Japan's recession deeper than estimated

Japan's economy shrank more than initially estimated in the third quarter of 2014, according to revised gross domestic product (GDP) figures.

The economy contracted by 1.9% in annual terms from July to September, well above a preliminary reading of 1.6%, the BBC reports. It also shrank 0.5% on a quarterly basis, compared with an initial estimate of 0.4%, data showed. A big fall in business spending plunged the economy into a deeper recession. The revised figures, which come just days before Japan's national elections, showed business spending dipped by 0.4% from the previous quarter, instead of the 0.2% estimated in the preliminary reading. The world's third largest economy unexpectedly fell into a technical recession...