Japan GDP Worse Than Expected, Enters Recession

Japan released preliminary GDP numbers Monday for the third quarter indicating the country has entered a recession.

Third quarter Seasonally Adjusted GDP was down 0.4 percent quarter over quarter, while economists were expecting a 0.5 percent gain.

Q2 GDP was revised lower from 1.9 percent to 1.8 percent.

A Reuters report calculated the new data as showing GDP shrinking by 1.6 percent on an annualized basis for the July to September period.

The report commented that the "recession comes nearly two years after Abe returned to power promising to revive the economy with his "Abenomics" mix of massive monetary stimulus, spending and reforms, and is unwelcome news for an already shaky global economy."

A recession is technically defined as two consecutive quarters of negative economic growth.