Japan sank into recession with its ailing economy shrinking 0.5 percent in real terms in the July-September period from the previous quarter, the Cabinet Office said Friday. The drop translates into an annualized rate of 2.2 percent.
The gross domestic product, or the total value of goods and services produced within the nation's borders, fell for the second straight quarter.
Prices fell for the 14th consecutive quarter, consumer spending took a heavy hit and public spending began to slow, according to the report.