abenomics'

Weak consumer spending weighed on Japan's economy which shrank 0.4% in the October-December quarter of 2015, or an annualised 1.4% dropJapan’s economy contracted in the last quarter of 2015, official data showed Monday, dealing another blow to Prime Minister Shinzo Abe’s faltering bid to boost growth. The figures will fan talk of fresh Bank of Japan measures, after policymakers shocked markets last month with an unprecedented negative interest rate policy — widely seen as a desperate move to kickstart the world’s number three economy. Tokyo brushed off the weak numbers, saying that “the fundamentals (of the economy) remain good”, but analysts countered that Abe’s growth plan was stumbling.

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