By  on August 12, 2014

(Bloomberg)—Japan’s economy contracted the most since the record earthquake three years ago as consumption and investment plunged after a sales-tax increase aimed at curbing the world’s biggest debt burden.

Gross domestic product shrank an annualized 6.8 percent in the three months through June, the Cabinet Office said Wednesday. That was less than the median estimate of 37 economists surveyed by Bloomberg News for a 7 percent drop. Unadjusted for price changes, the economy decreased at an annualized pace of 0.4 percent.

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