Japan GDP Falls 6.8%, But Beats Forecasts

Japan's gross domestic product contracted 6.8 percent on year in the second quarter of 2014, the Cabinet Office said in Wednesday's preliminary reading. The reading marked the country's worst decline since the earthquake and tsunami in 2011, due in large part to a sharp decline in consumer spending following the implementation of a consumption tax hike in April. Still, the headline figure beat forecasts for a decline of 7.1 percent following the downwardly revised 6.1 percent gain in the first quarter (originally 6.7 percent). On an annualized quarterly basis, GDP dipped 1.7 percent - also beating expectations for a contraction of 1.8 percent following the downwardly revised 1.5 percent increase in the previous three months (originally 1.6 percent). The GDP deflator was up 2.0 percent on year, beating forecasts for 1.6 percent after easing 0.1 percent in the first quarter. Nominal GDP eased 0.1 percent on quarter, missing estimates for a flat reading following the 1.6 percent jump in
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