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Nikkei slips as Japanese GDP growth falls well below forecasts
by Dylan Lobo on Aug 12, 2013 at 08:01
Investors dumped Japanese shares after a disappointing reading on the health of the nation’s economy.
The Cabinet Office said gross domestic product rose at an annualised rate of 2.6% in the second quarter, well below forecasts of a 3.6% rise and 3.8% gain in the previous quarter.
Shortly before the closing bell in Tokyo, the Nikkei was down 95 points, or 0.7%, at 13.519.
The reading could see a rethink in prime minister Shinzo Abe’s proposed increase in a sales tax, which will see the levy on consumption raised from 5% to 8% in April and to 10% in October 2015.
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