Japan's Economy Contracts More Than Expected in Q3 as Households Tighten Belts
• Japan's Q3 GDP revised down to -2.9% annualized rate vs preliminary -2.1% estimate • Consumption and business investment both contracted, dragging growth lower • Real wages fell 2.3% in October, marking 19 straight months of declines • Household spending dropped 2.5% in October, down for 8 consecutive months • BOJ chief says 2023 wage growth outlook crucial for gauging progress toward 2% inflation target