Japan unexpectedly falls into a recession
Japan slipped into a recession in the last quarter, according to fresh economic data. The unexpected news appears likely to prompt Prime Minister Shinzo Abe to announce that he will dissolve the House of Representatives, possibly as early as Wednesday, and hold a snap election. Abe also is expected to delay a plan to raise a consumption tax from 8 percent to 10 percent. The tax was just increased from 5 percent in April. Read more at Bloomberg.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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