“Japan’s economy contracted by an annualised 6.8% in the second quarter of the year, the biggest fall since 2011 when it was devastated by an earthquake and tsunami.  The official gross domestic product (GDP) figure though was smaller than the 7.1% drop economists expected.  The shrinkage was largely in response to a government sales tax, which held back consumer spending.  Japan’s sales tax rose from 5% to 8% in April.  On a quarterly basis, the economy contracted 1.7% in the second quarter after a 1.5% rise in the first three months. Private consumption, which makes up 60% of economic activity, was 5% down on the previous quarter.”

http://www.bbc.com/news/business-28767708

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