TOKYO — Japanese voters head to the polls for a general election on Sunday, and while political matters generally have little direct impact on consumers here, the power grab is coming at an especially delicate time for the world’s third-largest economy after the U.S. and China.
Japan’s economy has officially slipped into a recession, or two consecutive quarters of negative gross domestic product growth. Earlier this week, the country’s Cabinet Office revised its second-quarter GDP figures downward to reflect a drop. Third-quarter GDP slid 3.5 percent in annualized terms. Consumer spending is already waning and a consumption tax hike is on the horizon. Japan’s exports are taking a hit amid ongoing political tensions with China, its largest trading partner.
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