Nikkei tanks after GDP slips into recession

Japanese share market ended steep lower on Monday, 17 November 2014, as profit taking across the board, after official data showed Japan's economy unexpectedly dropped into a recession. The Nikkei 225 index at the Tokyo Stock Exchange, which closed at its highest level in more than seven years on Friday, was ended 3% down at 16973.80.

Japan's economy dropped into a recession after a second-straight quarter of contraction, official data showed on Monday. The country's gross domestic product shrank 0.4% in the July-September quarter, or an annualised rate of 1.6%. The country suffered a revised 1.9% contraction in the April-June quarteror 7.3% at an annualised rateas consumers and firms capped their spending.

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