Japan's economy shrank in the last quarter for the first time in a year, raising even more fears about the state of the global economy. The Wall Street Journal reported that Japan's Gross Domestic Product dropped by 0.6 percent from April to June, the largest in seven years, translating to an annual decline of 2.4 percent. The drop in GDP was probably a reflection of the rising price of food, energy, and raw materials, the newspaper said. “Economists expect Japan's economy will continue its rough patch for the next several months, at least. Consumer prices, which had not risen consistently for years, are climbing steadily, even as incomes decline and the job market weakens,” the newspaper added.
