Japan’s GNP declined 0.5% in the first quarter.
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It was Japan’s worst economic performance in 11 years and a sign that the rising yen has slowed the Japanese economic powerhouse, the Economic Planning Agency said. Finance officials declined to characterize the lapse as a recession and said the economy was expected to pick up later this year. The poor showing was keyed on a 4.9% drop in exports from the previous quarter, led by slumping automobile exports.
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