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New cracks in Abenomics show as Japan hit by spending drop Add to ...

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Japan’s economy nosedived in the second quarter as consumer spending plunged in the wake of a stiff sales tax hike, raising fresh concerns about Abenomics and increasing the chances of further government stimulus measures to keep the stumbling recovery on track.

Abenomics – Prime Minister Shinzo Abe’s mix of aggressive monetary and fiscal policies and structural reforms – is aimed at avoiding such sharp downswings, which sap confidence and raise the spectre of renewed deflation.

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