Tokyo CNN — Japan’s economy has contracted unexpectedly because of weak domestic consumption, pushing the country into recession and causing it to lose its position as the world’s third largest economy to Germany. Gross domestic product shrank at an annualized pace of 0.4 percent in the last three months of 2023, the Cabinet Office said on Thursday, after having contracted in the previous quarter. A recession is typically defined as two consecutive quarters of economic contraction. The data confirms that Japan’s economy was the world’s fourth largest behind Germany in US dollar terms last year. Private consumption — which accounts for half of the economy — declined by 0.2 percent, as Ja
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