Japan has ceded its spot as the world’s third-largest economy to Germany after its gross domestic product shrank for a second consecutive time in the fourth quarter of 2023, government data released Thursday showed, pushing the Asian country into an unexpected recession.released by the Japanese Cabinet Office showed that Japan’s GDP fell an annualized 0.4% in the October-December quarter—the second straight quarter of decline after a 3.3% annualized drop in the previous three-month period.
With a nominal GDP of $4.2 trillion in 2023, Japan’s economy is now smaller than Germany’s $4.4 trillion, despite the latter’s economy150.18. That is the conversion value of one U.S. dollar to the Japanese Yen. This is the weakest level the Japanese currency has hit since briefly breaching the 150 mark in November last year.that the metric may not be appropriate due to the country’s “poor quality” GDP data, which is “often subject to large revisions.
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