The OECD has downgraded its projections for Japan's economic growth in 2014 and 2015, acknowledging that the country has slipped back into recession in the wake of the April 1 consumption tax hike.
The international economic organization said in a report released Tuesday that the world's third-largest economy is expected to expand 0.4 percent this year and 0.8 percent next year. It also cut its September forecasts of 0.9 percent and 1.1 percent in terms of inflation-adjusted gross domestic product growth.
The report came after government data showed earlier this month that the economy shrank by an annualized real 1.6 percent in the three months through September, contracting for the second straight quarter, after plunging 7.3 percent in the April-June period.