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Amid fears of coronavirus impact, Japanese economy sinks
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TOKYO (AP) — The Japanese economy shrank at an annual pace of 6.3% last quarter as growth was battered by typhoons and crimped consumer spending.
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The seasonally adjusted economic data released Monday by the Cabinet Office comes amid looming fears about the economic damage expected from the new viral illness COVID-19 that began in China late last year.
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Japan's gross domestic product, or GDP, the sum of the value of a nation's products and services, slipped 1.6% in the last three months of 2019 quarter-on-quarter.
The annualized rate shows what the drop would have been if that same pace had continued for a year.