Japan data confirms economy shrinks 0.9% in July-Sept

Japan on Monday said its economy shrank by 0.9 percent in the three months to September, leaving unchanged the preliminary figure amid fears the country is slipping into recession. On an annualised basis, the economy contracted 3.5 percent in the quarter, also unchanged, according to Cabinet Office numbers. In separate data, Japan's current account showed a better-than-expected surplus of 376.9 billion yen ($4.56 billion) in October, although the figure was still down about 30 percent from a year earlier. Economists had been expecting a 218 billion yen surplus, according to Dow Jones Newswires. The current account measures trade in goods, services, tourism and overseas income. Japan's current account surpluses have been hit by a slowing global economy and a spike in fuel imports due to the shutdown of most of the country's nuclear reactors following last year's atomic crisis.