Japan deeper in recession, Q3 GDP shows

Japan's economy shrank more than initially estimated in the third quarter, confirming that the economy is already deep in recession in the midst of a global economic slump.
While the weakness until the third quarter largely stemmed from high oil prices, the economy is expected to take the brunt of the global downturn in the fourth quarter and beyond.
Gross domestic product shrank a revised 0.5 percent in the July-September quarter, against a preliminary reading of a 0.1 percent contraction and economists' median forecast of a 0.2 percent fall.
On an annualized basis, the Japanese economy shrank 1.8 percent, more than the initial reading of a 0.4 percent contraction and below economists' median forecast for a revised 0.9 percent decline.